US drugmaker J&J’s India sales dip three per cent in 2017/18

NEW DELHI: Johnson & Johnson’s sales in India dipped 3 per cent in the year to March 2018, a regulatory filing showed on Thursday, as the US 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.
But its after-tax profit for the period rose 18 per cent 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 orthopaedic knee implants to help poor patients.
The restrictions were part of a broader push by India to end what it called “illegal profiteering” by companies.
The company has recently been in the news after a Reuters investigation found J&J knew for decades that cancer-causing asbestos lurked in its baby powder. — Reuters