A planned law to control drug prices which raised fears of backdoor nationalisation in the industry seeks to confer the government with sweeping powers to regulate the production, supply, distribution and the maximum retail prices of both bulk drug intermediates and end-use formulations. Differences have already erupted within the government over the Bill.
The Chemicals and Fertiliser Ministry has come out with the draft Drugs ( Price Regulation and Control) Bill, 2006, a copy of which was obtained by Hindustan Times.
The Bill categorically states that “government, by order, may provide for regulating the production, supply and distribution” of bulk drugs or formulations if the government feels that it is necessary to do so.
Section 3 of the Bill also seeks to confer the government with powers to impose a ceiling on the maximum sale price or control the price in any manner of "any individual, class or category of drug or formulation" for any period of time. This is irrespective of whether a drug is manufactured in India or outside.
Wednesday, November 22, 2006
Sweeping powers for govt in drug law: HT
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Many econmists, not excly left win, seem to be against subsidiesin US;
http://gregmankiw.blogspot.com/2006/11/cbo-on-agriculture.html
At the same time, some seem to be worried about current 'globalization' of trade:
http://economistsview.typepad.com/economistsview/2006/11/globalization_a.html
because as Mark Thoma says in the above link "Economists do not yet fully understand how traditional monetary and fiscal policies, supply-side policies, etc. have changed due to globalization and that has made it difficult propose effective policy responses when economic conditions change within our borders."
Do you have a feel for what is happening?
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