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International Legal And Ethical Issues Essay

1381 words - 6 pages

The company Cad Mex Pharma is a pharmaceutical company that is a global leader in developing pharmaceuticals and healthcare products based out of Tampa Bay Florida. This company produces medications like over the counter drugs to antibiotics. Cad Mex Pharma is interesting in licensing a drug called pro prez, which is an anti-diabetic drug and is produced by a company called Gentura in the country of Condore. The first step that has been taken is figuring out which choice of law clause to use. Amanda used Candorean Regulations for Technology Imports Contracts, which will be, negotiated through international arbitration that is non-binding.As a result of this Candore has become a member of the World Trade Organization or WTO. Since this has happened the president of Candore has changed the regulations of the technology import contracts. The regulations are more relaxed in hope to encourage foreign investments and trades. Since the contract was not finalized when the new regulations came into play, the Cad Mex Pharma had to rethink the situation and discuss if their first choice was still the best. The reason this choice was the best is that it allowed Candorean government to relax regulations to coincide with WTO's rules.Non-binding arbitration was the best alternative because it takes up less time and money than going through the court system. Since the finalization of the contract, Cad Mex has given marketing right of the viroblax, which is an antibiotic to Gentura. In March of 2012 a viral epidemic hits Cordore. As a result the Cordorean government wants Gentura to subsizied the drug that would be a breach of contract of the payment terms between Gentura and Cad Mex. CadMex has issued license to Gentura to develop medical agents or drugs using a technique that CadMex has developed which reduces the time required to develop the medical agents or drugs. In return, of this know-how, Gentura has provided worldwide marketing rights to CadMex for the drugs that are developed using CadMex's technology. One of the payment clauses of the contract says, "Gentura will pay the licensor, CadMex Pharma, a running royalty equal to 7.5% of Net Sales of the Licensed Product sold by the licensee protected by patent rights." If Gentura subsidizes the production of VioBrax, the payment terms of the contract between Gentura and CadMex will be violated.In event of a contract breach, CadMex has the following options: By taking legal action can affect future relations with Gentura and Candore. At the same time, not taking any action and letting Gentura vary from the payment clause by more than 5% will lead to disregard of the contract by Gentura. If no legal action is taken than claim compensation can be issued. A financial settlement of the dispute will take care of the interests of CadMex Pharma, but such an action can possibly bankrupt Gentura, which will affect CadMex. Another option would be to take no legal action, but share marketing rights for another drug....

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