Sigachi Industries Limited, a notable player in the pharmaceutical sector, witnessed a jump of 3% in its share price on the NSE, reaching an 8-week high and trading above its 20-DMA. This stock movement comes amid the company’s announcement regarding its Certificate of Suitability (CEP) filing for Propafenone Hydrochloride, a vital active pharmaceutical ingredient (API).
Propafenone Hydrochloride is widely used in treating cardiac arrhythmias and has a global market size of USD 1.2 billion. With cardiovascular diseases on the rise and growing demand for generic medicines, this market is projected to reach USD 2.1 billion by 2032, growing at a CAGR of 7%.
The CEP filing, submitted by Trimax Biosciences Pvt Ltd, a Sigachi Group subsidiary, represents a critical step for the company. It paves the way for exporting Propafenone Hydrochloride to Europe and other CEP-accepting countries, diversifying Sigachi’s revenue streams and strengthening its global presence in regulated markets.
The successful acquisition of the CEP certification aligns with Sigachi’s commitment to innovation and quality. This milestone enhances the company’s position in the global pharmaceutical supply chain, ensuring compliance with stringent European standards.
Amit Raj Sinha, Managing Director and CEO of Sigachi Industries, commented:
“The submission of our first CEP filing is a testament to Trimax Biosciences’ commitment to quality, compliance, and innovation in the API domain. This achievement strengthens our position globally and aligns with our vision of providing sustainable pharmaceutical solutions.”
Founded in 2010, Trimax Biosciences is a subsidiary of Sigachi Industries, specialising in the development of APIs and intermediates. Located in Karnataka, its USFDA-approved facility adheres to global quality standards, contributing significantly to healthcare solutions worldwide.
The CEP filing for Propafenone Hydrochloride signifies a strategic leap for Sigachi Industries, underscoring its dedication to regulatory compliance, innovation, and market expansion. Investors and industry stakeholders will closely watch the company’s next steps in this promising journey.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
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