Skip to main content

Maintain supply of knee implants, govt tells firms

By
Maintain supply of knee implants, govt tells firms
The government on tuesday made it manadatory for knee implant manufactures and importers to maintain production and supply of knee implants by invoking an emergency clause under the derug price control law.
The department of pharmeuticals (DoP) under the ministry of chemicals and fertilizers invoked powers under the Drugs (Prices Control) Order, 2013, to mandate firms to continue the saler iof knee implants without interruption, following the recent price capping on knee impants. DoP, in its order posted on its websitre on Tuesday, directed firms to submit a weekly report on "distributuion and "production"of knee implant systems.

The National Pharmaceutical Pricing Authority (NPPA) had in August reduced the average price for knee impant by as mych as 69%.According to notification issued by the price regulator, the most widely used complete knee implant (Cobalt Chromium) now costs Rs 54,720 plus GST, gainst Rs 1.58 lakh earlier.
NPPA also capped the price of a second surgery to Rs 1.3 lakh against Rs 2.76 lajkh earlier. Prices of Specil metals such as Titanium and Oxidised Ziorconium were also capped at Rs 76,600 (prices of these were not capped earlier: they used to cost Rs 2.49 lakh). The government has asked manufacturers to maintain production important supply of Orthopedic knee implant system that existed before august then the price caps weere announced under section 3 (i) of DPCO, 2013 The government can regulate distribution in direct any manufacturer tidays production and sale products to institution hospitals or any agency may be in case of emergency or in circumstances urgencfy or in case of non-commercial use of public interest

With the view to acheive adequate availability and regulate distribvution of drug in case of emergency or in circumstances of urgency or in caswe of non-commercuia use in public interestdirect any manufacturer of any active farmer suitable ingredient or drug or formulation to increse production into direct formulaters to serve the formulation to institutions,hospitals or any agency,"Dop said in its order .

Additionally,the companies are also directed to furnish the production figures from 2015 to 2017-2018. The move will ensure uninterrupted supply of knee implant by the manufacturers and importer.NPPA can take action against the company in case it receives any complaint of shortage or the company is charging a higher price ," said an official requesting anonymity.

The Mint, New Delhi, 27th September 2017

Comments

Post a Comment

Popular posts from this blog

RBI deputy governor cautions fintech platform lenders on privacy concerns during loan recovery

By
  India's digital lending infrastructure has made the loan sanctioning system online. Yet, loan recovery still needs a “feet on the street” approach, Swaminathan J, deputy governor of the Reserve Bank of India, said at a media event on Tuesday, September 2, according to news agency ANI.According to the ANI report, the deputy governor flagged that fintech operators in the digital lending segment are giving out loans to customers with poor credit profiles and later using aggressive recovery tactics.“While loan sanctioning and disbursement have become increasingly digital, effective collection and recovery still require a 'feet on the street' and empathetic approach. Many fintech platforms operate on a business model that involves extending small-value loans to customers often with poor credit profiles,” Swaminathan J said.   Fintech platforms' business models The central bank deputy governor highlighted that many fintech platforms' business models involve providing sm
Post a Comment
Read more

Credit card spending growth declines on RBI gaze, stress build-up

By
  Credit card spends have further slowed down to 16.6 per cent in the current financial year (FY25), following the Reserve Bank of India’s tightening of unsecured lending norms and rising delinquencies, and increased stress in the portfolio.Typically, during the festival season (September–December), credit card spends peak as several credit card-issuing banks offer discounts and cashbacks on e-commerce and other platforms. This is a reversal of trend in the past three financial years stretching to FY21 due to RBI’s restrictions.In the previous financial year (FY24), credit card spends rose by 27.8 per cent, but were low compared to FY23 which surged by 47.5 per cent. In FY22, the spending increased 54.1 per cent, according to data compiled by Macquarie Research.ICICI Bank recorded 4.4 per cent gross credit losses in its FY24 credit card portfolio as against 3.2 per cent year-on-year. SBI Cards’ credit losses in the segment stood at 7.4 per cent in FY24 and 6.2 per cent in FY23, the rep
Post a Comment
Read more

India can't rely on wealthy to drive growth: Ex-RBI Dy Guv Viral Acharya

By
  India can’t rely on wealthy individuals to drive growth and expect the overall economy to improve, Viral Acharya, former deputy governor of the Reserve Bank of India (RBI) said on Monday.Acharya, who is the C V Starr Professor of Economics in the Department of Finance at New York University’s Stern School of Business (NYU-Stern), said after the Covid-19 pandemic, rural consumption and investments have weakened.We can’t be pumping our growth through the rich and expect that the economy as a whole will do better,” he said while speaking at an event organised by Elara Capital here.f there has to be a trickle-down, it should have actually happened by now,” Acharya said, adding that when the rich keep getting wealthier and wealthier, they have a savings problem.   “The bank account keeps getting bigger, hence they look for financial assets to invest in. India is closed, so our money can't go outside India that easily. So, it has to chase the limited financial assets in the country and
Post a Comment
Read more