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Advice You - India To The Rescue With Accounting Solutions
Source: Business-Standard.com
When Control Solutions, one of USA’s biggest accounting firms dealing with Sarbanes-Oxley (SOX) accounting compliance procedures, wanted to recruit accountants for its expanding practice, it looked at Enabilizer, a New Delhi-based accounting outsourcing firm. That look has led to the two signing a joint v
When Control Solutions, one of USA’s biggest accounting firms dealing with Sarbanes-Oxley (SOX) accounting compliance procedures, wanted to recruit accountants for its expanding practice, it looked at Enabilizer, a New Delhi-based accounting outsourcing firm. That look has led to the two signing a joint v
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
enture agreement that allows Control Solutions to outsource its SOX work to the Indian JV.
And, it was not the only global firm to look to Indian accountants for help, Rain, a mid-sized South African accounting firm has also chosen to hire for two years, six experienced senior staff from its network partner in India, the Mumbai-based a
And, it was not the only global firm to look to Indian accountants for help, Rain, a mid-sized South African accounting firm has also chosen to hire for two years, six experienced senior staff from its network partner in India, the Mumbai-based a
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
ccounting firm Chokshi and Chokshi.
Facing an annual attrition rate of nearly 50%, Rain and Control Solutions are among the growing breed of accounting firms that are beginning to look India wards for outsourcing their work, both on-shore and off-shore. The reason, just when accounting regulations are becoming more stringent in USA an
Facing an annual attrition rate of nearly 50%, Rain and Control Solutions are among the growing breed of accounting firms that are beginning to look India wards for outsourcing their work, both on-shore and off-shore. The reason, just when accounting regulations are becoming more stringent in USA an
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
Europe, there is a looming global shortage of accounting professionals.
Akshay Bhalla, CEO of Enabilizer estimates as much as 60% of the F1 visas to USA in the next few years would be cornered by the financial & accounting (F&A) segment, especially as the quantum of on-shore work goes up. James Mendelsohn, CEO of MSI, a global networ
Akshay Bhalla, CEO of Enabilizer estimates as much as 60% of the F1 visas to USA in the next few years would be cornered by the financial & accounting (F&A) segment, especially as the quantum of on-shore work goes up. James Mendelsohn, CEO of MSI, a global networ
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
k on accounting firms that boasts of 250-members, adds: “In the US, the number of students going into accounting fell drastically in the wake of the Enron collapse.”
However, at the same time the regulatory framework under the Sarbanes-Oxley legislation became more stringent. Most firms, especially mid-sized ones have few options left
However, at the same time the regulatory framework under the Sarbanes-Oxley legislation became more stringent. Most firms, especially mid-sized ones have few options left
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
than to on-shore much of their SOX work, as it cannot be taken out of the US.
And, of course, there is the labour and cost arbitrage. Tholons, a Bangalore-based IT consultancy firm estimates that in the financial and accounting services off-shoring of common transactional processes yields a 20-25% cost reduction, while off-shoring ke
And, of course, there is the labour and cost arbitrage. Tholons, a Bangalore-based IT consultancy firm estimates that in the financial and accounting services off-shoring of common transactional processes yields a 20-25% cost reduction, while off-shoring ke
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
y high-end processes, such as SOX related work, could lead to cost reductions of 35-40%.
John Micklethwaite, the editor of The Economist, who is visiting India and chaired the two-day business round table with the Indian government is an authority on globalisation, and has written two books on the subject i.e. A Future Perfect: The Cha
John Micklethwaite, the editor of The Economist, who is visiting India and chaired the two-day business round table with the Indian government is an authority on globalisation, and has written two books on the subject i.e. A Future Perfect: The Cha
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
llenge and Hidden Promise of Globalisation and Globalisation and Making Sense of an Integrating World.
Coming to India after a gap of 8-years, yet, having followed the country closely, Micklethwaite smiles as he says: “I would be lying, if I said that the change strikes you when you land. But, in terms of impressions, it’s just the pe
Coming to India after a gap of 8-years, yet, having followed the country closely, Micklethwaite smiles as he says: “I would be lying, if I said that the change strikes you when you land. But, in terms of impressions, it’s just the pe
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
ple - the Indian business people you now come across in London and the sort of deals they are doing. Or, the number of British and American business people you see here, including 20-people from The Economist.”
The Economist’s marketing team is in India to drive up the magazine’s circulation, which makes you pop the question, ‘Why?’
The Economist’s marketing team is in India to drive up the magazine’s circulation, which makes you pop the question, ‘Why?’
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
“You look at the changes in India. All those are changes that we approve of and also if you look around the world at things that propelled The Economist forward, it is the opening up of the markets,” he says, adding The Economist is sort of a user’s guide for globalisation and “it’s also a big beneficiary from it”.
To quote Micklethwa
To quote Micklethwa
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
te, the interest in India is huge, as: “When we put India on the cover in Europe or America, it sells extremely well. One of our highest selling issues was one with India on the cover. Now, you can’t not have an India strategy,” he says referring to companies abroad.
A major proponent of globalisation, Micklethwaite does recognise so
A major proponent of globalisation, Micklethwaite does recognise so
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
me of its negative impacts. “Yes, it is kind of cruel and an uneven process. There, obviously, are people who lose out. We have stories about cotton farmers committing suicide, because cotton prices in India had gone against them. Overall, it is an enormous force for good. When you look at the damage done by globalisation it’s noth
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
ing compared with the damage done by lack of it,” he says.
Right or wrong, however, globalisation has helped to put India on the map. People worldwide are realising that the smugness and the tendency to underestimate and run down India, always knocking it to off its feet, has not only toughened the Indians, but also pushed them to hon
Right or wrong, however, globalisation has helped to put India on the map. People worldwide are realising that the smugness and the tendency to underestimate and run down India, always knocking it to off its feet, has not only toughened the Indians, but also pushed them to hon
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
their business smarts. That combined with their reverence for education that runs deep through India’s ancient and of today cultural traditions, has the Indians knocking the world to its feet.
Not a new picture, but history has it, many came from across the world to sit at the feet of the learned men of India eager to partake of what
Not a new picture, but history has it, many came from across the world to sit at the feet of the learned men of India eager to partake of what
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
they had to teach, and then there were those that came to marvel at the glory that was India, only to write home about it i.e. Hieun Tsang, the Chinese chronicler who travelled extensively in India during the 7th A.D., as did his countryman Fa Hien. Then, we have the accounts of Greeks who accompanied Alexander on his world conquest a
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
d reached India e.g. Nearchus Onesicritus and his Greek ambassadors like Megasthenes (Indica), Deimachus, and Dionysius. Among, later Greek authors to write about India, we have Strabo, Justin, Arrian, Plutarch, Ptolemy, Pliny etc. This is borne out by the testaments of important Greek scientists and philosophers of that period e.g. P
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
ythagoras, the Greek mathematician and philosopher who lived in the 6th B.C. and was familiar with the Upanishads, who even learnt his basic geometry from the Sulva Sutras of India. The famous Pythagoras theorem is, actually, a re-statement of a result already known and recorded by earlier Indian mathematicians, notably Aryabhatta many
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
centuries before Pythagoras stumbled upon it.
Later, Herodotus (father of Greek history) was to write that the Indians were the greatest nation of the age, there was Ctesias, and Megasthenes, who travelled extensively through India in the 4th B.C. left extensive accounts that paint India in a highly favourable light. And, even Arab h
Later, Herodotus (father of Greek history) was to write that the Indians were the greatest nation of the age, there was Ctesias, and Megasthenes, who travelled extensively through India in the 4th B.C. left extensive accounts that paint India in a highly favourable light. And, even Arab h
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
storian Alberuni went into raptures at the India of his day, just as the British, the Dutch, the French, the Portugese and the Germans did as they exclaimed and squabbled over their rich pickings they so greedily plundered from the sub-continents, even as they were enthralled by the rich culture and architectural splendours of India.
A
A
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
nd, so begins the modern day plunder of India, a plunder of its brains and hard work, globalisation at its best and at its worst, when it forces Indian farmers to take their lives due to WTO diktats enforced by money-hungry Western powers! However, Indians will combat that in their own way, just as they forced the British to QUIT INDIA
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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