Pharmaceutical stocks in US sees selling amid fears of litigation charges surrounding Zantac


By CNBCTV18.com IST (Released)

mini

The heartburn drug came under safety scrutiny when reports emerged that ranitidine (the drug name for Zantac) contained NDMA, a possible carcinogen.

Pharmaceutical companies like GSK, Sanofi and Haleon have seen their shares sell off sharply in US markets over fears of possible legal action by US authorities over the heartburn drug Zantac. The legal proceedings are due to begin on August 22, even though the drug problems have existed since 2018-19.

The drug was developed by GSK in the 1980s. It was initially a prescription drug before becoming available over the counter. In 2019, the drug came under safety review when reports emerged that ranitidine (the drug name for Zantac) contained NDMA, a possible carcinogen. As the patent on the drug expired in 1997, the drug was taken over by several manufacturers.

In 2020, the United States Food and Drug Administration and the European Medicines Agency had requested that all versions of the drug be withdrawn from the markets. The drug remains available in India without any particular guidelines from the Central Drugs Standard Control Organization (CDSCO), although GSK has stopped selling the drug in the country even as other pharmaceutical companies are still selling the drug.

As a result of the US FDA’s recall appeal, over 2,000 cases have been filed against various drug manufacturers. The first trial is scheduled to begin on August 22 even as major trials begin in 2023.

“The overwhelming weight of scientific evidence supports the conclusion that there is no increased risk of cancer associated with the use

“As noted in our filings with the United States Securities and Exchange Commission since February 2020, a number of lawsuits have been filed against numerous defendants, including Pfizer, involving Zantac,” said leading drugmaker Pfizer. . The company said it only sold Zantac products between 1998 and 2006 and the 2019 withdrawal did not affect any Pfizer products.


cnbctv18-forexlive-benzinga

Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor.
Back to top button