Ties between India and the United States have been strained in recent years because of trade policies and patent disputes.
I got to know that every referred case for angiography and angioplasty got a kickback of Rs 5,000 and Rs 15,000 respectively. Seeing this trend, doctors started paying referring doctors Rs 1 lakh in advance and adjusting it as and when patients came in. This menace slowly spread its tentacles all over the medical field, including radiological diagnostics and biochemistry laboratories. For every test ordered, 20 per cent of the bill was given back to the referring doctor. This led to doctors recommending unnecessary tests. The pharmaceutical companies also saw burgeoning business. Acclaimed doctors were given televisions sets, refrigerators, air conditioners and cars depending upon the prescriptions. General practitioners would prescribe unnecessary drugs, and were given returns in cash. A fascinating excerpt from Dr Upendra Kaul's When The Heart Speaks.
Industry officials say the crunch has not only affected manufacturing of edibles but even of items like nozzle pumps and other goods used in packaging.
The FIPB, headed by Department of Economic Affairs Secretary Arvind Mayaram, discussed 30 foreign direct investment proposals, including 10 from pharma sector.
Payments banks will mainly deal in remittance services and accept deposits of up to Rs 1 lakh.
The UK has responded to PM Modi's call to 'Make in India' by launching great collaborations in January 2015.
Drug major Novartis has been slapped with a Rs 300-crore penalty by drug regulator NPPA for overcharging consumers on sale of Voveran, its best-selling painkiller medicine.
The broader markets outperformed the benchmark indices- BSE Midcap and Smallcap indices gained 0.4% each
Like pharmaceutical companies globally - which used to enjoy a preferential exchange rate in Venezuela - Indian producers have been left badly stung by the collapse of the bolivar currency
The 30-share Sensex closed up 34 points at 27,831 and the 50-share Nifty ended up 15 points at 8,356.
In 2008, the 13 companies on the list accounted for 34 per cent of the overall m-cap.
The industry feels that prices of active pharmaceutical ingredients (APIs) can go up in the range of 5-15 per cent.
The agency is also preparing to analyse the details of assets of the Kochhars and others so that they can be provisionally attached under the Prevention of Money Laundering Act
The government on Saturday made its prior approval mandatory for foreign investments from countries that share land border with India to curb 'opportunistic takeovers' of domestic firms following the COVID-19 pandemic, a move which will restrict Foreign Direct Investment from China.
Top 100 billionaires see their wealth rise 10%; top 20 account for half of total wealth of top 100.
With the Jaypee acquisition, the Suraksha group, which made lenders an offer of Rs 7,736 crore, will be able to expand its footprint in north India after making inroads in Mumbai's real estate market over the past year. Sudhir Valia, the promoter, was a co-founder and executive director of India's biggest pharmaceutical firm, Sun Pharmaceuticals, and is a close relative of Dilip Shanghvi.
Ajit Mishra, Vice President, Research, Religare Broking, answers readers' stock market queries. Ajit will offer his unbiased views on a weekly basis
At present, there is no direct air connectivity between India and Myanmar.
And when an inspector asked about the contents of unlabelled vials in the laboratory glassware washing area, a plant worker dumped them down a sink and said the contents could not be determined, according to a July 18 letter from the US Food and Drug Administration to Wockhardt, which makes sterile injectable drugs and various forms of insulin.
'The failures of private businessmen have set back the process of market-oriented reform, though that is the only way forward,' argues T N Ninan.
Ajit Mishra, Vice President, Research, Religare Broking, answers readers's queries on stocks they own or want to buy.
As per the law, political parties are to declare a list of their political donors. However, as per the latest report, political parties continue to enjoy donations without providing their names or addresses, reports Vicky Nanjappa
One of the reasons for the failure, say industry experts and financial analysts, is that Emami strayed too far from its core with sanitary napkins.
'The success of the country's economic policies is affirmed by receipt of FDI of $15 billion last year, the highest in the Asia-Pacific after China and India, and well ahead of Indonesia, Australia, Singapore, Malaysia and Thailand,' notes Ambassador Talmiz Ahmad.
As the death toll in the country from coronavirus jumped by a record 445 to 13,699, the Centre maintained that the number of infections per lakh population was among the lowest in the world. The new cases surged by over 10,000 for the 11th day in a row and rose by 14,821 to take the total to 4,25,282, according to health ministry data.
Asia's falling stocks have triggered an exodus of funds from the region.
In a surprise announcement in April, Sun and Ranbaxy -- at that time owned by Japan's Daiichi -- declared an all-stock deal to create India's largest and world's fifth-largest drugmaker in an over $4 billion deal.
Financials were the top gainers lead by private lenders ICICI Bank and HDFC Bank
IndiGo Airlines signs $2.6-billion leasing and financing MoU with Industrial and Commercial Bank of China.
Rediff readers tell us what their first salary was and what it meant to them at the time.
The USTR has placed India on its "priority watch" list for two years in a row, saying the country's patent laws unfairly favour local drug makers.
Prime Minister Narendra Modi's three-day visit to Britain has seen India and the UK agreeing on Rs 90,000 crore deals.
Sun Pharma's market capitalisation stood at Rs 100,050 crore on December 5, with its share price closing at Rs 417 a piece - lowest since March 2013.
The Zandu business grew rapidly, and we became debt-free within two years of the deal.
"We will be guided by our national interest," he said.
Wockhardt MD Murtaza Khorakiwala said his firm had responded to the FDA's observations but declined to give details.
It is domestic policy distortions and inaction to correct them that lie behind the large CADs.
Legal experts and official sources said the alleged submission of fake documents can also lead to criminal charges against Novartis.
The S&P BSE Sensex ended 80 points up at 23,789 while the Nifty50 closed at 7,235, up 24 points.
India was the flavour of the year, at least in the FMCG sector, as multinationals hiked stakes in their subsidiaries lured by long term potential of the country, while homegrown executives made their way to top hierarchy of global firms in 2013.
