Pfizer stock slumps 9% following ban on Corex cough syrup
Pharmaceutical major Pfizer and Abott have discontinued the sale and manufacture of their popular cough syrups following a new order by the Government to ban their use
Published - Mar 15, 2016 7:59 AM Updated: Mar 15, 2016 7:59 AM
Pharmaceutical major Pfizer and Abott have discontinued the sale and manufacture of their popular cough syrups like Corex and Phensedyl, respectively, following a new order by the Government to ban their use. According to reports, Health Ministry has banned about 344 fixed-dose combination drugs, including cough syrups compositions, saying they involve "risk" to humans and safer alternatives were available. Following a ban on Corex, the stock prices of Pfizer slumped by 9%.
According to Pfizer’s BSE filing:
Late Monday evening, Corex was also trending on Twitter and there was a lot of conversation happening on social media about the latest ban.
Yes, in Punj& now in U.P, Maha, Corex clones, advertised freely. Regulator asleep, may be high on "cough" syrup too https://t.co/pNEvlRWLcn— Shekhar Gupta (@ShekharGupta) March 14, 2016
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Luckily i have got 2 bottles of #Corex that is banned right decision to ban too coz in states like delhi&punjab youngsters r doing wrng use— Kartikmalhotra (@kartik_sm91896) March 14, 2016
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