The US government has always been a mouth-piece of American big business. That is why the protest of US commerce secretary John Bryson against India giving a compulsory licence to Natco Pharmaceuticals to produce a generic version of a patented anti-cancer drug leaves a bad taste in the mouth
Granted, it has been a unipolar world since Mikhail Gorbachev made it so, though Ronald Reagan took credit for defeating the "evil empire". Granted, the US can now justifiably claim the post of the world's big and only policeman.
In an ideal world, one of the roles of the policeman is to protect the poor from the predators (please don't laugh; it happens sometimes.) That is why the protest of US commerce secretary John Bryson against India giving a compulsory licence to Hyderabad-based Natco Pharmaceuticals to produce a generic version of a patented anti-cancer drug leaves a bad taste in the mouth.
The government has allowed Natco to produce a generic version of Bayer's patented cancer drug called Nexavar. This will bring down the price of the drug by 97%. Natco will sell the drug at around Rs8,880 for a month's therapy of 120 tablets against Rs2.8 lakh charged by Bayer. Experts say that this decision paves way for cheaper drugs in several other areas.
The US government has always been a mouth-piece of American big business. A large portion of its diplomatic effort is aimed a protecting "big, vulnerable MNCs" from the depredations of "poor, small, bad wolves" protecting the poor in their countries.
Therefore it was no surprise when commerce secretary Bryson repeated, almost word to word, Bayer's arguments against India granting the compulsory licence to Natco.
Mr Bryson told Anand Sharma that India's action would discourage new investments in drug R&D (research and development) and dilute the international patent regime. He said "pharmaceuticals is a very competitive area and heavy investments went into research and development every year. Any dilution of the international patent regime is a cause of deep concern for the US". Considering the tremendously cheaper price at which Natco will supply the drug, the US commerce secretary's words leave a bad taste in the mouth.
Now, let us take a look at this news item reported by Sky News, the British television channel.
A man suffering from the deadliest form of skin cancer told Sky News how a new drug brought him back from the brink of death. Charlie Jones woke up two weeks ago from emergency surgery on tumours that had spread to his kidneys to be told he had a matter of hours to live.
But doctors at the Christie Hospital in Manchester decided to try out a drug called Vemurafenib that has only just become available. To their amazement, his response was almost immediate. He is now much better and has returned home.
"Since I've been taking the drug I have been getting stronger and stronger," he said. "I'm getting colour in my face. My body is feeling a lot better. It's helping me feel like the old me."
Charlie and his girlfriend Louise Howard now hope to get married.
The drug is expected to be supplied to other cancer patients through Britain's National Health Service (NHS), which means it will be practically free.
Doesn't this make us all feel better and take away the bitter taste left by the US commerce secretary's words?
(R Vijayaraghavan has been a professional journalist for more than four decades, specialising in finance, business and politics. He conceived and helped to launch Business Line, the financial daily of The Hindu group. He can be contacted at email@example.com.)
CBI director AP Singh had examined a report forwarded by one of the joint directors of the agency who had opined that a case could be made out and a thorough investigation was required
New Delhi: Central Bureau of Investigation (CBI), the Indian premier investigative agency, on Friday registered a case in connection with the supply of all-terrain Tatra trucks through state-owned BEML to the army and called for questioning Vectra group chairman Ravi Rishi who is a majority stake holder in Tatra, reports PTI.
CBI sources said British national Mr Rishi, who is in the national capital for the Defence Expo, has been called for questioning in the connection with the alleged irregularities in the deal.
CBI director AP Singh had examined a report forwarded by one of the joint directors of the agency who had opined that a case could be made out and a thorough investigation was required, the sources said.
The deal came under scanner after army chief General VK Singh had alleged that he was offered a Rs14 crore bribe to clear a file related to purchase of trucks.
The defence ministry has sent a reference to the CBI seeking a probe in the allegations. However, the agency is waiting for a complaint from Gen Singh before initiating a probe into his allegations.
The sources said based on the reference, two separate cases could be registered by the agency-one related to the deal and another to the alleged bribery offer.
Reacting to alleged involvement of agents and lobbyists in placement of orders for the Tatra trucks, state-owned BEML chief VRS Natarajan has said, "In last 26 years, from 1986 onwards, BEML assembled manufactured, supplied 7,000 Tatra trucks. All of them have been done on single nomination basis, single inquiry basis.
"This type of equipment nobody in world makes, because of its superior technological features. When I am the single vendor and there is no competition, there is no influence required," he said.
The name of Tatra and Bharat Earth Movers was taken by the army in a press release issued by it on 5th March, alleging that retired Lt Gen Tejinder Singh had offered a bribe on behalf of Tatra and Vectra.
The new product is in line with the Government's emphasis on expanding and deepening the corporate debt market. It will help investors put money in a basket of corporate bonds, thereby getting the benefit of a portfolio for investment, a source said
The National Stock Exchange plans to introduce a 'Corporate Debt Exchange Traded Fund' or ETF in this calendar year, reports said.
ETFs are essentially index funds that are listed and traded on exchanges. In this sense, an ETF is a basket of stocks or assets such as gold or even money market instruments. Its trading value is based on the net asset value of the underlying assets that it represents.
The new product is in line with the Government's emphasis on expanding and deepening the corporate debt market. It will help investors put money in a basket of corporate bonds, thereby getting the benefit of a portfolio for investment, a source said.
ETFs have gained wider acceptance as financial instruments whose unique advantages over mutual funds have caught the eye of many an investor. Various mutual funds provide ETF products that attempt to replicate the indices on NSE to provide returns that closely correspond to the total returns of the securities represented in the index.
Presently, NSE provides ETF in four different categories - equity, debt, gold and world indices. There is no exchange fee on debt and world indices ETFs, while charges vary on gold and equity ETFs.
Gold ETF attracts an exchange fee of Re1 for a lakh, while equity ETF is charged between Rs3-Rs3.25 a lakh. There are indications that the corporate debt ETF may get fee waiver too.