Business, Economy & Banking Current Affairs

Health Ministry releases draft rules for e-pharmacies to regulate online sale of medicines

Union Health Ministry has released draft rules on sale of drugs by e-pharmacies to regulate online sale of medicines across India. These rules also have been proposed to ensure accessibility and availability of genuine drugs to the people across India from authentic online portals.

Key features of rules

It is mandatory for online pharmacies to register under Central Drugs Standard Control Organisation (CDSCO) and obtain trade licence applicable across India from any state government. E-pharmacies only need to take one licence in any state. They can sell drugs all over the country even if they have one licence.

E-pharmacies need to apply for grant of registration to Central Licensing Authority through online portal of Central Government. The registration issued to any person for e-pharmacy will remain valid for three years period from date of its issuance and renewal of registration will have to be done in case it wants to continue.

Registration of e-pharmacy can be suspended or cancelled if it contravenes any provision of the Drugs and Cosmetics Act, 1940. E-pharmacy registration holder will have to comply with provisions of Information Technology Act, 2000. It is mandatory for e-pharmacy to maintain keep details of patient confidential and not disclose it to any person other than Central Government or State Government concerned.

The supply of any drug shall be made against cash or credit memo generated through e-pharmacy portal and such memos shall be maintained by e-pharmacy registration holder as record. Sale of tranquillisers, psychotropic drugs, narcotics and habit forming drugs will be prohibited through these portals.

The premises from where e-pharmacy business is conducted will be inspected, every two years, by team of officers authorised by Central Licensing Authority, with or without experts in relevant field or officers authorised by the concerned State Licensing Authority.

It will be binding on e-pharmacies to deliver drugs in specific time that will be told to patient during time of purchase while the e-portals are mandatorily required to have 24/7 call centres. The e-pharmacy cannot advertise any drug on radio or television or internet or print or any other media for any purpose.

Month: Categories: Business & Economy Current Affairs 2018

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Mauritius remains top source of FDI into India in 2017-18: RBI

According to Reserve Bank of India (RBI) data, Mauritius was top source of foreign direct investment (FDI) into India in 2017-18 followed by Singapore. The total FDI in FY 18 stood at $37.36 billion in financial year which was marginal rise over $36.31 billion recorded in the previous fiscal 2016-17.

Key Facts

FDI from Mauritius was $13.41 billion in 2017-18 as against $13.38 billion in previous year. FDI inflows from Singapore rose to $9.27 billion from $6.52 billion. FDI from Netherlands has declined marginally to $2.67 billion as against $3.23 billion.

FDI into manufacturing sector had witnessed substantial decline to $7.06 billion, as against $11.97 billion a year earlier. FDI into communication services had rose to $8.8 billion in 2017-18 from $5.8 billion. The inflows into retail and wholesale trade increased to $4.47 billion as against $2.77 billion.

FDI in financial services too saw rise to $4.07 billion from $3.73 billion in the previous year. These sectors accounted for more than 50% of total FDI of $37.36 billion in 2017-18 reflects global interest in new areas, including online marketplaces and financial technologies.

Month: Categories: Business & Economy Current Affairs 2018

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