Cost of compliance may rise for drug, device firms

Navigating new terrain

- SOHINI DAS

Domestic pharma and medical devices firms say stricter implementation of the Uniform Code for Marketing Practices in Medical Devices 2024 (UCMPMD) acts as a deterrent against unethical trade and marketing practices by firms, but analysts maintain that the cost of compliance is set to rise.

However, the deadline for submitting disclosures related to marketing expenditure has been given another extension till September 30. While firms are required to submit mandatory annual declarations of marketing expenditure within two months of the financial year's close, the deadline has got two extensions this year, and finally it has been extended till September 30. The declarations were expected to be submitted by June 30, which were extended twice to July 31 followed by August 31.

This undertaking must be signed by the executive head of the company, assuring compliance with the marketing practices code. The signatory could be the managing director (MD) or the chief executive officer (CEO) of the company.