Pharmaceutical companies in the country offering any financial incentive to doctors to prescribe particular drugs may become a thing of the past if the drug manufacturers decide to follow the strict code of conduct being implemented by a US industry trade group.
Glenmark Pharmaceuticals (Glenmark), which reorganised its speciality and generics businesses recently, is looking to acquire a medium to large-scale speciality pharmaceutical company in the US.
Companies are reactivating their dormant fixed deposit schemes by realigning their interest rates with the market following the footsteps of the lenders. The Reserve Bank of India has raised its benchmark interest rate to 8.5 per cent - the highest in more than six years - to stem inflation, forcing the banks to raise their prime lending rate to as high as 15.5 per cent.
Amid reports of a US Congress probe against India's largest drug maker Ranbaxy Laboratories, data show that many leading multinational companies such as Pfizer, GlaxoSmithKline, Novartis and Merck are also under the scanner of the US drug regulator, for more or less similar violations as Ranbaxy is alleged to have committed.
The pharmaceutical industry is expected to continue with its good performance in the first quarter of 2008-09 with over 25 per cent growth in revenues and about 45 per cent rise in net profit riding on better sales in the domestic and export markets. The industry will gain from the the depreciation of rupee as well.
Experts said it is the first time that an Indian pharmaceutical company has been charged with such serious offences, and that the firm may be prosecuted if the allegations are proved. Able Labs of the US, now a unit of Sun Pharma through an acquisition in 2005, had to face similar charges in 2004-2005.
The Supreme Court judgment last week allowing Tata Power to retail power to consumers in Mumbai could pose a few regulatory challenges, experts feel.
Pharma major denies charges, to file response soon.
Tanti, who acquired Germany's REpower Systems last year, today announced plans to buy Chinese wind energy company Honiton Energy Holdings. The acquisition will be concluded through Colossus Holdings, a Singapore-based holding company of the Tanti group, and Bahrain-based private equity company Arcapita Bank for over $500 million (Rs 2,162 crore), sources said.
The voluntary move comes a little more than a year after the Central Drugs Standard Control Organisation, the central authority that approves new drugs for marketing, had asked the drug makers to withdraw the 'combination drugs' as they are 'unnecessary' and may pose health hazards. The Drugs Controller General of India had banned 294 combination drugs sold under nearly 1,053 brand names from the market in June 2007.
After a string of foreign deals in the last few years, including Tata Motors' purchase of Land Rover and Jaguar brands from Ford for $2.3 billion this year, attempts by Indian companies to acquire assets abroad are increasingly hitting roadblocks. At least, the recent attempts by Indian companies suggest so.
The worldwide softness in the sector has ensured there are few takers for these aircraft; those who had leased the aircraft to Indian carriers will invoke a hefty penalty if the machines are sent back to them.
Akruti City, Omaxe, Sobha Developers, among other property developers, are pledging shares with lenders to provide additional security, apart from hypothecating properties to borrow funds, according to information submitted to the stock exchanges. Promoters of Akruti, Omaxe and Sobha have pledged their shares with Indiabulls Financial Services, financiers like Dubai-based BankSarasin & Co and Credit Suisse as a liquid security for loans against properties.
Aurobindo pharma, cipla, orchid chemicals are the prominent takeover targets.
Health experts point out that it will take decades for India to reach the level of health education and infrastructure in developed countries. Our per capita health expenditure is estimated at $23, which is only 6.1 per cent of the gross domestic production.
The Rs 9,500-crore Dharavi makeover may be postponed by a few months as the scheme will have to be amended to increase the size of the flats, to be given to slum-dwellers, from 225 sq ft to 269 sq ft, according to builders close to the development.
HR firm Hewitt Associates, however, estimates average salaries in India rose 15.2 across sectors for 2008-09 in line with the increases last year (15.1 per cent) and better than the year before (14.4 per cent) despite slowdown in many sectors. At 15.5 per cent, salaries of people in junior management (up to seven years) rose the fastest, followed by middle management (seven to 12 years) at 15.2 per cent, senior management (12 years+) at 14.5 per cent.
"We are looking at targets with a bottom line of Rs 50-60 crore (Rs 500-600 million) to expand our CRAMS business in various markets," said Ashok Shinkar, director, Wanbury. The company plans to increase its turnover to over Rs 900 crore (Rs 9 billion) within the next three years.
According to analysts, Indian drug makers are forging alliances with overseas companies such as CD Pharma, Gnosis SpA, Crawford Healthcare and Syrio Pharma to sell drugs for chronic and acute cases. According to analysts, Indian drug makers are forging alliances with overseas companies such as CD Pharma, Gnosis SpA, Crawford Healthcare and Syrio Pharma to sell drugs for chronic and acute cases.
James Scott, Metro Cash & Carry's regional operating officer (Asia) based in Singapore, virtually lives out of a suitcase. With the regional headquarters in Hong Kong and operations across China, India, Pakistan, and Vietnam, Scott travels through the week and gets back home only on weekends.
