Australia to Show Leniency towards U.S. Pharmaceutical Companies

by Medindia Content Team on  January 4, 2006 at 6:56 PM Corporate News
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Australia to Show Leniency towards U.S. Pharmaceutical Companies
Australian would remove the amendment which states to reduce the price of the drug obtained from US.

The Trade Minister and the acting Prime Minister Mark Vaile reported that this amendment was accepted because it was supported by the major opposition party in Australia (Labor Party).

The reason that the party supported the amendment was to prevent the delay in the introduction of new generic drugs.

According to the amendment the Australian authorities have the power to levy heavy fines and ask the pharmaceutical company to reimburse for the lost sales.

Apart from that the company has to pay extra cash to the federal and state government. This amendment became a law and was in function from the first of January 2005.

But the Australian government also considers the risks the pharmaceutical company has to face and has told that this act would be reviewed.

The government told the companies that the act would be removed if the companies proved that the act has been misused by the Australian government.

But still the Australian government still wishes that both the parties discuss on this issue and come out with a better law which would not be detrimental to both the Australian government and the pharmaceutical companies.

He also mentioned that the pharmaceutical companies can delay their patents only if there is an enhancement in the profits due to the drug.

But the government will never allow the misuse of the law at any cost.


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