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ISLAMABAD, (MANEND NEWS): In a major development, GlaxoSmithKline Consumer Healthcare (GSKCH), one of the largest pharmaceuticals in Pakistan, declared force majeure regarding the production of Panadol Tablets, Panadol Extra Tablets, and Children’s Panadol Liquid Range.
According to the details, the company said in its filing to the Pakistan Stock Exchange (PSX) that it was incurring heavy financial losses on the production of the Panadol range due to an increase in the price of paracetamol raw ingredients.
Moreover, in his letter to the PM’s Principal Secretary, GSK Consumer Healthcare Pakistan’s CEO said they have repeatedly drawn the attention of various government stakeholders regarding the critical issue of an extraordinary and rapid increase in paracetamol (raw material) prices in Pakistan, and their appeals to the federal government to accord approvals for the adjustments to the selling price(s) of the captioned Panadol range of products, all of which are Paracetamol based.
“We are incurring heavy financial losses on the production of the entire Panadol range due to an increase in the price of their raw ingredients and in the absence of due approval by the federal government on the recommendation of Drug Pricing Committee of Drug Regulatory Committee of Pakistan. Due to these challenges, manufacturing of Panadol range on negative margins is unsustainable and despite exhaustive efforts of the company to mitigate the issue through dialogue, the situation is now beyond our control, compelling us to declare force majeure,” the company CEO said in the letter.