Suven Pharmaceuticals is higher in trade on the back of their memorandum of understanding (MoU) for technology transfer and manufacturing of two COVID-19 drugs for the Indian market - Molnupiravir and 2-DG. Venkat Jasti, Chairman and MD of the company, spoke to CNBC-TV18 on the recent development.
Jasti said, "This is mainly for the domestic market only. The reason why Suven has entered into a transaction or transfer arrangement is mainly under a corporate social responsibility to keep things in place when the need really arises. It is not our business model as you know."
"What I have seen with Remdesivir shortages and all that stuff, if something happens in the future I think we should do some kind of a scale-out and production capacity keeping it ready, if ready it can be launched. This is a proactive measure to keep the supply chain intact in India," he said.
In terms of revenue, Jasti said, "There will not be much accrual that will happen that is why we are not taking into a number which I had given earlier. But it may have a little bit impact on it. But right now we don’t know how much that will be. It is not a big opportunity but at the same time it is our responsibility to keep things in place and that is why we have taken this job.”
For the full management commentary, watch the video
(Edited by: By Priyanka Rathi)