By Aruna Viswanatha WASHINGTON | Fri May 11, 2012 4:44am IST WASHINGTON (Reuters) - Global drugmakers could face new U.S. scrutiny after a report from lawmakers in India alleged abuses in that country's drug approval process, lawyers familiar with such investigations said. A parliamentary panel on Wednesday said officials of the Central Drugs Standard Control Organisation (CDSCO) had been colluding with pharmaceutical companies to speed up approval procedures, allowing some drugs that are not permitted in other countries to go on sale.The U.S. Justice Department and the Securities and Exchange Commission are conducting extensive inquiries into nearly every major drug and medical device manufacturer for potential violations of a U.S. law that bars bribes to officials of foreign governments, the Foreign Corrupt Practices Act.Many of ... Continue reading →

None Continue reading →

Culture Connoisseur Badge Culture Connoisseurs consistently offer thought-provoking, timely comments on the arts, lifestyle and entertainment. More about badges | Request a badge Washingtologist Badge Washingtologists consistently post thought-provoking, timely comments on events, communities, and trends in the Washington area. More about badges | Request a badge Post Writer Badge This commenter is a Washington Post editor, reporter or producer. Post Contributor Badge This commenter is a Washington Post contributor. Post contributors aren’t staff, but may write articles or columns. In some cases, contributors are sources or experts quoted in a story. More about badges | Request a badge Post Recommended Washington Post reporters or editors recommend this comment or reader post. You must be logged in to report a comment. You must be logged ... Continue reading →

Unclear rules stop FDI in pharma companiesThe author has posted comments on this articleKhomba Singh & Chaitali Chakravarty, ET Bureau | May 8, 2012, 10.15AM IST NEW DELHI: The government has recently stopped giving permission to foreign companies and overseas investors to buy into Indian drugmakers till clear guidelines regarding foreign direct investment in the sector are finalised. The Foreign Investment Promotion Board (FIPB), the nodal agency that approves investments in India, deferred four proposals at its March 30 meeting on the grounds that specific conditions for considering cases of brownfield foreign investment in the pharma sector were under formulation. There have been no restrictions on foreign investments in pharma for the past decade, but a series of high-profile acquisitions in the sector has prompted ... Continue reading →

By Ross Colvin and Satarupa Bhattacharjya NEW DELHI | Wed May 9, 2012 12:46pm IST NEW DELHI (Reuters) - India's main drug regulator has not been properly scrutinising some drugs before approving them, and some of its officials are colluding with drug firms and medical experts to circumvent procedure, according to a new parliamentary report. The report by parliament's health committee, the result of a more than year-long investigation, painted a chaotic picture of the Central Drugs Standard Control Organisation (CDSCO), which oversees the licensing, marketing and trials of drugs in India."There is sufficient evidence on record to conclude that there is collusive nexus between drug manufacturers, some functionaries of CDSCO and some medical experts," it said.It recommended that the government re-examine certain drugs that ... Continue reading →

New Delhi: A report by a parliamentary committee has shown that the drug industry regulator, the Drug Controller General of India (DCGI), has been approving, on average, one new drug a month without conducting mandatory clinical trials or seeking expert medical opinion—findings that expose the deep flaws prevalent in India’s drug approval process.The committee has asked the health ministry to withdraw the discretionary powers given to the Central Drugs Standard Control Organization (CDSCO), which is headed by DCGI, to grant approvals to drug companies.The panel found “sufficient evidence” to establish a collusive nexus between medical experts, drug companies and CDSCO officials.The parliamentary committee looked into the functioning of CDSCO for nearly 18 months and concluded that “most of the ills besetting the system of drugs ... Continue reading →

New Delhi: A report by a parliamentary committee has shown that the drug industry regulator, the Drug Controller General of India (DCGI), has been approving, on average, one new drug a month without conducting mandatory clinical trials or seeking expert medical opinion—findings that expose the deep flaws prevalent in India’s drug approval process.The committee has asked the health ministry to withdraw the discretionary powers given to the Central Drugs Standard Control Organization (CDSCO), which is headed by DCGI, to grant approvals to drug companies.The panel found “sufficient evidence” to establish a collusive nexus between medical experts, drug companies and CDSCO officials.The parliamentary committee looked into the functioning of CDSCO for nearly 18 months and concluded that “most of the ills besetting the system of drugs ... Continue reading →

April 26 | Thu Apr 26, 2012 1:59pm EDT April 26 (Reuters) - U.S. drugmaker Bristol-Myers Squibb Co said on Thursday that it received a subpoena from securities regulators regarding its sales and marketing practices in various foreign countries. Bristol-Myers, in a filing, said it received the subpoena from the U.S. Securities and Exchange Commission (SEC) last month in connection with an investigation under the Foreign Corrupt Practices Act (FCPA).The company said it was cooperating with the government in its investigation. It declined to divulge what countries or products were involved in the probe or to give any details beyond the brief statement in the filing.Foreign practices among major pharmaceutical companies have come under increasing scrutiny by government regulators as the drugmakers look to expand ... Continue reading →

8 Core Beliefs of Extraordinary Bosses The best managers have a fundamentally different understanding of workplace, company, and team dynamics. See what they get right. BigStock Photo A few years back, I interviewed some of the most successful CEOs in the world in order to discover their management secrets. I learned that the "best of the best" tend to share the following eight core beliefs. 1. Business is an ecosystem, not a battlefield. Average bosses see business as a conflict between companies, departments and groups. They build huge armies of "troops" to order about, demonize competitors as "enemies," and treat customers as "territory" to be conquered. Extraordinary bosses see business as a symbiosis where the most diverse firm is most likely to survive and thrive. ... Continue reading →