India To Probe Alleged Irregularities Within Drug Regulator

The government of India announced an inquiry on the functioning of the main drug regulator, after a parliamentary report exposed dysfunction within the agency and serious irregularities in the drug approval process.

The government said in a statement that it had appointed three experts to look at the scientific basis of approving new drugs without clinical trials and recommend ways of improving the procedures of the Central Drugs Standard Control Organisation (CDSCO).The parliamentary panel accused some officials of the CDSCO of colluding with multinational and Indian drug firms to bypass normal approval procedures.

(Reuters)

Indian Rupee sliding.....

Rupee is under serious pressure.  Dropped from Rs 44 for a dollar in August 2011 to almost 55 in early May 2012 especially the rate of fall , after a pulling back above the Rs 49 mark during Jan-March 2012. The slide perhaps contributed to S& P decision to downgrade India’s outlook and current balance of payment situation. The Current account deficit likely to hit more than 4% of GDP and a worsening trade gap complicating the situation further. The trade gap likely to widen further as one of the biggest forex earner, the IT industry seems to be loosing its shine.

With a high external debt repayment in next several months and possible portfolio outflow, seems we are moving to a crisis situation as far as value of INR is concerned.

Roche to sell cheaper cancer drugs in India

Just days after officials in India stripped Bayer of its exclusive rights to Nexavar, giving a local company NATCO the right to produce it at a deep discount,

Roche has stepped up with plans to slash the cost of two of its blockbuster cancer drugs.  Herceptin and MabThera will be offered in cheaper new versions from an Indian partner.

original report