Shares of Gland Pharma Ltd surged 4% on 8 January after the company announced securing approval from the US Food and Drug Administration for its eye allergy medicine. 

The US Food and Drug Administration approved Olopatadine Hydrochloride Ophthalmic Solution USP. The over-the-counter medicine is medically equivalent to the reference-listed drug, Pataday One-Day Relief 0.7% Alcon Laboratories. 

The global market share of Olopatadine Hydrochloride Ophthalmic Solution is expected to reach $1,320 million by 2025. According to Cognitive Market Consulting and Research, the market size will rise at a compound annual growth rate (CAGR) of 7.2% between 2025 and 2033. 

The market is experiencing strong expansion as a result of frequent eye allergies and conjunctivitis.

The US Food and Drug Administration has approved the medicine in India for Gland Pharma, Alchem Laboratories, Alembic Pharmaceuticals, and Lupin. 
 
Gland Pharma, founded in 1978, grew to become the world’s largest injectable manufacturer, with operations in over 60 countries. The company generally operates under the Business-to-Business (B2B) paradigm.

At 3:01 pm, the shares of Gland Pharma were trading 0.41% higher at Rs 1,715.50 on NSE.

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