MONDAY, 1.00PM:
A FURIOUS Pharmaceutical Manufacturers’ Assocation has threatened legal action and accused Health Minister Nkosasana Zuma of “nationalising the industry” in a new Bill designed to lower the price of medicine.
The Medicines and Related Substances Control Amendment Bill, introduced last week in Parliament, would encourage the use of generic drugs, allow parallel importation – making it possible for the Health Department to import drugs identical to South African ones – and fast-track the registration of selected drugs.
BUSINESS BRIEFS
CHINESE TO BUY NIGERIA OIL
CHINESE Prime Minister Li Peng visited Nigeria on Sunday to sign an agreement to buy crude oil from Nigeria. The Chinese will also help revive the dilapidated Nigerian rail system, help develop steel industries and co-operate in such areas as housing and health.
POVERTY FORUM
A THREE day forum on poverty eradication in Southern Africa begins in Windhoek on Tuesday, with over 100 governbment and NGO delegates. The forum will discuss an integrated approach to poverty eradication based on the concept of partnership within societies and between developed and developing countries.
FOREIGN SALES
THE Johannesburg Stock Exchange recorded net sales of shares worth R632,7-million to foreigners last week, compared to the R224,5-million worth of shares bought over the correspnding week in 1996. Foreign sales of shares on the JSE have doubled this year compared to the same period last year – R7,2-billion was sold on the JSE so far this year.