Today's Headlines - 19 August 2023
WHO holds first traditional medicine summit
GS Paper - 3 (Health and Diseases)
The World Health Organization opened its first summit on traditional medicine with the group saying it was seeking to collect evidence and data to allow for the safe use of such treatments. Traditional medicines are a "first port of call for millions of people worldwide", the UN health agency said.
More about the summit
The two-day WHO Traditional Medicine Global Summit takes place alongside a meeting of G20 health ministers in the Indian city of Gandhinagar.
The first global traditional summit, co-hosted by the World Health Organization (WHO) and the Ministry of Ayush.
This summit is designed to foster political commitment and evidence-based action in the field of traditional medicine.
As a vital healthcare source for millions worldwide, traditional medicine will be closely examined and evaluated as a formidable force in addressing health and well-being needs.
With a wide array of engagement groups, working groups, and meetings, this event aims to represent the interests of the Global South countries within the G20 framework.
The theme of "One Earth, One Family, One Future" embodies India's philosophy of Vasudhaiva Kutumbakam.
More about traditional medicine
The UN health agency defines traditional medicine as the knowledge, skills and practices used over time to maintain health and prevent, diagnose and treat physical and mental illness.
But many traditional treatments have no proven scientific value and conservationists say the industry drives a rampant trade in endangered animals -- including tigers, rhinos and pangolins -- threatening the existence of entire species.
Use of homemade remedies soared during the Covid-19 pandemic, including a green herbal drink based on Artemisia that was promoted by Madagascar's president as a cure.
The plant has a proven efficacy in malaria treatment, but its use to combat Covid was widely scorned by many doctors.
In China, traditional medicine has a distinguished history, but top European medical bodies have previously demanded it be subject to the same regulatory oversight as conventional medical methods.
Flashback
Of the WHO's 194 member states, 170 acknowledged their use of traditional and complementary medicine since 2018, but only 124 reported having laws or regulations for the use of herbal medicines -- while only half had a national policy on such methods and medicines.
About 40 percent of approved pharmaceutical products currently in use derive from a "natural product basis", according to the WHO, which cited "landmark drugs" that derive from traditional medicine, including aspirin, drawing on formulations using willow tree bark.
#upsc #news #headline #WHO #traditional #medicine #health #diseases #data #millions #worldwide #ministry #gandhinagar #global #vasudhaiva #kutumbakam #earth #framework #force #future #philosophy #agency #mental #illness #artemisia #species #pandemic #remedies #herbal #madagascar #european #regulatory #complementary #reported #pharmaceutical #products #natural
WHO holds first traditional medicine summit
GS Paper - 3 (Health and Diseases)
The World Health Organization opened its first summit on traditional medicine with the group saying it was seeking to collect evidence and data to allow for the safe use of such treatments. Traditional medicines are a "first port of call for millions of people worldwide", the UN health agency said.
More about the summit
The two-day WHO Traditional Medicine Global Summit takes place alongside a meeting of G20 health ministers in the Indian city of Gandhinagar.
The first global traditional summit, co-hosted by the World Health Organization (WHO) and the Ministry of Ayush.
This summit is designed to foster political commitment and evidence-based action in the field of traditional medicine.
As a vital healthcare source for millions worldwide, traditional medicine will be closely examined and evaluated as a formidable force in addressing health and well-being needs.
With a wide array of engagement groups, working groups, and meetings, this event aims to represent the interests of the Global South countries within the G20 framework.
The theme of "One Earth, One Family, One Future" embodies India's philosophy of Vasudhaiva Kutumbakam.
More about traditional medicine
The UN health agency defines traditional medicine as the knowledge, skills and practices used over time to maintain health and prevent, diagnose and treat physical and mental illness.
But many traditional treatments have no proven scientific value and conservationists say the industry drives a rampant trade in endangered animals -- including tigers, rhinos and pangolins -- threatening the existence of entire species.
Use of homemade remedies soared during the Covid-19 pandemic, including a green herbal drink based on Artemisia that was promoted by Madagascar's president as a cure.
The plant has a proven efficacy in malaria treatment, but its use to combat Covid was widely scorned by many doctors.
In China, traditional medicine has a distinguished history, but top European medical bodies have previously demanded it be subject to the same regulatory oversight as conventional medical methods.
Flashback
Of the WHO's 194 member states, 170 acknowledged their use of traditional and complementary medicine since 2018, but only 124 reported having laws or regulations for the use of herbal medicines -- while only half had a national policy on such methods and medicines.
About 40 percent of approved pharmaceutical products currently in use derive from a "natural product basis", according to the WHO, which cited "landmark drugs" that derive from traditional medicine, including aspirin, drawing on formulations using willow tree bark.
#upsc #news #headline #WHO #traditional #medicine #health #diseases #data #millions #worldwide #ministry #gandhinagar #global #vasudhaiva #kutumbakam #earth #framework #force #future #philosophy #agency #mental #illness #artemisia #species #pandemic #remedies #herbal #madagascar #european #regulatory #complementary #reported #pharmaceutical #products #natural
Today's Headlines - 10 September 2023
Self Regulatory Organisation for fintechs
GS Paper - 3 (Economy)
Reserve Bank of India (RBI) Governor Shaktikanta Das has asked fintech entities to form a Self-Regulatory Organisation (SRO). An SRO can help in establishing codes of conduct for its members that foster transparency, fair competition, and consumer protection. It can act as a watchdog and encourage members to adopt responsible and ethical practices. It can provide a link between the regulator and market participants through a less formal set-up.
What is an SRO?
An SRO is a non-governmental organisation that sets and enforces rules and standards relating to the conduct of entities in the industry (members) with the aim of protecting the customer and promoting ethics, equality, and professionalism. SROs typically collaborate with all stakeholders in framing rules and regulations.
Their self-regulatory processes are administered through impartial mechanisms such that members operate in a disciplined environment and accept penal actions by the SRO.
An SRO is expected to address concerns beyond the narrow self-interests of the industry, such as to protect workers, customers or other participants in the ecosystem.
Regulations, standards, and dispute resolution and enforcement by an SRO get legitimacy not just by mutual agreement of its members, but also by the efficiency with which self-regulation is perceived to be administered.
Such regulations supplement, but do not replace, applicable laws or regulations, according to the Reserve Bank of India.
What is the need for an SRO?
As regulators continue to contemplate, implement, and refine regulations for the orderly development of the fintech sector, SROs could play a pivotal role in the fintech industry by promoting responsible practices and maintaining ethical standards.
There have been many instances where a few fintech players were involved in unethical practices such as charging exorbitant higher interest rates and harassment of borrowers for recovering loans.
What are the benefits of an SRO?
SROs are widely considered experts in their fields and so have in-depth knowledge of the markets they operate in. This is helpful to their members as they can be called in to participate in deliberations and learn more about the nuances of the industry.
Formation of SROs ensures member organisations follow a certain standard of conduct that helps promote ethical ways of doing business, which can lead to enhanced confidence in the ecosystem.
They can serve as a watchdog to guard against unprofessional practices within an industry or profession.
What are the functions of an SRO?
The recognised SRO will serve as a two-way communication channel between its members and the RBI.
It will work towards establishing minimum benchmarks and standards and help instil professional and healthy market behaviour among its members.
SROs will impart training to the staff of its members and others and will conduct awareness programmes. It will establish a uniform grievance redressal and dispute management framework across its members.
#upsc #news #headline #self #regulatory #fintechs #Economy #RBI #shaktkantaidas #organisation #consumer #protection #watchdog #ethical #regulator #link #SRO #enforces #rules #stakeholders #mechanisms #industry #workers #resolution #dispute #laws #supplement #india #sector #grievance
Self Regulatory Organisation for fintechs
GS Paper - 3 (Economy)
Reserve Bank of India (RBI) Governor Shaktikanta Das has asked fintech entities to form a Self-Regulatory Organisation (SRO). An SRO can help in establishing codes of conduct for its members that foster transparency, fair competition, and consumer protection. It can act as a watchdog and encourage members to adopt responsible and ethical practices. It can provide a link between the regulator and market participants through a less formal set-up.
What is an SRO?
An SRO is a non-governmental organisation that sets and enforces rules and standards relating to the conduct of entities in the industry (members) with the aim of protecting the customer and promoting ethics, equality, and professionalism. SROs typically collaborate with all stakeholders in framing rules and regulations.
Their self-regulatory processes are administered through impartial mechanisms such that members operate in a disciplined environment and accept penal actions by the SRO.
An SRO is expected to address concerns beyond the narrow self-interests of the industry, such as to protect workers, customers or other participants in the ecosystem.
Regulations, standards, and dispute resolution and enforcement by an SRO get legitimacy not just by mutual agreement of its members, but also by the efficiency with which self-regulation is perceived to be administered.
Such regulations supplement, but do not replace, applicable laws or regulations, according to the Reserve Bank of India.
What is the need for an SRO?
As regulators continue to contemplate, implement, and refine regulations for the orderly development of the fintech sector, SROs could play a pivotal role in the fintech industry by promoting responsible practices and maintaining ethical standards.
There have been many instances where a few fintech players were involved in unethical practices such as charging exorbitant higher interest rates and harassment of borrowers for recovering loans.
What are the benefits of an SRO?
SROs are widely considered experts in their fields and so have in-depth knowledge of the markets they operate in. This is helpful to their members as they can be called in to participate in deliberations and learn more about the nuances of the industry.
Formation of SROs ensures member organisations follow a certain standard of conduct that helps promote ethical ways of doing business, which can lead to enhanced confidence in the ecosystem.
They can serve as a watchdog to guard against unprofessional practices within an industry or profession.
What are the functions of an SRO?
The recognised SRO will serve as a two-way communication channel between its members and the RBI.
It will work towards establishing minimum benchmarks and standards and help instil professional and healthy market behaviour among its members.
SROs will impart training to the staff of its members and others and will conduct awareness programmes. It will establish a uniform grievance redressal and dispute management framework across its members.
#upsc #news #headline #self #regulatory #fintechs #Economy #RBI #shaktkantaidas #organisation #consumer #protection #watchdog #ethical #regulator #link #SRO #enforces #rules #stakeholders #mechanisms #industry #workers #resolution #dispute #laws #supplement #india #sector #grievance