La presente investigación fue elaborada para determinar los impactos financieros y tributarios de los desmedros en la fase de almacenamiento y comercialización en empresas transnacionales del sector farmacéutico durante el año 2017 en Lima. Para lograrlo, se basará la investigación en la NIC 2 “Inventarios” (en adelante NIC 2), emitida en enero 2005, cuya aplicación inició a partir del 01 de enero del 2006, la Norma Internacional de Contabilidad 12 “Impuesto a las ganancias” (en adelante NIC 12), emitida en enero de 1998, cuya aplicación inicial fue a partir del 01 de enero del 2003 y la Ley del Impuesto a la Renta del Perú y su respectivo Reglamento. Las dos normas contables mencionadas tienen relación y algunos elementos en común cuyas diversas interpretaciones, técnicas de valoración y modificaciones realizadas, impactarán directamente en la toma de decisiones. Para validar nuestras hipótesis, hemos realizado trabajos de campo a las principales farmacéuticas en Lima, empresas a las que hemos encuestado. Para esto, hemos contactado con expertos en el tema de tratamiento financiero y tributario, a quienes hemos entrevistado y, finalmente, hemos realizado un (1) caso práctico para evaluar el impacto financiero de nuestro tema de tesis. A partir de los datos analizados, concluimos que hay un impacto financiero y tributario dentro de las empresas, impacto que puede ser significativo si no se tiene un control de los desmedros. / The present investigation was elaborated to determine the financial and tributary impacts of the demerits in the storage and marketing phase of the pharmaceutical sector during the year 2017 in Lima. To achieve this, the investigation will be based on IAS 2 "Inventories" (hereinafter IAS 2), issued in January 2005, whose application began as of January 1, 2006, the International Accounting Standard 12 "Income Tax" (hereinafter, IAS 12), issued in January 1998, whose initial application was effective January 1, 2003 and the Income Tax Law of Peru and its respective Regulations. The two accounting standards mentioned are related and some common elements whose various interpretations, valuation techniques and modifications made, will directly impact the decision making. To validate our hypotheses, we have carried out fieldwork to the main pharmaceutical companies in Lima, companies that we have surveyed. For this, we have contacted experts in the field of financial and tax treatment, whom we have interviewed and, finally, we have made one (1) practical case to evaluate the financial impact of our thesis topic. Based on the data analyzed, we conclude that there is a financial and tax impact within the companies, an impact that can be significant if there is no control over the losses. / Tesis

EU Competition Law and Practices Hindering Market Entry of Drugs This thesis deals with the legality of pharmaceutical companies' practices that hinder market entry of drugs, whether within the intra-brand or inter-brand competition, from the EU competition law perspective. The aim of this thesis is to introduce the reader to the issue of different practices aimed at limiting parallel trade and also at delaying or complete prevention of the market entry of a new competing drug, and also to assess whether the competition authorities have established clear guidance on the performance of these practices, i.e. whether they are clearly set boundaries between acceptable restriction of competition which can be justified and distortion which cannot be allowed. For the purpose of this assessment, the relevant decisions of the European Commission and the CJEU are analyzed, identifying the key factors on which the competition authorities place emphasis when assessing the compliance of such practices with the EU competition law, and general conclusions are drawn from these key factors to determine whether there is a sufficient degree of legal certainty for pharmaceutical companies engaging in these practices. The thesis is divided into six chapters, of which chapters three, four and five form the main part....

A majority of previous studies reveal evidences of negative or no abnormal returns for the bidder/acquirer firm upon the announcement of a merger or acquisition (M&A). Additionally, these studies stress on the importance of ‘bid premium’ announced as a key factor influencing acquirer returns post M&A announcement. This paper aims to find validity for the above-mentioned statements in case of a ‘Pharmaceutical sector setting’ because not many previous studies have analyzed the role of bid premium influencing abnormal stock returns for the acquirer/bidder firm in M&A’s taking place in the pharmaceutical sector. We applied ‘event study methodology’ to study the abnormal returns’ and our results suggest positive returns to M&A announcements around the world for the period from 1997-2015. Furthermore, we carried out an OLS regression to observe the influence of ‘bid premium’ (announced at the time of M&A announcement), on the abnormal stock returns. We control for acquirer firm characteristics by adding them as control variables in the analysis. Our findings suggest that bid premium negatively affects the acquirer abnormal returns around the time of the M&A announcement.

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[pt] O objetivo desta dissertação foi o de estudar a reciprocidade de troca de informações dentro da cadeia de suprimentos no ambiente de negócios farmacêutico brasileiro. Como um primeiro passo, buscou-se na literatura material que pudesse descrever toda a estrutura dos processos logísticos e a importância atribuída à informação nestes processos. A dissertação estudou a base conceitual do gerenciamento da cadeia de suprimentos, incluindo os relacionamentos entre seus membros e alguns aspectos da mensuração de performance propostos por estudiosos do assunto. Indicadores de performance que lidam com ambas as partes, fornecedores e clientes, não são comuns. Como uma alternativa, esta dissertação escolheu uma mensuração genérica chamada DSCC (Grau de acoplamento da cadeia de suprimentos), que calcula como a informação flui ao longo da cadeia de suprimentos. Um questionário foi aplicado a duas companhias farmacêuticas reconhecidamente importantes. As respostas obtidas não somente revelam como essas companhias interagem em ambas as direções da cadeia de suprimentos, como também aponta a necessidade de futuros estudos sobre os processos logísticos das indústrias do setor farmacêutico brasileiro. / [en] The aim of this report was to study the reciprocal exchange of information within the whole supply chain in the structure of the Brazilian pharmaceutical business environment. The first step was to search previous studies in the literature, that could describe all the framework of the logistics processes and whether information played a significant role in them. In this report, the supply chain management concepts were studied, including relationships between its members and several aspects of performance measurements proposed by scholars. Performance indicators which deal with both parties, suppliers and customers, are not common. As an alternative, this report has chosen a generic measure called DSCC (Degree of supply chain coupling) which calculates how information flows throughout the supply chain. A check list has been applied to two important pharmaceutical companies. The aswers obtained not only reveal how these companies interact in both directions of the supply chain but also suggest other future studies about logistics processes in the Brazilian phamaceutical sector.

[pt] Apesar dos avanços tecnológicos e de gestão de processos na cadeia de suprimentos, o setor farmacêutico ainda sofre com problemas como erros de previsão de demanda, atrasos de entrega, falta de matéria-prima, rupturas, entre outros que assolam suas cadeias, tornando-a menos eficiente. Deste modo, a presente dissertação tem como objetivo contribuir para o melhoramento da eficiência dos processos logísticos deste setor. Para tal intento, este trabalho se vale de um projeto-piloto para estudar, mapear e entender os processos logísticos da cadeia de suprimentos de um distribuidor farmacêutico paraense (Imifarma S/A) de forma a identificar os principais gargalos de sua gestão e contribuir com propostas de melhorias. Dentre os principais problemas encontrados, as rupturas ganharam maior atenção ao longo do texto por se constituírem no maior deles. Como conseqüência, o projeto-piloto optou por trabalhar com a metodologia sugerida pelo ECR Brasil para rastrear e descobrir as causas que levavam a tais rupturas, utilizando, como objeto de estudo, uma lista com 50 produtos fármacos (remédios) que foram analisados durante um mês em uma das lojas pertencentes à empresa estudada. Além disso, com o mapeamento do ciclo do pedido entre Centro de Distribuição (CD) e os Pontos de Vendas (PDVs) e entrevistas com funcionários envolvidos com a gestão logística da cadeia, foi possível identificar os demais problemas que afetam a eficiência da cadeia de suprimentos da empresa focal. Como resultado, o presente trabalho elabora uma gama de sugestões de melhorias aos problemas de ruptura e demais problemas encontrados. Dentre as propostas de melhoria citadas, o ECR mereceu maior destaque por ter se apresentado como uma ferramenta que abrange a solução para grande parte dos problemas que a cadeia da Imifarma enfrenta (sobretudo na questão das rupturas). / [en] Despite the technological advances and process management in the supply chain, the pharmaceutical sector still suffers with problems such as demand forecast, delivery delay, lack of raw material, among others that deteriorate their chains, making them less efficient. Thus, this master thesis has the objective to contribute to the improvement of the efficiency of logistics processes of focused sector. In order to achieve this purpose, this work uses a pilot project and develops a method to study, map and understand the logistics processes of the supply chain of a pharmaceutical distributor in the state of Pará (Imifarma S/A), so that it is possible to identify the main bottlenecks and contribute to make improvement propositions. Among the main problems found, stock-outs gained a predominant attention throughout the text, because they were the most important of them. As a consequence, the pilot project opted to work with the methodology suggested by ECR Brasil to track and discover the causes that forced the the stock-outs, using as a study object, a list of 50 medicines that were analyzed during a month in one of the stores belonging to the studied company. Moreover, the mapping of the cycle of replenishment between the distribution centers (DCs) and points of sale (POS) and interviews with employees involved in the logistics management of the chain, it was possible to identify other problems that affect the efficiency of the supply chain of the focused company. As a result, the present research develops a series of suggestions of improvements to stock-outs problems and to the other problems identified. Among other improvement propositions, the ECR deserves the biggest prominence since it is a tool that encloses the solution of most problems focused by the supply chain of Imifarma (mainly in terms of stock-outs).

The diploma thesis deals with the financial analysis of European joint stock companies in the pharmaceutical sector in order to expand the investment portfolio of a field-oriented fund of qualified investors. Selected companies are subjected to financial analysis by selected ratios. Based on these data, they are compared with each other by the method of intercompany comparison according to specified weights and verified in terms of their possible bankruptcy. With the help of these outputs, a proposal to expand the fund's investment portfolio is subsequently formulated.

During the last two decades many pharmaceutical originator companies have struggled with refilling its pipelines with novel pharmaceutical products. At the same time many of these companies have lost patent protection for its most profitable drugs and more are expected to do so in the very near future. When pharmaceutical patents expire it is generally expected that generic manufacturers enter the market with significantly cheaper versions of the pre-patented drugs. Accordingly, generic entry poses strong competitive price pressure on originator companies and the latter may therefore be inclined to hinder these competitors from entering the market. The preparations for generic launch often starts a few years before patent expiry and it is therefore common that patent disputes arise. Patent disputes are not only highly complex, time consuming and costly, the disputes are often also characterized by a high degree of uncertainty to whether or not the patents are infringed and/or valid. Thus, incentives for settling the disputes out of court are often high for both originator and generic undertakings. Legitimate patent settlement agreements are generally not considered to pose any competitive concern. However, the Commission has observed that these settlement agreements has been used to conceal anti-competitive terms by which the originator companies sets out to buy off its generic competitors for delaying its plans to enter the market. These anti-competitive arrangements are more generally known as pay-for-delay settlements. The Commission has issued two decisions against pay-for-delay settlements of which the GC has confirmed the Commission’s assessments. After fulfilling a three-step criteria developed by the Commission, these agreements were considered to have as its object the restriction of competition within the meaning of article 101 (1) TFEU. When an agreement is categorized as a restriction by object it is considered to be by its very nature restrictive of competition, and is therefore presumptively illegal. This approach has been vastly criticized in the legal doctrine for not being sufficiently clear and legally certain. Therefore, the purpose of this essay has been to critically analyze the Commission’s approach in assessing patent settlement agreements. The overall findings of the analysis do however indicate that the Commission’s categorization of pay-for-delay settlements as restrictions of competition by object follows the established rules of EU competition law and should therefore be justified.

Made available in DSpace on 2016-03-15T19:26:48Z (GMT). No. of bitstreams: 1 Iara Maria Perlis Ferreira.pdf: 1042693 bytes, checksum: 0dc10a5eb1b6e0ade5ae248b92d13ca7 (MD5) Previous issue date: 2010-03-22 / Fundo Mackenzie de Pesquisa / The strategy literature has been expressed the debate between the structuralist and resource-based view approaches considering which factors determine the strategic option of the firms. The first asserts that the competitive environment‟s characteristics shape the strategic positioning of a firm; meanwhile the second one believes that organizational competences are the defining factors. In the Henderson and Mitchell‟s (1997) opinion, both factors are influent in strategy shaping, and possibly there would be a reciprocal influence among environment, competences and strategy, characterizing then as endogenous variables. Taking this argumentation into account, this research, employing the structural equations modeling, built a model with the objective of measuring the existing relationships among these factors in the Brazilian pharmaceutical sector, human health segment. The intensity of these relationships has been measured considering the perception of the main executives of companies in the sector, with data collected through questionnaires sent to a mapped population of 193 companies. Trying to avoid perception biases induced by functional areas, the research was done with the main executive in the organization or with his/her direct team. Among the organizations invited to participate, 55 companies has accepted the invitation. Results empirically confirmed that organizational environment and competences influence strategic positioning of companies in this sector, and that there is an influence relationship between environment and competences. Additionally, was revealed the mediator character of competences in the environment and strategic positioning relationship. That is, environmental features which influence adoption of a determined strategic positioning by a firm are perceived according to a company´s position with regards to competences considered relevant for achieving competitive advantage in the sector. / literatura em estratégia tem expressado o debate entre as abordagens estruturalista e da visão baseada em recursos (VBR) quanto aos fatores determinantes da escolha estratégica das firmas. A primeira defende que as características do ambiente competitivo delineiam o posicionamento estratégico, enquanto a segunda acredita que as competências organizacionais são os fatores definidores. Henderson e Mitchell (1997) argumentam que ambos os fatores seriam influentes na formação das estratégias e que possivelmente haveria uma influência recíproca entre ambiente, competência e estratégia, configurando-os como variáveis endógenas. Considerando esta argumentação, esta pesquisa com o emprego da modelagem de equações estruturais, construiu um modelo com o objetivo de medir as relações existentes entre esses fatores no setor farmacêutico brasileiro, segmento saúde humana. A intensidade destas relações foi medida a partir da percepção dos gestores do setor, via dados coletados a partir do envio de questionários a uma população mapeada de 193 empresas. Buscando evitar vieses de percepção introduzidos pelas áreas funcionais, a pesquisa foi realizada com o principal executivo da organização ou seus subordinados diretos. Das organizações convidadas a participar, 55 empresas aceitaram o convite. Os resultados confirmaram empiricamente que ambiente e as competências organizacionais influenciam o posicionamento estratégico das empresas do setor e que há também uma relação de influência entre ambiente e competências. Foi revelado ainda o caráter mediador das competências na relação entre ambiente e posicionamento estratégico. Ou seja, as características do ambiente que influenciam a adoção de um determinado posicionamento estratégico pela firma, são percebidas de acordo com a posição da firma nas competências consideradas relevantes pelos seus administradores para o alcance de vantagem competitiva no setor.

Este artículo se centra en la aplicación de mantenimiento planificado y del TPM en áreas administrativas, pilares del mantenimiento productivo total (TPM) para incrementar el rendimiento de las máquinas de una línea de envasado de polvos químicos en una PYME del sector industrial farmacéutico. La industria farmacéutica es un sistema complejo de equipos y procesos avanzados. Después de los recursos humanos, la salud de la máquina / equipo describe la fortaleza de una organización. Primeo, se examinan las seis principales pérdidas en la eficiencia global en función del tiempo, encontrando averías y falta de materiales como factores principales, incluido el ausentismo y la entrega tardía de los productos. Todo perteneciente a paradas no planificadas. Se generó un plan de gestión de mantenimiento y un sistema de gestión administrativa para mejorar las condiciones de la empresa. En segundo lugar, debido al mantenimiento planificado, el rendimiento del equipo y la eficiencia general del equipo (24-33%) se verán afectados en un 40% (25-35%), reduciendo el tiempo de avería en un 20% (627-501 horas) y aumentando la eficiencia de compra en 30% (61,60-80,2%). El presente trabajo de investigación muestra los beneficios de TPM en simultáneo con GMP (Buenas Prácticas de manufactura) en la industria farmacéutica de pequeñas empresas (PYME). / This article focuses on the application of planned maintenance and TPM office, pillars of total productive maintenance (TPM) to increase the performance of the machines of a chemical powder packaging line in an SME in the pharmaceutical sector. The pharmaceutical industry is a complex system of advanced equipment and processes. After human resources, machine / equipment health describes the strength of an organization. First, we will examine the six major losses in overall efficiency as a function of time, finding breakdowns and lack of materials as main factors, including absenteeism and late delivery of products. All belonging to unplanned stops. A maintenance management plan and administration management system were generated to improve the conditions of the company. Second, due to planned maintenance, the performance of the equipment and the overall efficiency of the equipment (24-33%) will be affected by 40% (25-35%), reducing breakdown time by 20% (627 -501 hours) and purchasing efficiency of 30% (61.60-80.2%). The report is to show the benefits of TPM simultaneously with GMP (Good Manufacturing Practice) in Small Business Pharmaceutical Industry (SMEs). / Trabajo de investigación