Asian stocks are lower today as Japanese and Hong Kong shares fall. The Nikkei 225 is off 0.38% while the Hang Seng is down 0.77%. The Shanghai Composite is trading down by 0.81%. US stocks ended slightly lower on Wednesday, with major indices giving up gains in choppy trade after the Federal Reserve raised US interest rates, while a strong gain in the energy space helped limit losses.

Back home, India share markets opened the day on a positive note. The BSE Sensex is trading higher by 75 points while the NSE Nifty is trading higher by 25 points. The BSE Mid Cap index and BSE Small Cap index opened the day up by 0.2% & 0.3% respectively.

Barring bank stocks, all sectoral indices have opened the day in green with energy stocks and consumer durables stocks witnessing maximum buying interest. The rupee is trading at 65.22 to the US$.

In the news from the pharma sector. Sun Pharmaceutical Industries Ltd. has announced its first US approval for an innovative medicine, marking a milestone in the company’s bid to diversify out of generic drugs by building a portfolio of novel ones protected by patents.

Reportedly, Sun’s drug Ilumya was approved by the US Food and Drug Administration (USFDA) to treat adults with moderate to severe cases of the skin condition plaque psoriasis, who are also candidates for systemic therapy or phototherapy.

Sun has been particularly exposed because its ability to offset the price declines with new revenue has been hampered by a US sanction preventing new product launches from a key plant in India, the reports noted.The approval comes as Sun’s core business making copies of other companies’ medicines has been squeezed by a wave of competition in the US, putting pressure on prices for these generic drugs.

The roll out of innovative medicines has been seen not only as a new revenue stream, but one that will deteriorate less quickly because other generic firms won’t be able to copy them until the patents expire.

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