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Markets have been in a state of fear on account of speculations that the <keyword id="6356435" type="ORGANIZATION" weightage="20" keywordseo="US-Federal-reserve">US Federal Reserve</keyword> may hike interest rates. So every time Fed sneezes, the emerging markets across the globe catch cold, and India is one amongst them. 
 But this time situation is no more the same. <keyword id="82366" type="POSITION" weightage="20" keywordseo="Chief-economic-advisor">Chief Economic Advisor</keyword> <keyword id="6355547" type="PERSON" weightage="20" keywordseo="Arvind-Subramanian">Arvind Subramanian</keyword> told ET Now on Tuesday, India is in a better position to handle the US <keyword id="6355253" type="ORGANIZATION" weightage="20" keywordseo="Federal-Reserve">Federal Reserve</keyword> rate hike as compared to the past two years. 
 
He said, "I think we are in a much better position to handle this (tapering) because our macroeconomic situation is very different and also because I think it is not going to be a shock like it was earlier...As long as India's growth continues, we are still a good attractive place to invest in." 
 The 56-year-old said he does not see oil prices going beyond $80 to $85, and this will help India manage its macro <keyword id="34412" type="ORGANIZATION" weightage="20" keywordseo="economy">economy</keyword> reasonably well. 
 
At an interaction conducted by Bangalore International Centre and Indian Institute for Human Settlements, Subramanian said, "Oil prices could go up, but given the fundamental changes (in the market), the likelihood of it (oil price) going up to anywhere beyond 80 or 85 dollars, I (think) relatively (should be) ignored, and as long as oil prices stay, don't go beyond that, I think we can manage our macro economy reasonably." 
 
According to an Economic Times report, Subramanian said there have been fundamental shifts in the market, and he believes this is why demand has come down. 
(Image: The Economic Times)

India is now in a better position to withstand a Fed rate hike: Chief Economic Advisor

The phase three clinical trial of the antiviral drug <keyword id="8775508" type="COMPANY" weightage="20" keywordseo="remdesivir">remdesivir</keyword>, led by a team of investigators including an Indian-American physician, for the treatment of the <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">coronavirus</keyword> patients has shown positive results, an American pharma company announced on Wednesday. The California-based pharma company Gilead Sciences said that the preliminary results showed that 50 per cent of the COVID-19 patients treated with a 5-day dosage of remdesivir improved and more than half were discharged from the hospital within two weeks. A phase three clinical trial is said to be the final step in the process of the drug approval. <div type="Article" hostid="261" msid="74669748" title="Coronavirus cases in India state wise soar to 31,332— with 1,007 dead and 7,695 recovered" mstype="2" mssubtype="0"></div> "Certainly, it's a positive it's a very positive event," <keyword id="6354862" type="PERSON" weightage="20" keywordseo="trump">Trump</keyword> told reporters in response to a question on the latest result of the clinical trial of remdesivir. The White House described the development as "quite good news". The pharma company also said that it is also aware of positive data emerging from the <keyword id="381130" type="COMPANY" weightage="20" keywordseo="National-Institute-of-Allergy">National Institute of Allergy</keyword> and Infectious Diseases' (NIAID) study of the investigational antiviral remdesivir for the treatment of the COVID-19. "We understand that the trial has met its primary endpoint and that NIAID will provide detailed information at an upcoming briefing," it said. Remdesivir is not yet licensed or approved anywhere globally and has not been demonstrated to be safe or effective for the treatment of the COVID-19. The study sought to determine whether a shorter, five-day course of remdesivir would achieve similar efficacy results as the 10-day treatment regimen used in multiple ongoing studies of remdesivir, the company said. "These data are encouraging as they indicate that patients who received a shorter, 5-day course of remdesivir experienced similar clinical improvement as patients who received a 10-day treatment course," said Aruna Subramanian, MD, Clinical Professor of Medicine, Chief, Immunocompromised Host Infectious Diseases, <keyword id="101877" type="COMPANY" weightage="20" keywordseo="Stanford-University-School-of-Medicine">Stanford University School of Medicine</keyword>, and one of the lead investigators of the study. "While additional data are still needed, these results help to bring a clearer understanding of how treatment with remdesivir may be optimised, if proven safe and effective," Subramanian said. The company said it will share additional remdesivir data from the company's open-label Phase three SIMPLE trial in patients with severe COVID-19 disease shortly. Dr Anthony Fauci, a key member of the White House coronavirus task force, told reporters at a media briefing with Trump that Gilead results from the remdesivir clinical trial for treating the disease showed "quite good news". "So that's something that will go with 31 per cent improvement, doesn't seem like a knock out, 100 per cent, it is a very important proof of concept," Fauci said. "This is very optimistic, the mortality rate trended towards being better in the sense of less deaths in the REM designate group. Eight per cent versus 11 per cent in the placebo group. So bottom line. You're going to hear more details about this this will be submitted to a peer reviewed journal, and will be peer reviewed appropriately," said Fauci. In an earlier interview to Stanford Medicine, Subramanian said that during normal times, a phase three clinical trial typically takes months of planning, after years of research before it is underway. "But these aren't normal times. With a fast-moving pandemic bearing down and no approved treatments available, researchers are, like everyone else, desperate for answers, and they have ramped up their efforts to find solutions. Remdesivir jumped to the top of the list of potential treatments in part because it was farthest along in the approval process," Subramanian said. By the end of February, as the virus spread in the United States, there were at least five clinical trials of remdesivir underway. China initiated the first two studies in February, followed later that month by the Gilead trials for severe and moderate patients and the NIH trial. By the end of March, Gilead had expanded to 100 testing sites both in the United States and abroad, and the NIH trial had expanded to 60 sites, 50 of those in the United States, Stanford Medicine reported. A coronavirus infection occurs when the germ enters the body's airways through the nose, mouth or eyes, then lodges in the cells in the lining of the lung's airways, where it quickly starts to make millions of copies of itself, wreaking havoc on the lungs, Subramanian told the Medical publication. The virus makes copies of itself by inserting its own genes into the human cell's genetic machinery, basically hijacking the replication process of the human cell. Remdesivir, like other anti-virals, is designed to target the system the virus uses to replicate, acting as a cap that prevents the virus from making new copies of itself or infecting other cells, she said. <div type="Article" hostid="261" msid="75447990" title="Flipkart partners with ride-hailing app Meru to ensure doorstep delivery of essentials" mstype="2" mssubtype="0"></div>

Indian-American-led clinical trial of remdesivir in COVID-19 treatment shows positive results

From the Indian Parliament to the Reserve Bank of India, to startup unicorns, this year was especially rife with high-profile resignations, giving fuel to ongoing controversies. Here are the top departures that left the country in surprise: 1. <keyword id="6375119" type="PERSON" weightage="20" keywordseo="urjit-patel">Urjit Patel</keyword> <div type="image" title="Urjit patel" tempid="286964" msid="67322946" hostid="261"></div>
 In December, Urjit Patel announced his resignation from his role as the governor of the Reserve Bank of India citing ‘personal reasons’ amid differences between the central bank and the Indian government. While many top politicians and academicians in the country have been citing different reasons for ‘why’ Urjit Patel abruptly resigned from his post, many believe it was the tensions between the RBI and the government, particularly the latter’s moves that threaten the central bank’s independence that led to his departure. Patel has subsequently been replaced a former government official Shaktikanta Das. 2. <keyword id="6355547" type="PERSON" weightage="20" keywordseo="arvind-subramanian">Arvind Subramanian</keyword> <div type="image" title="Arvind" tempid="286980" msid="67322947" hostid="261"></div>

(Image Credits- IANS) India’s Chief Economic Advisor Arvind Subramanian resigned from his position in Finance Ministry on 20th June citing ‘pressing family commitments.’ Krishnamurthy Subramanian was <a href="https://www.businessinsider.in/indian-government-appoints-krishnamurthy-subramanian-as-its-new-chief-economic-advisor/articleshow/66987414.cms">appointed</a> as the new CEA after the post was left vacant for nearly six months. Months after quitting his post, Subramanian in his recently-launched book ‘Of Counsel’ <a href="https://www.businessinsider.in/demonetisation-was-a-massive-draconian-monetary-shock-says-narendra-modi-governments-former-chief-economic-advisor-arvind-subramanian/articleshow/66860962.cms">commented</a> on the government’s demonetisation policy calling it “a massive, draconian, monetary shock” that took a hit on the Indian economy. 3. <keyword id="6364080" type="PERSON" weightage="20" keywordseo="binny-bansal">Binny Bansal</keyword> <div type="image" title="binny-bansal1" msid="67322928" hostid="261"></div>

(Image Credits-Wikimedia.org) Indian e-tail major Flipkart Group's Chief Executive Officer (CEO) Binny Bansal parted ways with the company on 13th November following the allegations of ‘personal misconduct’. Bansal announced his resignation, effective immediately, following an independent investigation by Flipkart and Walmart against him. However, Binny Bansal has strongly denied all the accusations against him. He is reportedly launching a tech startup to provide technology tools, learning and consulting services to growth-stage ventures, ET <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/binny-bansal-former-flipkart-executive-to-launch-new-startup/articleshow/67085632.cms">reported</a>. 4. M.J Akbar <div type="image" title="907c8b2772a84537d8c711eba43627b2" tempid="287008" msid="67322948" hostid="261"></div>
 (Image Credits-IANS) The #Metoo movement forced the Minister of State for External Affairs, MJ Akbar, <a href="https://www.businessinsider.in/too-little-too-late-indian-government-reacts-to-metoo-by-forming-a-panel-to-review-sexual-harassment-laws/articleshow/66347468.cms">to put down his papers days </a>after several of his former female colleagues accused him of sexual harassment. The campaign gathered much attention from people across India with many women coming forward to reveal sexual predators at workplaces, especially in the media industry. 5. <keyword id="6397414" type="UNKNOWN" weightage="20" keywordseo="Ananth-Narayanan">Ananth Narayanan</keyword> <div type="image" title="ananth-narayan" tempid="287014" msid="67322949" hostid="261"></div>
 Myntra’s Chief Executive Officer (CEO), Ananth Narayanan,<a href="https://www.businessinsider.in/myntra-is-in-the-middle-of-a-management-shakeup-after-key-leaders-resign-in-succession/articleshow/67043730.cms"> stepped down</a> from his position in the company within a month after denying speculation about his resignation, following Binny Bansal’s exit from parent Flipkart. Following his resignation other high-ranked officials including Mithun Sundar, Chief Revenue Officer (CRO), and Manpreet Ratia, Head for Human Resources, also resigned from their respective role in the company. 6. Chanda Kochhar 
 <div type="image" title="95b438c9e8e160e4d9704c9dc628ce2a" tempid="287133" msid="67322950" hostid="261"></div>

In October, Chanda Kochhar resigned as the CEO and Managing Director of India’s largest private sector bank, ICICI Bank. Kochhar had been sent on indefinite leave amid a corporate governance <a href="https://www.businessinsider.in/its-the-end-of-the-road-for-chanda-kochhar/articleshow/66082441.cms">scandal</a> that led to an independent judicial investigation into alleged misconduct and dealings with Videocon. Kochhar was facing allegations of conflict of interest while making a loan to Venugopal Dhoot, the promoter of Videocon Group. 7. <keyword id="128581" type="PERSON" weightage="20" keywordseo="Rana-Kapoor">Rana Kapoor</keyword> 
 <div type="image" title="5e96e735b844a0506c8cd17e3f2bbc9d (1)" tempid="287157" msid="67322951" hostid="261"></div>

The co-founder and chief executive of Yes Bank, Rana Kapoor, was reportedly asked by the Reserve Bank of India to put in his papers by January 2019. Kapoor had been working as the managing director and CEO since the bank started its operations in 2004. RBI decided not to extend the tenure of Rana Kapoor amid alleged corporate governance lapses and under-reporting of non-performing loans. The central bank further instructed Yes Bank to look for his successor. His resignation led to a crash in the bank’s shares. However, last month, its non-executive chairman, Ashok Chawla, also <a href="https://www.businessinsider.in/yes-banks-problems-get-further-compounded-as-its-chairman-is-forced-to-resign-amid-a-corruption-probe/articleshow/66634836.cms">resigned</a>, further exacerbating matters for the bank who had been tasked with bringing back stability to the institution.

Here were the most controversial resignations India saw in 2018

<ul><li>Some of the biggest banks in India are joining hands to create a new company that will leverage the power of <keyword id="6357624" type="UNKNOWN" weightage="20" keywordseo="blockchain-technology">blockchain technology</keyword> to speed up the processing of Letters of Credit (LCs).</li><li><keyword id="36838" type="COMPANY" weightage="20" keywordseo="indian-banks">Indian Banks</keyword>' Blockchain Infrastructure Company Private Limited (IBBIC) is a coalition of 15 banks, including <keyword id="6653" type="CITY" weightage="20" keywordseo="ICICI-bank">ICICI Bank</keyword>, <keyword id="6357149" type="COMPANY" weightage="20" keywordseo="hdfc-bank">HDFC Bank</keyword>, <keyword id="2179992" type="PERSON" weightage="20" keywordseo="RBL-Bank">RBL Bank</keyword>, SBI and Canara Bank.</li><li>The system will be based on Infosys’ Finacle Connect, a blockchain-based platform that enables digitisation and automation of trade-related finance processes.</li></ul>Banks in India are coming together to use blockchain technology to solve a central problem in traditional banking — the processing of Letters of Credit (LCs), GST invoices, and e-way bills. India’s largest public sector bank, the State Bank of India (SBI), along with ICICI Bank, Kotak Mahindra, Axis Bank, and 11 others have <a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/15-banks-to-start-new-trade-finance-system-using-blockchain-tech/articleshow/83545043.cms?from=mdr">formed</a> a new company called the Indian Banks’ Blockchain Infrastructure Company Private Limited (IBBIC) that will be at the helm of this transformation. The move is expected to eliminate paperwork, reduce transaction processing time, and offer a secure environment. Moreover, it could be a boon for medium and small-scale enterprises (MSMEs). For those who aren’t familiar with LCs, these are letters from a bank that guarantee that a buyer will pay the seller on time, and for the correct amount. Currently, the process of issuing an LC is relatively slow and requires human intervention to prevent frauds, authenticate transactions, and balance the ledger. Using blockchain to issue LCs would potentially solve these issues. Even elemental fraud like the issuance of two LCs on a single invoice can be easily prevented with the help of this blockchain technology. <div type="ExtQuote" text="“Disbursements on domestic LCs, which used to take four to five days, can be done in four hours.”" auname="Varun Bakshi, head of products and transaction banking at RBL Bank, said in a statement"></div> The new system is expected to go live within a year and each bank has an equal stakeholdership of 6.66%. It’ll be designed to be open, making it seamless for other banks to join anytime in the future. What do MSMEs have to gain from this? The technology is purely based on the concept of tokenisation. This helps turn sensitive data into nonsensitive data that can be leveraged by multiple parties in a series. It also helps preserve the authenticity of data and indirectly enables digitisation. Simply put, a basic invoice can be turned into a token, which can then be used to settle payments, overheads, and other adjustments. For medium and small scale enterprises (MSMEs), this could be a game-changing innovation. Through all of its transactions, assets, liabilities, and more, tokenisation would make approvals quick, disbursements and settlements would be instantaneous, and the chances of fraud are minimised. The incorporation of IBBIC is starkly similar to that of the National Payments Corporation of India (NPCI), which is an umbrella organization that handles critical real-time products like RuPay, UPI, and FASTag. It was formed in 2008 and initially had just 10 banks as stakeholders. The cooperative model has been widely acclaimed as banks kept aside their individual ambitions and collaborated at an unprecedented scale. With the adoption of <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">blockchain</a>, banks are again presenting a unified front. And, as the industry benefits, each bank will have something to gain as well. If they try to undermine each other, nobody wins. <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">Cryptocurrencies</a>, which are based on this technology, have grown exponentially in the last year. However, conventional financial intuitions are yet to take advantage of it. While the authorities figure out a way to <a href="https://www.businessinsider.in/cryptocurrency/news/infosys-co-founder-nandan-nilekani-wants-crypto-in-india-to-be-treated-as-an-asset-class-but-not-a-currency/articleshow/83311045.cms">regulate cryptocurrencies</a>, banks are taking a step forward and bridging the gap from a technology point of view. Who are the stakeholders? Out of the 15 banks, eleven are privately held by investors while four are public sector units. The private banks include HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank, IndusInd Bank, Yes Bank, RBL Bank, IDFC Bank, South Indian Bank, and Federal Bank. And, the public sector units encompass Bank of Baroda, SBI, Canara Bank, and Indian Bank. American lender Standard Chartered is the only international player in the consortium. The system will be based on Infosys’ Finacle Connect, a blockchain-based platform that enables digitisation and automation of trade-related finance processes. The technology has already been deployed or piloted by the likes of SBI and Axis Bank at an individual scale, but an industry-wide alliance is a first. Letters of Credit are only the beginning Domestic LCs are just the tip of the iceberg. The industry has been exploring more complex use-cases such as collateralised loan disbursal, deeper credit rating, and even transaction traceability. Tokenisation of assets like stocks, bonds, registration certificates, and more can make them instantly available as collateral, making deals far safer for lenders. At the same time, smart contracts ensure frauds are minimal. While these case studies are still in a nascent form, the future looks promising as the traditional institutions converge with millennial engineers and the cutting-edge of technology. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/dodla-dairy-ipo-price-gmp-should-you-subscribe/articleshow/83548332.cms">Dodla Dairy IPO – find out if you should subscribe to this Hyderabad-based dairy company’s stock</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/kims-ipo-price-gmp-should-you-subscribe/articleshow/83547843.cms">KIMS IPO – most analysts are bullish on the hospital chain’s prospects</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/policy/news/china-will-not-buy-iron-copper-aluminum-zinc-and-some-other-commodities-from-foreign-countries/articleshow/83565216.cms">China has decided to take global commodity bulls by their horns ⁠— to protect the profit margins of its small businesses</a>

SBI, HDFC, ICICI and 12 others banks are joining forces to use blockchain to power Letters of Credit — a move that could be a boon for MSMEs

<ul><li>Generic drugs from India and China may clash with a campaign in US led by former Ranbaxy whistleblower Dinesh Thakur.</li><li>In an exclusive interview with Business Insider, Thakur revealed his plan to force regulatory changes in US.</li><li><keyword id="7651171" type="UNKNOWN" weightage="20" keywordseo="katherine-ebans-new-book">Katherine Eban's new book</keyword>, <keyword id="7651172" type="UNKNOWN" weightage="20" keywordseo="bottle-of-lies">Bottle of Lies</keyword>, raises alarming concerns about generic drugs in the US.</li><li>This will be an added challenge for Indian drug makers already faced with pricing pressures in US.</li></ul>These are not the best of times for Indian pharma companies. Recently, a US lawsuit alleged that Sun Pharma’s Taro amongst other generic drug makers colluded with each other to <a href="https://www.businessinsider.in/seven-indian-pharma-companies-are-being-dragged-into-a-us-lawsuit-over-high-drug-prices/articleshow/69318841.cms">keep prices high</a>. The news spooked pharma stocks and lost nearly 10% of their value in less than a month. But, there is more bad news to come. A <a href="https://www.businessinsider.in/business/us-generic-drugs-risk-rises-for-indian-pharma-after-new-book-launch/articleshow/69332570.cms">frightening new book</a> called ‘Bottle of Lies’ by Katherine Eban accuses generic drugs of poisoning. This exposé sounds a death knell to Indian generic drug makers, who sell off-patent drugs to US and Europe. At the heart of this ‘cheap generics’ argument is a man called Dinesh Thakur who was a director at Ranbaxy ten years back. He blew the lid off of illegal practices by Indian pharmacos cutting corners and compromising on quality, <a href="https://dineshthakur.com/about-2/">before quitting the company in 2005</a>. Now, he is going a bit further to bring in a law where a consumer can know “where” the medicine in manufactured. Will he win the campaign to make drugs safer? Business Insider caught up with the man at the centre of this freshly brewing storm. Here are the edited excerpts. Katherine’s book and the whole conversation around it, is it coming across as something that is targeting Indian companies? The issue of data integrity is not unique to India. We see these problems here in the US as well. We see these problems in China, we have seen similar problems in Europe. The issue is what is it that we are going to do differently. Up until now, the people who really talked about this were people who worked in the industry or policymakers. A book like this puts the issue in the hands of common people who are patients and consumers. So, the conversation is much broader. To answer the question that you are asking, you know, does this mean we are trying to bash India, absolutely not. There is discussion about a big US manufacturer in there. It’s not just limited to India. What will be your next step in the US? In the US context, there is clearly a model that the FDA has followed. In 2012, the US Congress broadened the remit of the FDA, which was a local agency until then. It did not have offices outside of the country (US). Now we are pushing Congress to look at the data and see if the model works. If it’s not, what do we need to do differently. We are asking the House Energy and Commerce Committee, which oversees the Department of Health and Human Services, under which FDA comes, we are asking the committee to hold public hearings and have this discussion. That’s on the regulatory side. There are things that can be done from the patient’s side. For example, there is no legal requirement right now for the retail medicine to disclose where a certain product is manufactured. One of the things we are pushing for is for the Congress to make a law to disclose this. What it does is to put the power in the hands of the people. When I go and buy my medicines from a local pharmacy here, I can look it up and say this medicine was made in Shanghai in China, or this was made in a facility in India, and I can then decide whether I want to buy that medicine or not. Today, we don’t have that information. Do you have any political backing for this? We have a bunch of like-minded people trying to create some public awareness and in the Congress. Isn’t this against the tone taken by the Trump administration, which wants to make medicines affordable. Adding compliance costs might not help. Do you the government will go for this? The discussion on price, especially in the US, is centered around patented medicines, because those are really, really expensive. Most of the medicines made in India and China have very low price points -- typically between $10-$15 for a 30-day course. A part of what we are trying to do is highlight, that you can only cut the bone only so thin. After a point, there is not going to be any meat on it. The discussion is also about how low can you go before you stop manufacturers from cutting corners. This argument again plays into the hands of the multinationals, as we call them here. It takes the argument away from the cost of drugs to the quality and safety. My answer was in the US context. In India, the context is completely different. We have price controls. We have the National Pharmaceutical Pricing Authority (NPPA), which determines the prices of essential medicines. There is no equivalent of that in the US. But Indian companies are also focussed more on the US. They are more worried about what’s happening in the US. I agree with you completely. The advocacy we do in India will be very different from what we do in the US. What has been the political response in the US so far? The book has just come out. We are just starting this campaign. We had a similar campaign in 2015, after the Ranbaxy case broke. But at that time, the response was---we have this new law and we have to give it some time for it to take effect. We have an election next year. The price of prescription drugs is a big issue. When the Ranbaxy case came to light, one of the arguments as that the standards cannot be the same for US, a developed market, and India, where providing medicines itself is a big challenge. Will that challenge remain in India? I believe so. Unfortunately, the big difference between India and the US is that we have a lot of data here (US). The institutions here make decisions based on data. Unfortunately, India doesn’t do that. The Central Drugs Standard Control Organisation (CDSCO) is the most opaque of organisations. I have been dealing with them for six years right now. Having said that, how do you make the case that someone who is making Rs 500 a day and has to spend Rs 200 on medicines, and if the medicine doesn’t work, what system do we have capture that information? In India, we don’t even a system to recall drugs. Your next few months of advocacy will be focussed on the US. Is there another Ranbaxy kind of incident that you have come across in the recent months, which will be a part of your campaign? In the book, there are two or three companies that there is a deep dive into. So, the book does a deep dive into Ranbaxy on what really happened there. There is also a deep dive into Wockhardt. Now that the book is public, I can talk about it. There is also a deep dive into Mylan, which is a West Virginia, US-based company. On the question of regulations, do you think there is a need to revisit the settlement process? The book goes into detail about jurisdiction. While the FDA has the mandate to inspect a foreign facility, how do you prosecute in a foreign jurisdiction? Who will serve a subpoena in a foreign country? I think that’s a discussion that has to happen at the Congressional level but I am not qualified to answer that. Can the FDA have a SEC kind of approach while dealing with violations? There are examples in the book that will make your hair stand. Why is it that the penalties we impose on serial wrong-doers are purely financial? That’s a good question. To what extent can we hold individuals accountable, not just impose financial penalties, which is cost of doing business. You take a risk and if you get caught, you just pay money and move on. Unless you hold individuals accountable, some of this behaviour won’t change. Hopefully, this book will create that level of awareness among people so that we can demand, when it comes to healthcare, it should not be a SEC kind of settlement. Do you think Indian companies have come a long way in the last six years? I think so…. But we really have to change the attitude that we have one set of standards for the local market and another for the export market. Unless that changes, all the improvements we are trying to make… What have we spent money doing? We have upgraded our plants, we have made them clean, sterile, and we got new equipment. We have invested a lot in third-party training. We have hired consultants who charge $8,000 a day. That’s what we have been doing for the last five years. Right? But the real problem is where do send the people you hire at the bottom for training? You train them to make products for India and you train them to cut corners. Two years later, when they ask for a promotion, where do you promote them to? Export market. You think all that you taught them in the first 3-4 years, they are going to forget it the moment they work on an export market? It doesn’t work like that. SEE ALSO: <a href="https://www.businessinsider.in/us-generic-drugs-risk-rises-for-indian-pharma-after-new-book-launch/articleshow/69332570.cms" data-type="tilCustomLink" target="_blank">A frightening new book on the safety of generic drugs could send India’s pharma industry into an even deeper pit</a>

The man who brought Ranbaxy to its knees is pushing for ‘Made in India’ tag on drugs sold in US

By Lalit K Jha(Eds: Updating with more details) Washington, May 2 () The US food and drug regulatory body has allowed emergency use of an investigational anti-viral vaccine to treat COVID-19 patients after some researches, including one led by an Indian-American physician, found that the drug helped recover some of the infected cases faster.The Food and Drug Administration (FDA) gave emergency use authorization (EUA) for the use of investigational anti-viral Remdesivir in the treatment of COVID-19 patients.The FDA authorization came after researches, including one led by Indian-American physician Aruna Subramanian, reported Remdesivir shortened the recovery times in people who have fallen ill from the new coronavirus."I'm pleased to announce that Gilead now has an EUA (emergency use authorization) from the FDA for Remdesivir," US President Donald Trump told reporters at the White House on Friday.Trump said that EUA is an important treatment for hospitalized coronavirus patients.Health and Human Services Secretary Alex Azar said that this is a significant step forward in battling COVID-19.The EUA allows for Remdesivir to be distributed in the US and administered intravenously by health care providers, as appropriate, to treat suspected or laboratory-confirmed COVID-19 in adults and children hospitalized with severe condition.By Friday, over 63,000 Americans have died of the coronavirus and over one million have tested positive with COVID-19.Trump said that his administration has been doing work with the teams at the FDA, National Institute of Health and Gilead for spearheading this public-private partnership to make this happen very quickly."I think this really illustrates what can happen in such a short time. For the first case, that was diagnosed in the United States to now, our first step forward with a therapeutic in less than 90 days," said Deborah Birx, a member of the White House Task Force on Coronavirus.In a statement, Gilead said that the EUA will facilitate broader use of Remdesivir to treat hospitalised patients with severe COVID-19 disease, enabling access to the vaccine at additional hospitals across the country.Remdesivir is authorized for the treatment of hospitalised patients with severe COVID-19 disease, it said, adding that the optimal duration of treatment is still being studied in ongoing clinical trials.Under the EUA, both five-day and 10-day treatment durations are suggested, based on the severity of disease. The authorisation is temporary and does not take the place of the formal new drug application submission, review and approval process, Gilead noted."This EUA opens the way for us to provide emergency use of Remdesivir to more patients with severe symptoms of COVID-19," said Daniel O'Day, Chairman and Chief Executive Officer of Gilead Sciences."We will continue to work with partners across the globe to increase our supply of Remdesivir while advancing our ongoing clinical trials to supplement our understanding of the drug's profile. We are working to meet the needs of patients, their families and healthcare workers around the world with the greatest sense of urgency and responsibility," he said.According to Gilead, the EUA is based on available data from two global clinical trials – the National Institute for Allergy and Infectious Diseases' placebo-controlled Phase 3 study in patients with moderate to severe symptoms of COVID-19, including those who were critically ill, and Gilead's global Phase 3 study evaluating 5-day and 10-day dosing durations of Remdesivir in patients with severe disease.Multiple additional clinical trials are ongoing to generate more data on the safety and efficacy of the vaccine as a treatment for COVID-19, it said.Indian-American Subramanian, MD, Clinical Professor of Medicine, Chief, Immunocompromised Host Infectious Diseases, Stanford University School of Medicine, is one of the lead investigators of the study.Earlier in an interview to Fox news, Subramanian said that "there's a lot more work to be done in terms of exactly who should get this drug, what is the best timing, who is at highest risk for having complications … And what can we add to this or what can we improve upon this to make outcomes even better.""This (remdesivir) is a direct-acting antiviral. It has been shown to have great promise in the lab and in animal models and for the first time now in human clinical trials," Subramanian told Fox News."We know that so far, it's been very safe and tolerable. We've had good clinical outcomes and yesterday we found that compared to placebo, that is people who are given no medication, people do much better," she said.FDA Commissioner Stephen M. Hahn said, "today's action is an important step in our efforts to collaborate with innovators and researchers to provide sick patients timely access to new therapies where appropriate, while at the same time supporting research to further evaluate whether they are safe and effective." LKJ RS RS

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