One More Problem for U.S. Pharma Companies Seeking Growth in Emerging Markets
Approximately 150,000 medical and pharmaceutical sales reps in India are planning a day-long strike today to protest growing impressions that they are increasingly seen as agents of corruption, according to reports. At issue are a series of demands that center on the creation of a statutory code for ethical sales and marketing practices, according to the Federation of Medical and Sales Representatives (read here).
All totaled, the reps are making eight demands that, in addition to proposed statutory provisions and actions against perceived pharmaceutical industry corruption, include statutory working rules for reps and prices capped for all drugs on the National List of Essential Medicines. Several of the demands are reportedly to be considered by the central government, the paper writes.
Most of the big drug makers – Pfizer (PFE), Merck (MRK), Eli Lilly (LLY), Bristol-Myers Squibb (BMY) included – are hoping that growth in increasingly affluent emerging markets such as India will make up for sagging sales in developed countries and expiring patents on blockbuster drugs. For more background on emerging markets for Pharma companies, see Pharma news and more Pharma news.
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