Last Updated on October 6, 2024 by The Health Master
Pharma Companies
In a move that has brought relief to the pharma companies, the central government has extended the deadline for pharma and medical device companies to submit self-declarations assuring ethical marketing practices.
These companies must now file their undertakings by July 31, 2024.
The extension comes after several companies struggled to meet the original deadline, prompting them to request an extension from the Department of Pharmaceuticals (DoP).
Failure to comply with these regulations could have resulted in severe penalties.
Government Extends Deadline for Self-Declarations
Crackdown on Unethical Marketing
The government’s decision to enforce stricter regulations on pharma marketing was triggered by the Dolo 650 scandal, where the drug’s manufacturer allegedly offered incentives to doctors to prescribe the medication.
The Uniform Code for Pharmaceutical Marketing Practices (UCPMP), introduced in March 2024, aims to curb unethical practices and promote transparency in the industry.
Under the UCPMP, pharma companies are prohibited from offering gifts, travel, hospitality, or monetary benefits to doctors in exchange for prescribing their products.
Additionally, the code imposes stringent guidelines on industry-sponsored events, requiring detailed disclosure of expenses and participants.
A Booming Industry Under Scrutiny
India’s pharmaceutical sector is a rapidly growing powerhouse, projected to reach a staggering $130 billion by 2030.
However, with such immense growth comes increased responsibility.
The government’s efforts to regulate the industry are crucial to protect public health and ensure fair competition.
To streamline the implementation of the UCPMP, the DoP has mandated that pharma associations appoint nodal officers and ethics officers within their member companies.
These individuals will be responsible for monitoring marketing activities and ensuring compliance with the code.
Disclaimer: This article contains information derived from the source mentioned below. Our team utilized an AI language model to rewrite and present the news or article in a unique format.
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