Pharmaceutical marketing news:
A 5-member panel formed by the government to review the marketing practices of pharmaceutical companies and examine the requirement for a legally enforceable mechanism is likely to submit its report within a month.
The panel is likely to propose a new regulation called the Uniform Code of Pharma Marketing Practices.
The role of this regulation is to ensure those ethical marketing tactics are governed by laws and have set responsibilities.
According to the proposed regulation, pharmaceutical companies and doctors will be required to strictly adhere to ethical marketing practices and refrain from using bribery and freebies to increase sales.
The proposed regulation may also include penal provisions and, in some specific circumstances, permit license revocation.
The panel believes that strict laws are required to prevent unethical marketing tactics because the current voluntary system is being breached and none of the stakeholders are adhering to the principles outlined in the Indian Medical Council Act of 1956.
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