Dear Readers, we are happy to share the most interesting legal and policy updates concerning health industry that we read today. we hope you enjoy reading it.
1. The inspectors from Bureau of Indian Standards found illegal stock of consumer products at warehouses of e-commerce companies. The consumer products required BIS license to be placed on market for sale but did not carry them. E-commerce entities are required to exercise due diligence prior to stocking and listing items for sale, or face liability
Source: bit.ly/428WxW2
2. India’s Bombay High Court has ruled that an arbitration clause in invoices can be binding if the parties act on the invoices and do not raise objections. The court held that by accepting and paying the invoices, the parties implicitly agreed to the arbitration clause, making it enforceable.
Source: bit.ly/4ibuivJ
3. The Parliamentary Standing Committee on Health and Family Welfare has recommended creating a single independent drug controller for AYUSH medicines, uniform licensing processes across states and strengthening of pharmacovigilance. It also urged stricter action against misleading advertisements and improving drug safety and quality.
Source: bit.ly/3DxmFRi
4. India’s Parliamentary Standing Committee on Health has highlighted delays and lack of transparency in medical device licensing by CDSCO, pushing medical device companies to shift manufacturing abroad.
The Committee has recommended a streamlined, digitized system, faster approvals for internationally certified products, and the establishment of an advisory board to address regulatory challenges in the industry.
Source: bit.ly/41pF6PC
5. The Insurance Regulator is reportedly gearing up for passage of The Insurance Amendment Bill 2024. Key features of the bill aim to enhance operational flexibility and attract more investment into the insurance industry by allowing 100% foreign direct investment (FDI) and by allowing insurance companies to merge with non-insurance entities for strategic partnerships and increased synergies.
Source: bit.ly/4iaOLRk