Category — Pharmaceuticals
To ensure ethical marketing practices by pharmaceutical companies, India’s government has charted a code of conduct for the industry, beginning this year. The Uniform Code of Pharmaceutical Marketing Practices has been modeled on the Medical Council of India guidelines for doctors and healthcare professionals which prohibits doctors from accepting freebies from pharmaceutical companies or the healthcare industry.
The code bans gifts, hospitality, medical samples, and medical grants, and clarifies the relationship with healthcare professionals. Regarding gifts, it says, “no gifts, pecuniary advantages, or benefits in kind may be supplied, offered or promised to persons qualified to prescribe or supply drugs, by a pharmaceutical company, or any of it agents including retailers, distributors or wholesalers,” reports The Times of India. “In any seminar, conference or meeting organized by a pharmaceutical company for promoting a drug or disseminating information, if a medical practitioner participates as a delegate, it will be on his/her own cost,” it continues.
This code exhibits similarities to the 2010 Physician Payments Sunshine Act of the United States, a healthcare law that was enacted to increase transparency of financial relationships between healthcare providers and pharmaceutical manufacturers; ensure patient safety; and flag areas of potential conflicts of interest.
June 9, 2015 No Comments
The Indian industry association, FICCI in association with the Embassy of India in Berlin and the support of German Embassy in New Delhi organized a panel discussion on “Unleashing opportunities: Indo-German High-Technology Manufacturing” in New Delhi, reports Merinews.
The discussions identified the following sectors to be the most appropriate in the Indo-German context: electronic system design and manufacturing, photonics, IT, automotive, civil aviation and airports, transportation infrastructure, water, renewable energy, heavy engineering, biotechnology, pharmaceuticals, space and defense manufacturing.
A FICCI study reports that
• German companies are favorably inclined to invest in the Indian high-tech market
• India is regarded to be the highest performing country among the BRIC markets
• There is market readiness in India for high-tech products
• India has strong IT and space sector capabilities which will be advantageous for German companies
• Recent Government of India initiatives in FDI, ease of doing business, and infrastructure can significantly impact the business environment in high-tech sectors
Dr. Corinna Fricke, Minister Counselor, head of the economic and commercial division, Embassy of the Federal Republic of Germany, India, said in a statement that an industry delegation would visit India in November 2015, and that the bilateral relations between India and Germany had deepened and there was huge scope for cooperation for the two countries.
June 3, 2015 No Comments
An “Apex Committee for Clinical Trials” has been constituted by the Union Health Ministry on the directive of the Supreme Court of India. Outsourcing Pharma.Com reports that this committee now requires developers of cancer treatments approved without trials to monitor the first 500 patients to assess the drug’s safety and efficacy. An analysis of the data acquired will need to be submitted to the Drugs Controller General of India, who will then forward it to the Technical and Apex Committees for scrutiny.
The new recommendation comes after the marketing approval was granted to Merck’s Zolinza (vorinostat), and Medivation and Astellas’ Xtandi (enzaltuamide), both treatments for cancer. Further, the Apex and the Technical Committees have approved 28 of 31 submissions for clinical trials.
January 11, 2015 No Comments
Bayer AG has globally acquired the marketing and distribution of consumer care products from Fulford India, a Merck & Co Inc., subsidiary, with effect from January 1, 2015. As part of the global transaction, products such as Alaspan, Polaramine, Tinaderm have been transferred to Bayer Pharmaceuticals Private Ltd.
January 3, 2015 No Comments
The environment for foreign investments in India started improving a short time before Narendra Modi was elected prime minister on a business-friendly reform agenda in May 2014. United Arab Emirates’ Etihad Airwas acquired a stake in India’s largest corporate carrier, Jet Airways. As a result of this deal, the U.A.E. ranks in the top five of India’s leading foreign investment sources.
A survey conducted by Ernst & Young found that 53% of more than 500 business leaders around the world planned to enter or expand their operations in India within the following 12 months. The list of multinationals that are making long-term investments in India includes U.K. liquor company Diageo, which acquired majority ownership of United Breweries, once run by Indian billionaire Vijay Mallya; French energy company GDF SUEZ; pharmaceutical giant GlaxoSmithKline; Sweden’s IKEA; Singapore Airlines; Starbucks, which partnered with the Tata Beverages; Unilever, Vodafone and Volkswagen all upped the ante upon Modi’s eelection.
Over the last year, 67% of foreign direct investment in India has gone go the services sector, with 18% going to the manufacturing sector. The remaining 15% has gone to agribusiness investments, according to the Reserve Bank of India.
FDI in India is capped in a number of key sectors. Foreign ownership cannot exceed 49% in Indian defense contractors, or 74% in private banking. Nandan Nelivigi, head of India’s practice at White & Case said, “Competition for the best opportunities [in India] is already fierce and will only intensify as the business climate improves. Fortunately, investing in India today is no longer a step into the dark.”
November 17, 2014 No Comments