Hospira grabs market for cancer drug in Canada after competitor ordered to halt production

Hospira, which had to cede market share when its own manufacturing issues led to extensive remediation at its key U.S. plant, is now benefiting from someone else's missteps. The Lake Forest, IL-based company ($HSP) has assured health officials in Canada that it can meet the demand for cancer drug paclitaxel after regulators there stopped production at Biolyse Pharma, a small manufacturer in St. Catherines. Biolyse has said it had about 80% of the market for the injectable cancer drug, used to treat breast cancer and lung cancer. It is the only product Biolyse makes. Hospira spokesman Daniel Rosenberg said in an email that his company is working closely with Health Canada to meet current needs. "Our first priority is to supply the market and help prevent shortages, and we believe our current inventory can cover the Canadian market through the remainder of 2014. We've made significant investments over the last several years to help ensure continuity of product supply and prevent market disruptions." Hospira CEO F. Michael Ball reported two weeks ago that "off contract" sales of other products in short supply had boosted earnings in its latest quarter. Story | More