U.S. Drugmaker J&J’s India Sales Dip 3 Percent In 2017/18: Filing

www.oann.com | 2/24/2016 | Staff
megzmegz123 (Posted by) Level 3
NEW DELHI (Reuters) – Johnson & Johnson’s sales in India dipped 3 percent in the year to March 2018, a regulatory filing showed on Thursday, as the U.S. drugmaker grappled with the country’s stringent medical device pricing policies.

The company, currently mired in a controversy surrounding the safety of its baby talcum powder, reported overall sales of 58.28 billion rupees ($829 million) in India for the year, its filing with the country’s Ministry of Corporate Affairs shows.

Profit - Period - Percent - Income - Exchange

But its after-tax profit for the period rose 18 percent to $98 million on other income, including foreign exchange gains.

J&J’s medical device sales in India have been hit following the federal government’s move in 2017 to cap prices of devices such as orthopedic knee implants to help poor patients.

Restrictions - Part - Push - India - Profiteering

The restrictions were part of a broader push by India to end what it called “illegal profiteering” by companies.

The company has...
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