WEDNESDAY, 11.30AM
AN American trade delegation visting South Africa has warned parliament that US pharmaceutical companies will freeze investment in SA over planned legislation to cut the cost of drugs to consumers by relaxing restrictions on generic medicines.
The Medicines and Related Substances Control Amendment Bill aims to encourage the use of cheaper generic drugs and allow for parallel importation — making it possible for the Health Department to import drugs identical to South African ones — and to fast-track the registration of selected drugs.
US Congressman Robert Mendendez siad the proposed legislation violated the trade marks of US drug companies, which would object to the World Trade Organisation that mandating the use of generic drugs interfered with the free market.
BUSINESS BRIEFS
TRADE SUPRLUS DROPS The trade surplus, which rocketed to a record R1,98-billion in March, dropped right down to R725-milion in April, disappointing economists who had expected a slowdown in domestic demand for imports. Imports were up by 18% to R10,57-billion, mainly due to an unexplained surge in machinery imports. Exports were up by 3% to R11,29-billion, which economists blame on the exclusion of Botswana’s diamond exports from the category.
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