Dubai: UAE Pharmacies confirmed that the supplies of generic medicines manufactured by BR Shetty owned NeoPharma have reduced drastically.
BR Shetty owned NeoPharma manufacture generic medicines
It is reported that Thinrin, one of the pharmaceutical company’s products is not available in the market making it difficult for heart patients who prefer generic medicines.
As generic medicines are less costly compared to branded ones, regular buyers are facing problems.
Meanwhile, when media persons made an attempt to contact BR Shetty and NeoPharma officials, they did not get any response.
One of the reports claimed that the production at NeoPharma has slowed down. It is also speculated that the pharmaceutical company might be facing fund issues for raw materials and salaries.
Stake of BR Shetty in NeoPharma
It was expected that BR Shetty would sell a significant percent of stake in NeoPharma to settle debts of his other companies like NMC Health.
It may be mentioned that he is reportedly holding 100 percent stake in NeoPharma.
Earlier, Shetty who is in India had made a statement that he would go to UAE to clear his name. However, after the court in India froze his assets in connection with his $250 mn exposure to Bank of Baroda, it is unlikely that he would visit the UAE soon.