The Hindu Business Line : Company secretaries look for more room in pharma sector

FROM simple headache pills to sophisticated antibiotics and complex cardiac compounds, almost every type of medicine is made in India. Looking for a larger role in this industry are professionals such as company secretaries (CS).

According to Mr Mahesh Anant Athavale, President, Institute of Company Secretaries of India (ICSI), ``The industry is poised for rapid growth, fuelled on one hand by the global ambitions of domestic players and driven on the other hand by the renewed interest of multinational companies to make India their base for innovation-led cost competitiveness.''

But where does a professional company secretary fit in a sector where no specific industry-related certificates to be given by a CS is prescribed.

On the role of a company secretary in the segment, Mr N.K. Jain, Secretary ICSI, told Business Line, "The trademark and copyright issues play a vital role in the pharmaceutical industry. Registration, renewal, passing off and infringement actions relating to trademark, copyright and patents are a significant responsibility. This is where a company secretary is required."

A CS will be responsible for approving the labels of formulations, the promotional literature, the advertisements being published or telecast for formulations and all other disclosure requirements that may be envisaged by the regulatory authority concerned, said Mr Jain.

Elaborating further, he stated that in terms of compliance, a CS has to ensure compliance with the Drug (Price Control) Order and the National Pharmaceutical Pricing Authority (NPPA) norms.

This would include periodic filing of price lists, seeking approval of prices for scheduled formulations (formulations falling within price control), submitting clarifications whenever sought for, he said.

Besides, substantial advisory work exists in relation to the regulators, the Secretary said.

The company secretary of a company has the responsibility for complying with the various provisions relating to maintenance of cost accounting records, preparation of annexures and proforma for cost audit and their authentication.

In fact, the Institute has circulated to it members a module to provide an overview of the law and policy related to the pharmaceutical industry.

The module also specifies the functions of a CS in employment in the industry as well as functions of CS in practice.

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