Addressing International Legal and Ethical Issues
In this simulation CadMex Pharma a pharmaceutical company in the U.S and Gentura a biotech company in the country of Candore are facing international contracts, transactions,, and sublicensing agreements. Gentura will provide licensing rights to their hypothetical anti diabetic drug in exchange Cadmex’s global experience and quick manufacturing techniques hoping to lead them into a bigger profitable company. •What are the issues involved in resolving legal disputes in international transactions? Resolving legal disputes internationally requires a different handling of transactions. Contracts for the International Sale of Good is a common choice of law as it protects more than local laws. It is important to consider International arbitration, as it is recognized more internationally then local courts only. Reaching an agreement is quick and more economical.
•What are some practical considerations of taking legal action against a foreign business partner based in another country? A consideration is the length of time arbitration can take. In the U.S six months is the average while internationally it could take up to a year. Out of court financial settlements tent to work out better for all involved. Other considerations is the loss financially and public goodwill.
•What factors could work against CadMex's decision to grant sublicensing agreements? Some Factors to consider when sublicensing is that amount of time and financial impact it has with adding even more of an investment. Another factor is if the generic drug will really have the same benefits as the name brand will the pharmaceutical company be at the same standards they have already established.
•When the local customs and laws conflict with the customs and laws of an organization operating abroad, which should prevail? It is the best interest of both organizations to come...