GlaxoSmithKline Asia is reducing price of Crocin Advance Paracetamol Fast Release 500 mg tablet to conform to the price notified under DPCO, 2013 with immediate effect.
GlaxoSmithKline Asia (GSKAP) has slashed the price of fever and pain-relief pill Crocin Advance tablets across the country by around 50 percent in order to conform to the price notified under DPCO, 2013.
GSKAP, which takes care of all non-nutrition products, has decided to reduce the price of the drug after getting a response from National Pharmaceuticals Pricing Authority (NPPA) on the application seeking exemption for Crocin Advance Paracetamol Fast Release 500 mg tablet under the provisions of the Drugs Price Control Order (DPCO), 2013.
" GSKAP is reducing price of Crocin Advance Paracetamol Fast Release 500 mg tablet to conform to the price notified under DPCO, 2013 with immediate effect ," GSKAP said in a statement.
Also read: GSK-Novartis global deal won't impact India business: GSKCH
GSKAP takes care of all non-nutrition products whereas GSK Consumer Healthcare is a listed entity which deals only in nutritional products.
From now onwards, Crocin Advance 500mg tablet will be supplied with price revision, the company said.
"Other variants of Crocin continue to be available for consumer consumption. GSKAP has been and will continue to be compliant with law of the land," it added.
Currently, Crocin Advance fast release 500 mg is priced at Rs 30 for a strip of 15 tablets, while the price of paracetamol 500 mg - the drug molecule - is capped by NPPA at 94 paise for a tablet, or around Rs 14 for a strip of 15.
GSK had stopped manufacturing Crocin in September 2012. It had then launched the variant 'Crocin Advance' at a higher price, claiming that it was an innovative product.
The other variants of Crocin sold include Crocin 650, Crocin Cold and Flu Max, Crocin Drops and Crocin Suspension.
GlaxoSmith Con stock price
On April 22, 2014, GlaxoSmithKline Consumer Healthcare closed at Rs 4357.60, down Rs 7.8, or 0.18 percent. The 52-week high of the share was Rs 6020.00 and the 52-week low was Rs 3645.00.
The company's trailing 12-month (TTM) EPS was at Rs 119.62 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 36.43. The latest book value of the company is Rs 443.23 per share. At current value, the price-to-book value of the company is 9.83.
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