Diffusion of counterfeit drugs in developing countries and stability of galenics stored for months under different conditions of temperature and relative humidity

Aim To investigate the diffusion of counterfeit medicines in developing countries and to verify the stability of galenic dosage forms to determine the stability of galenics prepared and stored in developing countries. Methods We purchased 221 pharmaceutical samples belonging to different therapeutic classes both in authorized and illegal pharmacies and subjected them to European Pharmacopoeia, 7th ed. quality tests. An UV-visible spectrophotometric assay was used to determine the galenics stability under different conditions of temperature (T) and relative humidity (RH). Results A substantial percentage of samples was substandard (52%) and thus had to be considered as counterfeit. Stability tests for galenics showed that the tested dosage forms were stable for 24 months under “standard” (t = 25 ± 2°C, RH = 50 ± 5%) conditions. Under “accelerated” (t = 40 ± 2°C, RH = 50 ± 5%) conditions, samples were stable for 3 months provided that they were stored in glass containers. Stability results of samples stored in “accelerated” conditions were similar to those obtained by on site in tropical countries and could so supply precious information on the expected stability of galenics in tropical countries. Conclusion This study gives useful information about the presence of counterfeit medicinal products in the pharmacies of many developing countries. This should serve as an alarm bell and an input for the production of galenics. We recommend setting up of galenic laboratories in developing countries around the glob

The International CAPM Redux

This paper presents new evidence that international investors are compensated for bearing currency risk. We present a new three-factor international capital asset pricing model, comprising a global equity factor denominated in local currencies, and two currency factors, dollar and carry. The model is able to explain a wide cross-section of equity returns from 46 developed and emerging countries from 1976 to the present, is also useful at explaining the risks of international mutual funds and hedge funds, and outperforms standard models proposed in the international asset pricing literature. We rationalize our findings with a simple model of endogenous exchange rate risk in complete markets, and identify the importance of correctly identifying the dynamics of quantities and market prices of risk

One Central Bank to Rule Them All

While global stock markets enjoy high returns on days surrounding FOMC meetings, there is no comparable result for other central banks either internationally or, more surprisingly, domestically. Neither announcement surprises nor currency moves drive these findings, which hold even for stocks with a domestic focus. The difference in announcement premia is not explained by economy size, exposure to multinationals, or policy activism. We conclude that the Fed exerts a unique impact on global equities. Consistent with this hypothesis, uncertainty drops across global markets following FOMC announcements but not those of other central banks. Furthermore, the Fed is generally the leader among central banks in setting monetary policy

Una conversazione con Nina Katchadourian attraverso l’Aperto di Agamben

Partendo da L’aperto di Agamben, Francesca Brusa percorre insieme a Nina Katchadurian l’opera dell’artista, connotata da una sfida continua, ironica e dolce, alle categorie che separano animali umani e non umani