Bioved Denies Bs Report On Croslands

Business Standard had published a report (headlined, 'Croslands parts ways with US firm' on June 14, 1996), where Croslands had stated that the two companies had terminated their agreement since the new anti-arthritis drugs produced by Bioved Inc was found to be ineffective.

In response to the report Bioved has stated that the reasons cited for the termination of the alleged agreement are totally false.

It has stated that Croslands was not even authorised to conduct any research to test the efficiency of Bioved's products.

Bioved has also stated that no such research was carried out.

Bioved has reliably learnt that Croslands Research Laboratories wants to bring an anti-arthritic product in the domestic market and that is why a false statement has been made to the effect that its anti-arthritic product was ineffective.

 

The Business Standard report on June 14, was based

entirely on the statement made by V Shankar, Director, Croslands Research Laboratories. Shankar had told Business Standard that Croslands Research Laboratories had entered into an agreement with the American firm to set up a 100 per cent export oriented ayurvedic plant for the manufacture of a new anti-arthritic drug for the market in the United States.

Shankar had told Business Standard that, "After conducting tests in cities like Bangalore, we found that the results were not positive and hence we called off the agreement with Bio-Ved."

Shankar had further said: "The decision will not affect our company in any way, since we also found that as compared to the new drug, our existing drugs were more efficient in treating orthopaedic ailments."

Bio-Ved, an American engineering company, had diversified into medicine to market Indian ayurvedic medicines in United States.

Croslands Research Laboratories, a pharmaceutical company, tied up with six international firms.

In the last one year, Croslands Research Laboratories has launched a range of products for the domestic drug market through these tie-ups.

Among the collaborators of Croslands Research are Leo Pharmaceuticals of Denmark, Byk Gulden of Germany, the Chiesel group Italy, Bononi & C Grupo di Ricerca SRL of Italy and Galderma (a subsidiary of the well-known Nestle) and L'Oreal of France.