Current Affairs – July, 2015

Etienne Benet Nestle India’s MD steps down

Nestle India’s MD Etienne Benet has step down from his post, he will be replaced by Nestle Philippines Chairman and CEO Suresh Narayanan.

Etienne Benet will be relocated to Nestle’s head office in Switzerland while Mr. Narayanan will take over from August 1.

About Suresh Narayanan:

Mr. Narayanan is a graduate of the Delhi School of Economics and has been associated with Nestle since 1999. He has also headed Nestle’s South Asia sales department and was market head for Nestle’s North-East Africa Region between 2005 and 2008.

Background:

Recently Company had to face disgrace as its Maggi instant noodles was banned by the Indian food regulator as in its product an elevated levels of lead and artificially-added monosodium glutamate were found in testing. To meet with the ruling of FSSAI and to lift its tainted product from market company had to spent 320 crore rupees.

EU bans marketing of around 700 generic medicines of GVK Biosciences

European Union (EU) has banned the marketing of around 700 generic medicines among its member countries.

This is the largest suspension imposed on the sales and distribution of generic drugs ordered by EU which will come into effect on August 21, 2015 and it will be applicable to all 28 member nations.

These generic medicines were banned after it was found that the clinical trials conducted by Hyderabad-based pharmaceutical research company GVK Biosciences were manipulated.

European commission had taken decision in this regard in response to a recommendation given by the EU’s nodal drug regulator European Medicines Agency (EMA) in January 2015. In its recommendations EMA had mentioned that the marketing authorisations of these drugs were based on clinical trial data which was allegedly manipulated by the Indian company.

With this ban, medicines 700 generic medicines will lose their validity for use in the EU from and no longer they will be distributed or sold by pharmaceutical companies, drugs stores wholesale dealers and other outlets.