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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