Wockhardt

Wockhardt Ltd.
Public company (NSE: WOCKPHARMA)
Industry Pharmaceuticals
Health care
Founded 1960s
Founder Habil Khorakiwala
Headquarters Mumbai, India
Area served
 Worldwide
Key people
 Habil Khorakiwala (Chairman)
Murtaza Khorakiwala (managing director)
Huzaifa Khorakiwala (Executive Director)
Products Formulations
Biopharmaceuticals
Nutrition products
Vaccines
Revenue Increase ₹46.14 billion (US$690 million)[1]
Total equity $1.4 billion
Number of employees
 7,900 (2013)
Website www.wockhardt.com

Wockhardt Ltd. is a pharmaceutical and biotechnology company headquartered in Mumbai, India. The company has manufacturing plants in India, UK, Ireland, France and US, and subsidiaries in US, UK, Ireland and France. It is a global company with more than half of its revenue coming from Europe.[2][3] In 2011–2012 its UK and USA sales alone were US$475 million.[4] It has market presence in emerging markets such as Russia, Brazil, Mexico, Vietnam, Philippines, Nigeria, Kenya, Ghana, Tanzania, Uganda, Nepal, Myanmar, Sri Lanka, Mauritius, Lebanon and Kuwait.[5] The Company has a market capitalisation of over ₹211 billion (US$3.1 billion)[6] and an annual turnover of ₹36 billion (US$530 million). It produces formulations, biopharmaceuticals, nutrition products, vaccines and active pharmaceutical ingredients (APIs).[7] The company employs over 7,900 people globally.[8] Wockhardt Hospitals is a subsidiary of the Wockhardt Group.[9]

Wockhardt Towers at Bandra Kurla complex in Mumbai.

History

Wockhardt was founded by Habil Khorakiwala in the early 1960s.[8] His father Fakhruddin T. Khorakiwala had acquired Worli Chemical Works[10] in 1959. This was incorporated as Wockhardt Pvt. Ltd., in 1973.[2] Wockhardt Ltd. was incorporated on July 8.1999.[11] Wockhardt is often confused as a multinational because of its German-sounding name.[12]

Wockhardt is the first company outside of the US and Europe to manufacture recombinant human insulin.[13]

Acquisitions and subsidiaries

Wockhardt's acquisitions include Wallis Laboratory, UK (1998), Merind, India (1998), CP Pharmaceuticals, UK (2003), Espharma GmbH, Germany (2004), Dumex India (2006), Pinewood Laboratory, Ireland (2006) and Negma, France (2007).[2] Wockhardt's debt following the acquisitions was close to Rs 38 billion, and Habil Khorakiwala quit as managing director.[14] The board of directors, on 31 March 2009 approved the appointments of Habil Khorakiwala's sons Murtaza Khorakiwala and Hozaifa Khorakiwala as managing director and Executive Director respectively.[15]

Good Manufacturing Practice violations

Wockhardt received a FDA warning letter 25 November 2013 identifying significant violations of current good manufacturing practice for finished pharmaceuticals at the Chikalthana and Wiluj facilities.[16]

A warning letter sent 18 July 2013 referring to an 18 March inspection of the Waluj facility, Aurangabad cited repeatedly delayed, denied or limited an FDA inspection. Citations included destruction of raw analytical data, destruction of analytical samples, lying by both the production head and vice-president of Manufacturing to the FDA Inspector.

Specific GMP violations included failure to prepare batch production records for drug products, attempts to hide manufacturing for the USA market from inspection, use of 'trial' analyses and 'official' analyses to attempt to hide failing or out of specification results, inability to demonstrate integrity of computer records, no audit system for computer records, faked training records for critical GMP activities, and inadequate washing and toilet facilities.[17]

References

  1. ↑ "Wockhardt:Fact Sheet". Wockhardt. Retrieved 16 July 2010.
  2. 1 2 3 Sanju Verma, Amit Shah (2007). "Wockhardt : "Wock"ing the talk..." (PDF). HDFC securities. India Research.
  3. ↑ "Wockhardt set to join billion-dollar club". Business Standard. 20 March 2013. Retrieved 20 March 2013.
  4. ↑ "Who we are | Fact Sheet". Wockhardt. Retrieved 20 March 2013.
  5. ↑ "Who we are | Overview". Wockhardt. Retrieved 20 March 2013.
  6. ↑ "Wockhardt Ltd – Price, Fundamentals, Charts, Financials". Business Standard. Retrieved 20 March 2013.
  7. ↑ "ABOUT US – Who We Are".
  8. 1 2 "ABOUT US".
  9. ↑ "OUR OTHER WEBSITES".
  10. ↑ Priyanka Sangani (28 March 2008). "Marginal business logic". The Economic Times.
  11. ↑ "Wockhardt Limited". Retrieved 9 May 2009.
  12. ↑ T. Surendar, Charles Assisi (18 January 2008). "'We need a Nano for medicines too'". The Times of India.
  13. ↑ "Introducing Wockhardt". Retrieved 9 May 2009.
  14. ↑ Shobhana Subramanian (3 April 2009). "Newsmaker: Habil F Khorakiwala, Scientist in a hurry". Business Standard.
  15. ↑ "Murtaza Khorakiwala is new MD of Wockhardt, Huzaifa new Executive Director". DWS Pill Scribe. 2 April 2009.
  16. ↑ Rafael Arroyo (12 February 2013). "CGMP/Finished Pharmaceuticals/Adulterated,(WL: 320-14-01)". FDA.
  17. ↑ Maan Abduldayem (18 July 2013). "CGMP/Finished Pharmaceuticals/Adulterated,(WL: 320-13-21)". FDA.
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