Nicholas Piramal mulls entering codeine production

MUMBAI: Drug maker Nicholas Piramal plans to enter into production of a narcotic codeine, used in various drugs, after its first quarter results were dented because of its non-availability.

The narcotic production is controlled by the Centre. However, now there are moves to allow private sector players enter codeine production as the two government factories manufacturing codeine have stopped production.

"Nicholas Piramal has submitted expression of interest for manufacture of the narcotic and is awaiting grant of licence," company Director Swati Piramal told.

Besides Nicholas Piramal, there are 20 other companies including Pfizer dependent on codeine. Many players have evinced interest for its production.

"If we get the licence to manufacture codeine, we can do it for the entire domestic requirement," Piramal said.

The production of codeine at the government factories have been stopped because of fire in those units and there are little chances of these being revived.

The government has decided to import codeine, but things are not moving fast.

Nicholas Piramal Chairman Ajay Piramal on behalf of CII has met the Finance Minister P Chidambaram for speedy import of codeine who has promised to look into the issue.

The company expects that the imported codeine would help in maintaining its profits for Q2 and would not be impacted as in Q1.

Setting up a codeine manufacturing unit would take at least three years and till then domestic drug makers would have to depend on imported codeine.