Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

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Friday 19 April, 2013

Office of Fair Trade

OFT ISSUES STATEMENT OF OBJECTIONS TO PHARMA COs

RNS Number : 7325C
Office of Fair Trading
19 April 2013
 



36/13                                                                         19 April 2013

OFT ISSUES STATEMENT OF OBJECTIONS TO CERTAIN PHARMACEUTICAL COMPANIES

 

The OFT today issued a Statement of Objections to certain pharmaceutical companies alleging they acted to delay effective competition in the UK supply of paroxetine, a prominent antidepressant medicine.

    The OFT alleges GlaxoSmithKline (GSK) concluded agreements which infringed competition law with each of Alpharma Limited (Alpharma), Generics (UK) Limited (GUK) and Norton Healthcare Limited (IVAX) ('the generic companies'), over the supply of paroxetine in the UK. The OFT also alleges GSK's conduct amounted to an abuse of a dominant position in the same market.  

The generic companies were each attempting to supply a generic paroxetine product in competition to GSK's branded paroxetine product, Seroxat. However, in each case, GSK challenged the generic companies with allegations that their products would infringe GSK's patents. To resolve these disputes, each of the generic companies concluded one or more agreements with GSK.

The OFT's provisional view is that these agreements included substantial payments from GSK to the generic companies in return for their commitment to delay their plans to supply paroxetine independently.

The OFT considers that if companies act to delay the potential emergence of generic competition the NHS may be denied significant cost savings.

Ann Pope, Senior Director of Services, Infrastructure and Public Markets at the OFT, said:

'The introduction of generic medicines can lead to strong competition on price, which can drive savings for the NHS, to the benefit of patients and, ultimately, taxpayers. It is therefore particularly important that the OFT fully investigates concerns that independent generic entry may have been delayed in this case.

'No assumption should be made at this stage that there has been an infringement of competition law. We will carefully consider the parties' representations to the Statement of Objections before deciding whether competition law has in fact been infringed.'

NOTES

 

1.   During the period in question, Seroxat was one of GSK's best selling medicines and was used to treat, among other conditions, depression and anxiety disorders.

2.   The allegations in this case concern so called 'pay for delay' agreements, where a manufacturer of branded pharmaceuticals makes payments (or other transfers of value) to a generic company in return for that generic company agreeing to delay its independent entry into the market for paroxetine.   

3.   The patent disputes in this case were in the context of ongoing litigation or in anticipation of it.

4.   The Competition Act 1998 prohibits, among other matters, agreements or concerted practices that have the object or effect of preventing, restricting or distorting competition in the UK or a part of it and which may affect trade in the UK or a part of it (the Chapter I prohibition). Its European counterpart, Article 101 of the Treaty on the Functioning of the European Union (TFEU), covers equivalent agreements or concerted practices which may affect trade between EU Member States. The Competition Act 1998 also prohibits the abuse of a dominant position that may affect trade in the UK or a part of it (the Chapter II prohibition).

5.   Any business found to have infringed the Competition Act 1998 and/or the TFEU could be fined up to 10 per cent of its worldwide turnover. In calculating financial penalties, the OFT takes into account a number of factors including seriousness of the infringement(s), turnover in the relevant market and any mitigating and/or aggravating factors.

6.   The Statement of Objections is addressed to the following companies, which the OFT provisionally considers were either directly involved in the alleged infringement(s) and/or are liable as parent companies of the companies directly involved, or as successors to these companies, in relation to the following alleged infringements:

-     Alpharma: Actavis UK Limited (formerly Alpharma Limited), Xellia Pharmaceuticals ApS (formerly Alpharma ApS) and Alpharma LLC (formerly Alpharma Inc): This is in relation to an alleged infringement of the Chapter I prohibition between 2002 and 2004. 

-     GSK: Beecham Group plc, GlaxoSmithKline UK Limited,  GlaxoSmithKline plc and SmithKline Beecham Limited (formerly SmithKline Beecham plc). This is in relation to alleged infringements of the Chapter I prohibition between 2001 and 2004 and/or alleged infringements of Article 101 of the TFEU in 2004 and/or an alleged infringement of the Chapter II prohibition between 2001 and 2003.

-     GUK: Generics (UK) Limited and Merck KGaA. This is in relation to an alleged infringement of the Chapter I prohibition between 2002 and 2004 and/or Article 101 of the TFEU in 2004.

-     IVAX: IVAX LLC (formerly IVAX Corporation) and Norton Healthcare Limited (which previously traded as IVAX Pharmaceuticals UK). This is in relation to an alleged infringement of the Chapter I prohibition between 2001 and 2004 and/or Article 101 of the TFEU in 2004.

7.   A Statement of Objections gives notice of a proposed infringement decision under the Competition Act 1998 and/or the TFEU to the parties involved. The parties then have the opportunity to make written and oral representations in response to the case set out by the OFT. Such representations will be considered by the OFT before any final decision is made.

8.   The Statement of Objections will not be published. In accordance with the OFT's guidance on Involving third parties in Competition Act investigations any person who wishes to comment on the OFT's provisional findings, and who is in a position to materially assist the OFT in testing its factual, legal or economic arguments, may request a non-confidential version of the Statement of Objections by contacting the OFT no later than Friday 17 May 2013.

9.   Further updates on this case will appear on the project page.



 

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