Premises of ex-Ranbaxy promoters raided: Sun Pharma shutters two R&D sites | 10 August, 2019

Last week, the Enforcement Directorate (ED) under the government of India conducted raids at multiple premises owned by former Ranbaxy CEO Malvinder Singh and his brother Shivinder Singh, along with raids on others connected with the brothers. The ED carried out the raids in connection with a money-laundering case, after an Enforcement Case Information Report (ECIR) was filed by the agency.

The move comes amid the charges of alleged financial irregularities against the Singh brothers and the subsequent downfall of their businesses.

The ED said the raids were conducted at seven locations in Delhi, and included premises belonging to the ex-CMD of Religare Enterprises Ltd (REL) Sunil Godhwani, REL executives NK Ghoshal and HemantDhingra.

The ECIR has been filed under criminal sections of the Prevention of Money Laundering Act (PMLA) after taking cognizance of a Delhi Police Economic Offenses Wing (EOW) complaint filed in December last year.

REL’s subsidiary ReligareFinvest (RFL) had filed the complaint with the EOW, alleging fraud and misappropriation of funds to the tune of US$ 104 million (?7.4 billion) and had named the Singh brothers among others.

Sun Pharma’s Vadodara R&D centers shuttered: Sun Pharmaceutical Industries said it is discontinuing operations at two of its research and development centers in Vadodara. The company has also said it has laid off some employees working at the two units. According to a Business Standard report, 85 people have lost their jobs. During 2018-19, Sun Pharma’s R&D spend (as a percentage of sales) had come down to 6.9 per cent from 8.6 per cent the previous year. The company is also working on optimizing costs as pricing pressure in the US grows. "While we continue to make investments in our R&D operations, we also constantly evaluate our resources and future capacity requirements to bring in efficiencies in cost and processes. To ensure optimal utilization of Clinical Pharmacology Units (CPUs) that conduct bio-equivalence studies, we are discontinuing operations at two centers at Tandalja and Akota, Vadodara,” a company spokesperson said.

The company also added that the bio-equivalence studies from these centers will be transferred to its other facilities.

(Source PharmaCompass)



Canada drug lobby urges govt not to wait for drug shortages amid US import plans

Last week, the Trump administration had said it would take steps towards lowering drug prices by allowing import of medicines from Canada. The US Department of Health and Human Services (HHS) and the US Food and Drug Administration (FDA) plan to propose a rule that will allow it to authorize states and other groups to pursue pilot projects related to importing drugs from Canada.

However, Canada’s main pharmaceutical lobby group — Innovative Medicines Canada (IMC) — has urged the government not to wait for drug shortages before responding to America’s plans to import Canadian drugs. The talking points were prepared last month by IMC for its staff and member companies. The IMC has proposed the Canadian government ban all drug exports “unless otherwise permitted by regulation.”

“Wholesalers should not be permitted to export drugs in bulk from Canada, and there should be strict and significant penalties for exporting drugs where their export is prohibited by law,” IMC has said. The lobby group’s efforts so far suggest the drug industry is eager to derail the Trump administration’s ‘import drugs from Canada’ plan. The IMC works closely with the Pharmaceutical Research and Manufacturers of America (PhRMA), the drug industry’s lobbying group in the US.

“Our government’s priority is ensuring that all Canadians can get and afford the medications they need,” Alexander Cohen, a spokesman for Canada’s health minister, said in a statement. Even if the US plan proceeds as per the Trump administration’s promise, shipments could be a year or more away, because of consultations required to pass new regulations.

Trump’s new healthcare plan: In September, the Trump administration is likely to unveil its healthcare plan as part of his presidential re-election campaign strategy. The plan would lay out an alternative to former President Barack Obama’s Affordable Care Act, which has been challenged by Republicans in court. Trump’s healthcare plan could include coverage for people with pre-existing conditions and a variety of insurance options.

(Source PharmaCompass)