Toothless Pharma codes

Welcome back readers, I am back with a latest news. This news is related to pharmaceutical companies, their marketing and it's affects. So, I will provide the entire news and my take on it. Let's go.

These Pharma companies despite several instances of breach of the voluntary Uniform Code of Pharmaceutica
 Marketing Practices (UCPMP) by pharma companies, and the demand from the Indian Medical Association (IMA) and doctors to make it mandatory, the Department of Pharmaceuticals (DoP), which comes under the Ministry of Chemicals and Fertilizers, has yet again “requested companies to abide by UCPMP” in a written communication on February 4  after the announcement of two more planned events.
In its letter, the Department has noted that it has “received a grievance alleging that pharma companies arrange hotels, accommodation in five star hotels, local sight-seeing, etc. in conferences conducted by doctors. Similar annual national conference of Indian Psychiatric Society 2020 will be conducted in Kolkata and in 2021 at Vishakhapatnam”.

Despite receiving several statements from the UCPMP, many of the pharmaceutical companies didn't step out of unethical marketing. 
These companies are using doctors and some third parties for marketing it's medicines and then they are paying commissions and other kind of payments to the doctors and all those associated with them.
Money being transferred in huge amounts to many accounts via pharma companies. To catch these, the necessary actions must be taken.

The DoP should immediately implement a mandatory mechanism for company disclosures of payments towards doctors and professional bodies, including via third parties. The disclosures, which should be made at intervals and put in the public domain, should include the amount spent, individual or entity to which payment was made, and the reason for payment, including any services rendered.

So, I want to conclude by saying that all the pharmaceutical companies must work in a professional manner and shouldn't make money as their one and only aim. Government must also take required steps towards creating a healthy market. People's lives must not be a business for any company.

Thank you so much for reading.

FAILED AIRLINES : JET AIRWAYS

JET AIRWAYS GROUNDED: Unethical move towards its employees and customers

Hello readers, In this blog i will be sharing my views on how jet airways grounded and what was the impact on employees. I have read the article on 30-01-2020 and I feel the need to share this information with you all. Let’s get into the topic.

In early January 2019, Jet airways and its main lender, state bank of India, met aircraft lessors to assure them there was a plan to rescue the company. The idea was to shore up confidence in one of India's biggest brands, squeezed by low fares and high costs. But some lessors quickly lost patience as the bank did not provide details and Jet's founder angrily defied them to take the planes back.

Thousands of employees have been stunned by the rapid unravelling of jet airways, which, saddled with more than $1.2 billion in bank debt, grounded all its planes on Wednesday after lenders rejected a plea for emergency funds.

The shutdown has deepened the crisis as dues to which staff and suppliers pile up and lenders scramble to find a buyer for what was once India's largest private airline.

Jet airways CEO Vinay Dube told employees on Wednesday that the sale would take time and could throw up more challenges, but he was confident the airline would fly again.

Failure would threaten more than 16,000 staff jobs and thousands more tied to the airline, which at its peak operated over 120 planes and more than 600 daily flights.

More than a dozen employees told Reuters they had gone two to four months without pay. Many grapple with unpaid bills, overdue home loans, School and tuition fees.

Jet airways has lost key employees as the crisis unfolded.

About 400 pilots have moved to other airlines, leaving Jet with about 1,300 pilots, said a senior Jet pilot. About 40 engineers have also left, a senior engineer said.

Some veteran employees remain loyal to the airline and hope it can be restored to its former glory.

The 26-year-old airline has posted losses in eight of the past 10 years and its share of the domestic passenger market has fallen to about 15.5 percent in 2018 from 22.5 percent in 2015.

About 60 percent, or more than $600m, has been wiped off Jet's market value over the past year.

Now, with the airline's running out of ways to make money, state-run banks, led by SBI, took a temporary stake in Jet, promised a new loan of 15 billion rupees ($216m) and forced 69-year-old Goyal to resign as chairman.

So,This company had put thousands of jobs at risk and also tried to escape from the challenges which they had to face. So, this is one of the most unethical step which any company shouldn’t take at any Cost.

Thank you for Reading.
Please comment your views on this blog.

Unethical way of profit maximization.

Tax evasion for Profit maximization : AMAZON

Hello readers, This blog is all about Amazon which is emerging as a shopping hub for all those people who prefer shopping online rather than from the physical stores which are located far away from their homes. Let us get into the topic which seems to be boring but it is a very important issue to know about.

Nowadays, we all are hearing something unusual about amazon. People now started realising that amazon is not upto the mark with its ethics. Amazon became a part of our daily lives because of availability of all the handy products which we require in our daily life. This became so addictive that we are unable to think about any other alternative. We are getting attracted towards the offers and discounts which the company is showing to us and not thinking of acts which the company is doing in order to maximize its profits. So, i would like to discuss on how the company evades taxes in order to maximize its profits.

TAX EVASION:

Taxes are very important for any country because those taxes which companies pay will be redistributed in such a way that all citizens can receive the services they need (education,health, etc).

Some of the corporate companies love avoiding taxes because they are more interested in gaining more money rather than following ethics.

One of the top tax avoiding companies is Amazon. It was founded by Jeff Bezos in 1994 in Seattle. In the US Amazon barely pays any tax such as federal income tax. They started avoiding paying of taxes since they have formed. Amazon received more than 1.6 billion dollar incentives from the government with a hope that its presence in the international markets will result in economic boom and job opportunities. 

Amazon is just enjoying all the incentives and not paying any taxes to the government which is leading to downfall in the country's income. The places where amazon was set up are still stagnant with the employment.

Amazon not only evaded taxes in the US but they also evaded several taxes in the United kingdom. Amazon evaded maximum tax and now it is well known as tax heaven for Amazon. The company left 50 million euros of tax unaccounted in the year of 2017. The European commission ordered Luxembourg to recover 250 million dollar tax plus interest from Amazon.  

So, I want to conclude my blog by saying that the company must have minimum corporate social responsibility as it must try and improve the employment levels in the places where it is set up. Amazon must also pay all their taxes and they should not escape from paying any kind of duties which are levied on them. The taxes which the companies and rich businessman pay are very high and it will benefit the society as well as the nation as a whole.   

Thank you for your patience, have a good day.