SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

SCHEDULE 13G

INFORMATION STATEMENT PURSUANT TO RULES 13d-1 and 13d-2

( Initial Filing )

Global Pharmaceutical Corp
(Name of Issuer)

       Common Stock                       378922108                       
(Title of class of securities)		      (CUSIP Number)


Check the following box if a fee is being paid with the statement         [ ]

(A fee is not required only if the reporting person:  (1) has a previous 
statement on file reporting beneficial ownership of more than five percent of 
the class of securities described in Item 1; and (2) has filed no amendment 
subsequent thereto reporting beneficial ownership of five percent or less of 
such class.)  (See Rule 13d-7.)




























CUSIP No. 378922108


                 
	1	NAME OF REPORTING PERSON:  BEAR STEARNS ASSET MANAGEMENT INC.
			S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON:  06-1135192

 	2		CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:*       	(a)	[    ]
                                                           				(b)	[    ]      

 	3		SEC USE ONLY	    


 	4		CITIZENSHIP OR PLACE OF ORGANIZATION:    NEW YORK


   NUMBER OF SHARES    	5  	SOLE VOTING POWER:		
                       			  458,318
 
  BENEFICIALLY         	6   SHARED VOTING POWER:	
   OWNED BY               		-0-

   EACH REPORTING      	7 	SOLE DISPOSITIVE POWER:	
	                         	458,318

   PERSON WITH         	8 	SHARED DISPOSITIVE POWER:				
		                         -0-

	9		AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON:
   	458,318
	
	10	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES:*[ ]


	11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9):	
   	10.26
		
	12	TYPE OF REPORTING PERSON:*	
 	  INVESTMENT ADVISOR


* SEE INSTRUCTIONS BEFORE FILLING OUT!

















Item 1(a): 	Name of Issuer:
		          Global Pharmaceutical Corp.

Item 1(b): 	Address of Issuer's Principal Executive Offices:
		          Castor & Kensington Aves.
	          	Philadelphia, PA  19124-5694

Item 2(a): 	Name of Person Filing:
          		Bear Stearns Asset Management Inc.

Item 2(b): 	Address of Principal Business Office:
          		575 Lexington Avenue
          		New York, NY 10167

Item 2(c):	 Citizenship:
		          Incorporated in New York

Item 2(d): 	Title of Class of Securities:
      	    	Common Stock

Item 2(e): 	Cusip Number:
	          	378922108

Item 3:		If this statement is filed pursuant to Rule 13d-1(b), or 
         13d-2(d), check whether the person filing is a: 
         (e) (x) investment advisor registered under Section 203 of the
        Investment Advisors Act of 1940.

Item 4:		Ownership:
       		(a)	Amount beneficially owned:  458,318

       		(b)	Percentage of class:  10.26

       		(c)	Number of shares as to which such person has:

          			(i)	Sole power to vote or to direct the vote:  458,318

          			(ii)	Shared power to vote or to direct the vote:  -0-

          			(iii)	Sole power to dispose or to direct the disposition of: 
                   458,318

          			(iv)	Shared power to dispose or to direct the disposition:
                  -0-


*   Bear Stearns Asset Management Inc. is the "beneficial owner", as that
    term is defined in the Commission's Rule 13d-3, of a total of 458,318
    shares of common stock representing 10.26% of the outstanding common 
    stock.

		





Item 5:		Ownership of five or less percent of a class:  Not applicable  

Item 6:		Ownership of more than five percent on behalf of another 
         person: The Small Cap Value Portfolio has the right to receive and
         the power to direct the receipt of dividends from and the proceeds for
         the sale of greater than 5% of the common stock of Global Pharma-
         ceutical Corp.  The Small Cap Portfolio is a separate portfolio of 
         The Bear Stearns Funds, an open end management investment company
         registered under the Investment Company Act of 1940.

Item 7:		Identification and classification of the subsidiary which 
         acquired the security being reported on by the Parent Holding 
         Company:  Not applicable

Item 8:		Identification and classification of members of the group:  
         Not applicable

Item 9:		Notice of Dissolution of group:  Not applicable
		
Item 10:	Certification:

	By signing below I certify that, to the best of my knowledge and belief, 
the securities referred to above were acquired in the ordinary course of 
business and were not acquired for the purpose of and do not have the 
effect of changing or influencing the control of the issuer of such 
securities and were not acquired in connection with or as a participant 
in any transaction having such purposes or effect.

	After reasonable inquiry and to the best of my knowledge and belief, I 
certify that the information set forth in this statement is true, 
complete and correct.

                                  					Bear Stearns Asset Management Inc.


February 17, 1998               				 	
  (Date)	                              Stehen A. Bornstein
				                                  	Executive Vice President