Venus gets European patent for pain killer injection

This patent grant will be in force till 2025 in the member countries of EPO which will reinforce the market position of Venus Remedies in Germany, UK, France, Spain, Sweden, Italy and Switzerland

Venus Remedies has been granted patent by European Patent Office (EPO) for its research drug ACHNIL, a once-a-day painkiller injection. This patent grant will be in force till 2025 in the member countries of EPO which will further reinforce the market position of Venus Remedies in the major economies such as Germany, UK, France, Spain, Sweden, Italy and Switzerland.

Dr Manu Chaudhary, joint managing director of the company said, “This novel formulation based on NDDS (Novel Drug Delivery System) technology is going to fill the gap of long standing demand for better pain management therapy. Especially for aged population, it is not only going to reduce the number of pricks but will also drastically reduce the side effects associated with the use of NSAIDs.”

Talking about the benefits of the drug Dr Chaudhary added, “ACHNIL starts its action instantly by giving immediate relief from acute pain and is effective for the next 24 hours as against the conventional daily dose of three injections of diclofenac given every eight hours.”

The global market for pain management is forecast to reach US$60 billion by the year 2015. Currently, more than 1.5 billion people worldwide suffer from chronic pain of varying degrees. Among all types of chronic pains, neuropathic pain stands as the highly underserved market.

On Tuesday, Venus Remedies ended 7.2% up at Rs210.75 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.10% to 18,011.97.

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Central Bank aims loan growth of 22.5%, NIM of 3.5% in FY12

“We are targeting a credit growth of 22.5%, while deposit growth of 20% in the current financial year,” Central Bank of India, CMD, S Sridhar said

Central Bank of India said it is expecting a credit growth of 22.5% and net interest margin (NIM) of 3.5% during the current fiscal.

“We are targeting a credit growth of 22.5%, while deposit growth of 20% in the current financial year,” Central Bank of India chairman and managing director S Sridhar said.

The loan growth stood at 22.67%, while deposits grew by 10.64% in the last fiscal.

The bank is aiming to have NIM of 3.25 to 3.5% in 2011-12, he said.

NIM of the bank increased to 3.31% in 2010-11 as against 1.86 in the previous fiscal.

Sridhar said, the bank is also planning to open offices in Hong Kong and Nairobi, the capital of Kenya.

Besides, the bank plans to set up a joint venture in Mozambique.

“We are looking to set up branches in Hong Kong for which we have got approval from the Reserve Bank,” he said.

Meanwhile, the bank signed an agreement with National Skill Development Corporation (NSDC) to finance vocational education.

As per the agreement, the bank will provide finance up to Rs1.5 lakh for youth pursuing skill development with partner training institutes of NSDC.

On Tuesday, Central Bank ended 0.77% down at Rs115.85 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.10% to 18,011.97.

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L&T Infotech launches AccuRUSI Framework to improve underwriting outcomes

AccuRUSI Framework will enable insurers to leverage and harmonise technologies to achieve business goals such as underwriting profitability and pricing accuracy

L&T Infotech has launched “AccuRUSI” (Accurate Risk Underwriting and Systems Integration), a framework aimed at transforming underwriting capabilities for insurance companies. This was launched during a global insurance event in the USA. This framework will enable insurers to leverage and harmonise technologies such as collaborative workstations, rules engine, BPM and advanced analytics to achieve strategic business goals such as underwriting profitability and pricing accuracy.

Avinash Lele, senior vice president–insurance & head of insurance business unit, L&T Infotech, said, “AccuRUSI enables better identification and evaluation of risk exposures, alignment of pricing and terms to the quality of risk, and improved underwriter productivity. Insurers thus will be empowered to reduce their loss ratios and improve underwriting outcomes.”

Insurance companies often struggle to make their underwriting functions more effective and responsive. Underwriters are forced to manually gather critical risk data from numerous disparate internal IT systems and external sources. Moreover, the policy administration systems that underwriters typically use are unable to provide sophisticated underwriting processing and analytical abilities. As a result, there is lesser visibility and control over underwriting throughput, risk selection and pricing accuracy.

L&T Infotech’s AccuRUSI framework is designed to address these challenges for Property & Casualty and Life insurers. It provides a collaborative platform to enable underwriters follow an effective risk evaluation process, a powerful decision support mechanism, and set of configurable business components for straight-through processing. 

To deliver these benefits, the AccuRUSI framework includes business components for case management, risk information and analysis, location intelligence, medical test allotment and underwriting performance management. The AccuRUSI framework presents an opportunity for underwriters to collaborate, monitor business activity and improve overall underwriting discipline.

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