DPCO amendment may benefit MNC device makers by allowing price control
Recent amendments to the Drug Prices Control Order (DPCO), 2013, have fuelled concerns that the authorities might find it difficult to keep the prices of essential medical devices in check as multinational firms would now be able to use patent protection to exempt such equipment from price control for five years.
According to a government notification, new drugs patented under the Indian Patent Act will be exempted from price control for five years from the date of the commencement of their commercial marketing by the manufacturer in the country. Read more
Weeks after a UK court ordered his extradition, former liquor baron Vijay Mallya, accused of defaulting on loans of over Rs 9,000 crore, received another blow as a Mumbai court on Saturday declared him a “fugitive economic offender” (FEO).
Pratt and Whitney's A320 engines under Indian regulator's scanner
Airbus’ most popular single-aisle jet model A320 Neo with Pratt and Whitney engines faces a fresh probe from the highest ministerial level, as one more incident of a mid-air engine failure was reported on Saturday. A320 neo is the workhorse of India’s largest airline IndiGo and Go Air and together they have more than 500 such planes on order.
Minister of State for civil aviation, Jayant Sinha, has called for meeting to review the operations of the engines and to decide whether they pose any threat to passenger safety. Read more
Christian Michel received money for many other defence deals: ED to court
The Enforcement Directorate (ED) on Saturday told a special court at Patiala House Courts Complex that Christian Michel, middleman in the AgustaWestland deal, received kickbacks for many other defence transactions.
Michel was extradited to India from Dubai in connection with the Rs 3,600-crore deal with Anglo-Italian company AgustaWestland to purchase choppers for VVIPs in India. Read more