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How online pharmacies have landed in a regulatory limbo

May 29, 2023 by economictimes.indiatimes.com Leave a Comment

Synopsis

The lack of regulatory clarity is imperiling India’s online pharmacy sector. While the digital business has grown rapidly in the past few years, online pharmacies have been accused of irrational use of prescription drugs, unlicensed selling of drugs, and endangering patients’ area-wise data. They are also reportedly selling drugs without licences, which neither the existing drug laws nor the draft amendment rules are governing. As a chemists’ organisation recently demanded a ban on online pharmacies, the government is preparing to replace existing drug regulations with the New Drugs, Medical Devices and Cosmetics Bill, 2023, which is expected to bring in more stringent norms for the sector.

The rise of the digital economy has led to a fast-paced change in the business landscape which the policy can’t keep pace with. India’s online pharmacy sector, which has seen a rapid spread in the past few years, is now hanging in a regulatory limbo. The promise of immediate scaling up in the digital business has led to a spawning of online pharmacies in India. But aggressive sales models and lack of clarity on regulation have jeopardised their future. The budding sector now runs the risk of getting banned.

Online pharmacies not only provide easy access to common medicine but also to critical illness medicines which are not available all the time and everywhere with offline chemists. When most of the commerce is going digital, medicine too will be sold online. But online sale of medicine has raised several concerns, especially in the absence of any regulation specifically for them.

India’s online pharmacy segment is backed by some of the world’s top investors, including Tiger Global, Sequoia Capital, Temasek and Prosus, in addition to having large conglomerates such as Reliance Industries and Tata group investing in companies such as NetMeds and 1mg.

The Covid-19 pandemic triggered a consolidation in the sector and saw the entry of large players such as Reliance Industries and the Tata Group, which picked up Netmeds and 1mg, respectively. Amazon, Flipkart and Apollo are other big names in this sector which has close to a dozen large pharmacies. Early this year, Reliance Retail made a foray into standalone pharmacy stores under its subsidiary, Netmeds. Less than two years ago, two big online pharmacies, Tata-owned 1mg and its rival PharmEasy , had planned to go offline to have an omni-channel presence to widen their user base.

The concern around online pharmacies
A chemists’ organization has written to the Cabinet Secretary, urging him to intervene and ban online pharmacies for violating norms and putting people’s lives at risk. Online pharmacies are accused of predatory pricing, compromising data privacy, unrestrained and irrational use of prescription drugs, and unlicensed sale of drugs.

Early this month, medicine retailers and distributors in Delhi urged the state government to issue an order restraining online, and many offline, pharmacies from offering discounts. They claimed that these pharmacies advertise heavy discounts ranging from 10% to 80%. The practice of heavy discounting is “unethical” and may lead to influx of substandard and spurious medicines, “which in turn can play havoc with the lives of the patients”, they said.

Online pharmacies have been accused of providing easy access to narcotic drugs, pregnancy termination kits, antibiotics and sedatives. Another concern is that a large number of children use the Internet and they could be victims of wrong medications. Many online pharmacies collect area-wise data related to the consumption of medicines which increases the risks involved with patient safety. However, the main issue is the sale of medicine by online pharmacies without license.

Is a ban in the offing?
The chemists demand a ban on online pharmacies for selling drugs without license. But existing drug laws do not mention online pharmacies so they cannot be licensed or regulated under them.

The Ministry of Health and Family Welfare issued the draft amendment to the Rules, 1945, for inclusion of the rules to regulate online sale of drugs vide its August 28, 2018 notification and had called for objections and suggestions from all stakeholders. But a chemists body challenged the ministry’s notification, claiming that the draft rules were being pushed through in serious violation of the law, ignoring the health hazards caused due to sale of medicines online without proper regulations. In December 2018, the Delhi High Court, in an interim order, had stayed the sale of drugs without licence by online pharmacies while hearing the chemists body’s PIL.

The Drugs Controller General of India (DCGI) in February this year issued show-cause notices to 20 e-pharmacies, including Tata 1mg, Amazon, Flipkart, NetMeds, MediBuddy, Practo, and Apollo, over the online sale of drugs in alleged violation of norms. The notice stated that the DCGI had forwarded the order to all state and Union Territories in May and November 2019 and again on February 3, 2023, for necessary action and compliance. The regulator said the online platforms were doing the business in contravention of the Drugs and Cosmetics Act, 1940.

The Delhi High Court recently granted six weeks to the Centre to inform it about the outcome of consultations and deliberations with stakeholders on draft rules to regulate e-pharmacies. The court made it clear that the pendency of the present matters will not come in the way of the Union of India in taking action against the persons who are violating the interim order dated December 12, 2018.

The government is preparing a new law to replace the existing drug regulations. The New Drugs , Medical Devices and Cosmetics Bill, 2023, which seeks to replace the existing Drugs and Cosmetics Act of 1940, is expected to have stringent norms for online pharmacies. The revised draft, which has been sent for inter-ministerial consultation, states, “The central government may regulate, restrict or prohibit the sale or distribution of any drug by online mode, by notification.” A group of ministers had earlier stated that they were in favour of banning online pharmacies.

What online pharmacies say
Online pharmacies have claimed that despite multiple communications being sent by their representatives seeking audience with the health ministry on this issue, there has been no response. Industry sources told ET in March that there is an impasse between the government and industry on several matters. “The government has done its own analysis of the sector and its business model, and companies are looking to have conversations,” the sources said. Industry executives said health ministry officials had met select executives of some of the top e-pharmacies prior to issuing show-cause notices.

In written representations to the government sent following the show-cause notices, online pharmacies argued that the notices served by the DCGI to companies was “a cause for anxiety” for the industry. “The retail pharmacy sector needs a lot of supply chain, technology and access solutions to make healthcare delivery more efficient and affordable, and a prerequisite for this is a simple and clear regulatory pathway for innovation to thrive in this important space,” a Ficci communication read. “The recent show-cause notice may cause regulatory uncertainty at ground level in several states. Hence, there is a need for direct engagement/dialogue between sectoral players and relevant government stakeholders to avert any further state-level market disruptions,” it added.

A few days ago, API Holdings, the parent of PharmEasy, sought the Union Health Minister’s intervention for quick notification of the draft rules to remove regulatory uncertainty regarding their existence after the DCGI issued show-cause notices.

“We seek your support towards the quick notification of the draft e-pharmacy rules and the New Drugs, Medical Devices and Cosmetics Bill 2022 to remove any uncertainty and to harmonise all the existing regulations under which the e-pharmacy is already compliant,” the letter said.

In March this year, a parliamentary committee urged the Ministry of Health and Family Welfare to notify the draft e-pharmacy rules. It said it was “appalled” that the rules had not been finalised till date. The committee, headed by Congress leader Abhishek Manu Singhvi, said while tabling the report on ‘Promotion and Regulation of E-Commerce in India’ that undue delay in adopting a definitive regulatory framework results in uncertainty, which is not conducive for the fast-paced digital markets. It recommended that the draft e-pharmacy rules be finalised and implemented without further delay.

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Filed Under: Industry reliance industries, pharmeasy, tata, new drugs, netmeds, tata group, reliance..., publix online pharmacy, npta online pharmacy technician program, online pharmacy greece, best canadian online pharmacy reviews, foreign online pharmacy, winnipeg online pharmacy, online pharmacy services, top rated canadian online pharmacy, new online pharmacy, global online pharmacy

TikTok owner under pressure in China over death of influencer

May 29, 2023 by www.newsweek.com Leave a Comment

TikTok’s Beijing-based owner was among the companies under pressure this month to get tough on moneymaking stunts after a livestreamer reportedly drank himself to death two weeks ago.

China’s most successful export faces ongoing scrutiny in the United States over national security concerns. At home, however, app maker ByteDance is confronting a different set of public and private challenges related to Douyin, TikTok’s Chinese twin, which it also owns.

The platform’s role as an online content regulator was the subject of renewed debate after a Douyin influencer, identified only by the last name Wang, was found dead in his home roughly 12 hours after a livestream in which he was said to have drunk up to seven bottles of baijiu, a clear spirit containing up to 60 percent alcohol.

Wang, 34, went by the screen name “Sanqiange” and was from Lianyungang in China’s eastern Jiangsu province. Local news outlets said he took part in a drinking contest with other influencers to win donations from audience members. The stream ended after midnight on May 16, the reports said.

Similar livestreamed content, known as eating or drinking shows, was popularized in South Korea over a decade ago on websites such as YouTube and later Twitch. The broadcasts don’t often involve harmful substances such as alcohol, but most rely on the influencer’s ability to consume large amounts of food or drink.

In China , Douyin and competitor Kuaishou are among the apps that allow family-friendly versions, which the country’s internet watchdog has been seeking to officially discourage for at least two years.

The videos, in which influencers also advertise products for affiliate commission, are part of a lucrative livestream and e-commerce industry estimated to be worth upward of $400 billion last year, according to a March report by Cinda Securities, a Chinese investment consultancy.

On May 16, the Communist Party ‘s flagship newspaper, People’s Daily , said eating shows encourage food wastage, which “goes against social morality.” Platforms have a duty to stop providing services to offenders, it said in an article that was unrelated to Wang’s case.

Like TikTok , which prohibits the promotion of alcoholic beverages, Douyin’s terms of use include penalties for drinking during livestreams that range from warnings and demonetization to weeklong shadow bans. But the latest criticism concerned Wang’s ability to circumvent the restrictions with new accounts, the last of which had 44,000 followers.

Reports that suggested the influencer had three other accounts—two deactivated and one banned—led Chinese internet users to question Douyin’s capacity to monitor inappropriate content.

“In terms of regulating livestream behavior, platforms are the content manager and have inescapable responsibility,” said a May 25 report by Legal Daily , a state-owned paper about legal developments in China.

“Livestream providers should fulfill their main responsibility by establishing a livestream content review platform and mechanisms for sound information verification, safe information management, on-duty inspections, emergency responses, and technical guarantees,” it said.

Do you have a tip on a world news story that Newsweek should be covering? Do you have a question about China? Let us know via [email protected] .

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Britain’s cyber chief attacks ministers over ‘inflammatory’ claims about tech bosses

May 29, 2023 by www.telegraph.co.uk Leave a Comment

The founder of Britain’s cyber security agency has hit out at ministers for making “inflammatory” comments about tech bosses as the Government fights to pass new online safety laws.

Ciaran Martin, who set up the National Cyber Security Centre in 2016, criticised security minister Tom Tugendhat for saying Instagram and Facebook boss Mark Zuckerberg preferred making “vast profits” instead of caring about children’s online safety.

“A procession of ministers have made inflammatory statements claiming tech executives don’t care about child abuse,” said Mr Martin, who was previously Whitehall’s director of security and intelligence under both Gordon Brown and David Cameron’s governments.

“When you step back and think about it, that is an extremely serious and, to my mind, unsubstantiated accusation to make.”

Mr Tugendhat told a policing conference this week that Big Tech bosses “make vast profits from their youngest users, only to pass the buck when it comes to protecting them from the dangers on their own platform”.

“I am speaking about Meta specifically and Mark Zuckerberg’s choices particularly ,” added the security minister, naming the Facebook and Instagram owner’s chief executive.

Describing the minister’s attack as achieving “the opposite of building confidence and trust”, the NCSC founder called for calm as he said tech companies attacking the Government’s flagship Online Safety Bill were mistaken.

“Much of the US and European tech communities think that the British government hates encryption. That’s not true,” said the cybersecurity boss, who served David Cameron’s administration as Cabinet Office constitution director.

“But it’s very much the Government’s fault that that impression has taken hold.”

Critics have said the proposed law will force tech companies to remove end-to-end encryption, a feature used to protect messages against unauthorised snooping.

WhatsApp boss Will Cathcart told The Telegraph in December that the messaging app would pull out of the UK rather than comply with the new law.

Echoing his comments, Signal Messenger president Meredith Whittaker pledged to follow suit and said this week that the Online Safety Bill “would make Britain a global role model for repressive regimes”.

Yet Mr Martin dismissed the comments as he said an “independent regulator” would be in charge of online safety, and not the Government.

He explained that under the Online Safety Bill’s current format, Ofcom would be in charge of deciding whether or not to trigger a key clause giving the state the power to inspect the contents of Britons’ private messages to each other.

Mr Martin – now a professor of government at Oxford University after leaving the NCSC in 2020 – said: “Ministers have implied that there’s an easy off-the-shelf solution and that there’s no difficult compromises. Expert consensus strongly rejects this.”

“It’s the hard grind of incremental improvement that’s likely to be the way forward.”

Filed Under: Uncategorized Thomas Tugendhat, Cyber crime, Technology, Meta, Business, Standard, Ofcom, US content, Mark Zuckerberg, cyber crime attacks, cyber hackers attack russia, who's britain's new prime minister, when was britain's first prime minister, cyber infrastructure attacks, cyber war attack, cyber war attack live, cyber war attack examples, cyber war attack map, cyber war attack types

Slim Dna Keto ACV Gummies Reviews [Legit] Supreme Keto ACV Gummies Shark Tank Side Effects Revealed!

May 27, 2023 by www.boldsky.com Leave a Comment

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Slim Dna Keto ACV Gummies Reviews!

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Bank boards, directors need to be vigilant to questionable corporate governance practices: Shaktikanta Das

May 29, 2023 by economictimes.indiatimes.com Leave a Comment

Synopsis

“The MD & CEO is expected to function under the overall supervision, direction and guidance of the board and at the same time, maintain independence in performance of duties. At times, however, we have noticed the dominance of CEOs in board discussions and decision making. It has been seen in such cases that boards are not asserting themselves. We would not like this type of situation to develop. At the same time, there should not be a situation where the CEO is inhibited from doing his duties. Directors and CEOs should, therefore, foster an atmosphere of free and fair discussions in board meetings,” Das said in his address to board of directors of private banks.

Questionable corporate governance practices in some banks – from evergreening of loans to CEO dominance – have come to the regulator’s attention and the board of directors need to ensure compliance, Reserve Bank of India ( RBI ) Governor Shaktikanta Das has said.

“The MD & CEO is expected to function under the overall supervision, direction and guidance of the board and at the same time, maintain independence in performance of duties. At times, however, we have noticed the dominance of CEOs in board discussions and decision making. It has been seen in such cases that boards are not asserting themselves. We would not like this type of situation to develop. At the same time, there should not be a situation where the CEO is inhibited from doing his duties. Directors and CEOs should, therefore, foster an atmosphere of free and fair discussions in board meetings,” Das said in his address to board of directors of private banks .

The RBI’s supervisory assessments have revealed that, sometimes, the information being put up to the board was laden with inaccuracies and did not capture all the relevant information making their review either ineffective or partially effective.

“There were also instances of only power point presentations being circulated as agenda notes. These power point presentations are like a guided tour, and directors should clearly look beyond a guided tour,” Das said.

RBI has come across certain instances where so called smart accounting methods were adopted to artificially boost the financial performance of the bank.

Also certain innovative ways were used to conceal the real status of stressed loans.

“Such methods include bringing two lenders together to evergreen each other’s loans by sale and buyback of loans or debt instruments; good borrowers being persuaded to enter into structured deals with a stressed borrower to conceal the stress; use of internal or office accounts to adjust borrower’s repayment obligations; renewal of loans or disbursement of new / additional loans to the stressed borrower or related entities closer to the repayment date of the earlier loans; and similar other methods,” Das said.

When RBI caught one method of evergreening, it was replaced by another method. “Such practices beg the question as to whose interest such smart methods serve. I have mentioned these instances to sensitise all of you to keep a watch on such practices,” Das said.

The governor expressed concern that despite guidelines on corporate governance, the RBI has come across gaps in governance of certain banks, with the potential to cause some degree of volatility in the banking sector.

“While these gaps have been mitigated, it is necessary that boards and the managements do not allow such gaps to creep in….It is the joint responsibility of the chairman of the board and the directors, both whole time as well as non-executive or part time, to ensure robust governance in banks,” he said.

Independent directors must not only be independent of the management but also of controlling shareholders while discharging their duties. “They have to always remember that their loyalty is to the bank and no one else. Directors should keep watch on actual or potential related party transactions. They are expected to ask pertinent questions and obtain the required information from the management before taking decisions,” he said.

Bank boards should provide clear and consistent direction to the banks. Boards should approve and oversee implementation of the bank’s corporate values, policies and strategic objectives. These processes ultimately percolate down the bank and help in building public trust and confident in the institution, Das said.

He pointed out to the recent bank failures in the United States, where public trust in certain banks evaporated suddenly and it took only a few hours to transfer billions of dollars held as deposits in a bank to other institutions, leading to a severe liquidity crisis.

“The monitoring of information appearing in various media, including social media, has therefore become very important for any bank. In fact, such cases have been observed in India, too, in a few banks in the past. We had to advise the CEOs to interact with the media immediately to set out the facts correctly. There have been instances when the Reserve Bank had to issue press statements to assuage concerns and prevent potential panic. In this kind of milieu, it is upon the banks and their boards to assiduously build sound corporate culture and value system within the organisation,” Das said.

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