Consolidating companies with different year ends
By way of background, it is important to remember that the Chinese concept of arbitration (as distinct from that in the international arbitration arena) has, at its heart, the notion of submission to a method of state-sponsored dispute resolution, somewhat different from the courts, but still ultimately deriving its authority from the state, not the parties.
These Chinese state-sponsored arbitration institutions number more than 200, of which CIETAC is probably the most well known.
Given the increasing number of Chinese companies participating in global trade and investment, it is likely that the number and scale of disputes between Chinese enterprises and foreign companies will increase.
However, the perception (at least in China) is that Chinese enterprises have not yet managed to fully understand the process of international arbitration.
"But we've seen some popular drugs increase by more than 650% in the last year."He cited simvastatin, the generic equivalent of cholesterol drug Zocor, and clomipramine hydrochloride, the generic version of antidepressant Anafranil.
Prices for each rose more than 650% from June 2013 to this June, Birch said.
"But some of the price increases make you wonder."William Comanor, head of pharmaceutical economics and policy studies at UCLA, takes a different view.Each of the experts I spoke with cited industry consolidation as a key reason for rising prices.Rather than the half-dozen or so competitors that many economists believe are necessary to lead to lower prices, only two or three manufacturers now make some generic meds.On February 3, 2012, the China Council for the Promotion of International Trade and the China Chamber of International Commerce revised and adopted the China International Economic and Trade Arbitration Commission ("CIETAC") Arbitration Rules, which come into effect on May 1, 2012.Although not as extensive as the previous revision to the CIETAC rules in 2005, the 2012 edition certainly makes some significant improvements.
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Some of the biggest generic drug companies — Mylan, Actavis and Teva Pharmaceutical Industries — have been aggressively snapping up other manufacturers in recent years, reducing the number of players in the market. The deal would give Mylan even more influence over prices — not to mention the lower taxes it would pay after moving its headquarters to the Netherlands.