The emphasis on maintaining ethics in the pharmaceutical sector has never been more significant due to the increasing use of unethical methods. A universal fix for this issue has been launched by the government of India which is better known as demonetization.
Demonetization – what it stands for
Demonetization is a process in which the currency of a nation is considered to be illegal by the governing body from a certain date on wards. It is generally done when new currency has to be introduced. In our case, it has been done to illegalize the black money deposited due to immoral activities. This is expected to have a beneficial effect on the Indian PCD pharma sector as well.
Indian pharmacy and demonetization
For any unethical activity to take place, use of money as bribe is basic. In the pharmaceutical industry, many giant firms that produce healthcare products make use of money to establish them in the marketplace. Doctors are offered with cash, gifts, tours and many other perks to subscribe particular products that belong to a certain company. This makes it challenging for the small budding entrepreneurs to stay in the competition. Demonetization has put an end to such illegal cash flow in the market. Now the small PCD pharma companies may prove their worth and stay in the competition.
On the other hand, the consumers are also going to get favorable benefits out of this new law. Previously, the retailers and the pharma companies were able to keep the profit they earn under wraps. Currently, most of the transactions will take place through internet banking or other electronic mediums. Thus, companies would have to maintain all the bills and invoices and the consumers would need to pay just the right amount of money for the healthcare products.
As the corruption in the pharma sector was increasing at an alarming rate, there was a stringent need of regulating the norms in this industry. Demonetization will help the government to make the correct estimates regarding how much money is being circulated in this sector. Simultaneously, the prices of medicines would come down, a great relief to the common man.