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3 August, 2005: Losses in the pharma sector due to the floods in Mumbai has been estimated at Rs 1000 crore, media reports said.
Losses were mainly due to damage to drug stocks in Mumbai and other parts of Maharashtra.
Most of the godowns are located in northern Mumbai suburb of Bhiwandi. The damage has also raised serious concerns on a shortage of medicines, especially since the outbreak of water-borne diseases is being considered as a distinct possibility.
In the event of an outbreak of water-borne diseases, antibiotics, vitamins and injections would be in great demand, industry watchers said.
Warehouses of pharma majors like Ciple, Pfizer and Nicholas Piramal located in Bhiwandi have reported huge damage to their drug stocks in the aftermath of floods which killed abouyt thousand people throughout the state, half of which is in Mumbai.
Pfizer has put its estimated initial losses at Rs 100 crore. Pfizer Ltd is the Indian arm of the world's largest drug maker, Pfizer Inc.
Cipla has not put out the exact damage figures but it has drug stocks estimated at Rs 100 crore in
Bhiwandi. Apart from pharma stocks of drug firms, retailers have also reported losses.
The stock movement from other parts of Maharashtra to Mumbai is likely to be affected for the next ten-odd days according to reports.
While Maharashtra accounts for an estimated 10% of India’s pharma market, its capital, Mumbai, consumes half of the state’s drug consumption.
Total losses in the aftermath of heavy rains and flooding has been roughly put at Rs 30 billion, by the Indian Merchants Chamber. The Mumbai Chamber of commerce and Industry puts the figure at Rs 40 billion.
This may not include losses to agriculture and industry.
Air, road and rail transportation were hugely hit by the floods, with passengers stranded for hours at airports, railway stations and roads.
Mumbai’s unplanned infrastructure growth has been attributed as one of the main reasons for the flooding which wreaked havoc in the megapolis, bringing life to a stand still.
BY OUR PHARMA CORRESPONDENT
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