Wockhardt Ltd Divergence Between Precepts & Practices

Wockhardt Ltd Divergence Between Precepts & PracticesGroup 7 & 8COMPANY BACKGROUNDPharmaceutical and Bio-Technology companyMarket Cap. =$1.3BillionAnnual Turnover=$12.39 BillionEmployees 7900 people globallyManufacturing Units are in India, UK , Ireland, France and USAWockhardts Business PhilosophyCreating Value by understanding & communicating with its customers & business partners.VisionTo be the most admired Indian health care group

Code of business conduct and ethics for directors and senior managers.

Code dwells on the areas ofConflicts of InterestsMisuse of corporate opportunitiesCompliance with applicable lawDealing with accounting complainsMaintaining Confidentiality of informtionNON COMPLIANCE OF FDA REGULATIONSFailed to comply with FDA regulation for Aurangabad manufacturing unit.

Didnt produce complete and accurate information about its production batch.

At least dozens of letters from FDA were issued for non compliance of rules.UNETHICAL ISSUES RELATING BREAST-FEEDING REGULATIONSDidnt adhere to The infant milk substitutes and feeding bottles and infant food Act (1992) by Govt. of India

Distributed free samples which was against the law

VICTIMIZATION OF EMPLOYEESInvolved in unethical practices which includes:-Denied the fundamental trade union rights of the unionRestored to hire & fire kind of practiceIncreased the work load imposed on workersField workers were being treated badlyProvided with low wagesPoor working conditionsUNETHICAL SALES & MARKETING PRACTICESEven after getting request letter from FMRAI (Federation of Medical Representatives Association of India), company treated field workers very badly.

Discontinued talk with FMRAI

Field workers went on strike against anti-labour policiesPROMOTING HEALTH CARE SYSTEM THROUGH IMPROPERLY LABELLED SAMPLESInfant food samples should conform to labelling requirements

WOCKHARDT distributes free samples of Dexrice to doctors

Samples packs of Dexrice, an infant fooddo not conform to labelling requirements.CONCLUSIONHuge difference between precepts andpractices.The Pharmaceutical Company should follow the rules regulation made by the govt.Companyshould follow Biotechnological, environmental,social ethics.Malpractices affects the external andinternal environment.They should be very clear in labelling, employee security, and social responsibility.THANK YOU