Panacea Drugs Pvt. Ltd. was set up in the year 1984 and got listed in 1995 as Panacea Biotec Ltd. Panacea Biotec is an Indian research based pharmaceutical and health management company involved in research, manufacturing, and marketing of pharmaceutical formulations, vaccines, and natural products. It is one of the three largest biotech companies in India. In August 2011 several of its hepatitis vaccines were removed from the list of prequalified vaccines by the World Health Organization because of quality management issues, but the issues were resolved by early 2012. Panacea Biotec has five research centres across India that specialize in the fields of pharmaceuticals, biotechnology, natural products and biopharmaceutics. Panacea Biotec claims to be the largest vaccine manufacturing company in India. Panacea Biotec has introduced the next generation inactivated polio vaccine (eIPV) via a collaboration with the Netherland Vaccine Institute. This vaccine has found extensive usage in India for more than three years now and is registered in Bangladesh. IPV is also in an advanced stage of registration in 10 countries worldwide, with the target of being in more than 30 countries in a couple of years, and has been put up for WHO prequalification, which is expected soon.