NEW YORK – Empowered by India's surging real estate market – and its own swelling profit margins – Ansal Housing & Construction Ltd., one of the subcontinent’s largest property developers, has opened a new branch sales office in New York City. The office, which Ansal Housing established through its U.S. partner, Goodwill Capital Inc., targets expat Indians who are interested in investing in Ansal's commercial and residential projects in India.
Consumer report: Big pharma bribes Third World docs with money, gifts for favoring drugs
Multinational pharmaceutical companies are lavishing doctors in the world’s poorest countries with cash, extravagant meals, expensive gifts and even livestock as incentives to write prescriptions for their drugs, according to a report issued recently by Consumers International, a London-based nongovernmental organization of consumer-rights groups.
The report, titled “Drugs, Doctors, Dinners,” accuses a drug industry desperate to allay falling profits in mature Western markets of using bribes in order to sway the prescription habits of doctors in the developing world. In nations like Pakistan, India, Malaysia, Sri Lanka and China the drug makers ply doctors with air conditioners, laptop computers, club memberships, domestic cattle, all-expenses-paid trips to conferences at five-star hotels in foreign nations, new cars, and even paid college tuition for the physician’s children, according to the report. In exchange, these doctors promise to prescribe expensive, brand-name drugs, thereby boosting the pharmaceutical companies’ profits – but also risking the health of their patients and costing them money they don’t have.
“The pharmaceutical industry sees the developing world as a trillion-dollar opportunity to secure profits over the next forty years,” Richard Lloyd, Consumers International director general, said. “Weak regulation makes these markets an easy target for the marketing techniques of multinational drug companies, but consumer health expenditures in these countries can ill-afford to be squandered on irrational drug use."
ELKHART, Ind. – CTS Corp. has released plans to realign certain manufacturing operations and eliminate approximately 103 employee positions during the fourth quarter 2007. “The realignment is intended to create synergies by further enhancing the company’s shared services model to include manufacturing support functions at its locations that serve more than one business. In addition, certain production lines are slated for transfer to better serve key customers and leverage existing capacity,” the company said in a statement.
Pragna Patel is a professor of biochemistry and molecular biology at the University of Southern California’s Keck School of Medicine. She and Noah Rosenberg, an assistant professor in the human genetics department at the University of Michigan, led a team of researchers that conducted a painstaking genetic analysis of Indian-born people living in the United States that yielded two startling discoveries:
Rekha Reddi is a franchisee with the Party City chain. She opened her first Party City store in Wichita, Kansas, in the early 1990s. Since then, she has purchased three more Party City stores: one in Wichita and two in Kansas City, Mo., where she operates her holding company, SLV Inc. She employs approximately 100 employees.
Dr. Rupa Balachandran, an audiologist who is the director of audiology at the Hearing and Speech Center of Northern California in San Francisco, helps adults and children hear properly by fitting them with electronic devices customized to each patient’s needs.
Punam Mathur is senior vice president of corporate diversity and community affairs for Las Vegas-based MGM Mirage, putting her in charge of overseeing and implementing the company’s diversity initiative, as well as for government affairs, diversity relations and community affairs, which includes corporate philanthropy and the employee-funded Voice Foundation.
DAYTON, Ohio – When Ajay Goel graduated from college in 1998, he felt like he was in a can’t-lose situation. He graduated with a major in computer science from Case Western University in Cleveland during the dot-com boom of the late 1990s and he had already developed some Web sites for some of his father’s friends who owned small businesses. His family was very computer-friendly: his brother worked at Microsoft Corp. and his father owned a software company.
Dr. Anita Goel is the founder and chief executive officer of Nanobiosym Inc., a four-year-old Massachusetts company that develops technologies that integrate advances in physics, biomedicine and nanotechnology.
India to fund institute; MIT to train faculty in United States
CAMBRIDGE, Mass. – The Massachusetts Institute of Technology and the Indian government’s Department of Biotechnology will jointly build a new Translational Health Science and Technology Institute in the South Asian nation that will focus on using medical innovations to improve the world’s health-care system.
WALTHAM, Mass. – Early last February, the president of Raytheon Co.’s Asia business unit, retired Navy Admiral Walter Doran, speculated that India could become the defense contractor’s largest overseas growth market within five years, but that landing contracts would require patience.
FREMONT, Calif. – These days it seems that every business publication has a fastest-growing list of some sort, and when considering this proliferation one thing that stands out is that ISTS Worlwide Inc. is in all of them.
Mira Sahney is founder and president of Myomo Inc., a Boston startup that is developing medical robotics devices. The company’s first such product, the “e100 System,” restores motor function in patients who have suffered neurological trauma, such as a stroke.
Conn. diagnostic company tackles tissue therapeutics
NEW HAVEN, Conn. – With some financial backing in the bank, HistoRX Inc. has turned to experienced entrepreneur Rana Gupta to lead the company to the promised land of the pharmaceutical and biotechnology market.