DOI: 10.33917/es-4.162.2019.120-125

Many innovative drugs used in key therapeutic areas and in such diseases like cancer, hepatitis C, diabetes and many others are an integral part of state insurance programs and reimbursement schemes. Meanwhile, often due to the high cost of medicines and budget constraints, the need of all patients requiring treatment cannot be satisfied. This problem is extremely relevant both in industrialized countries, such as the USA, Great Britain, France, Germany and in such relatively young pharmaceutical markets like Russia. In many countries, there is a law on redemption of patent rights from manufacturers, which allows the state subsequently to provide patients with the necessary therapy almost at the drug’s cost price. However, this practice is not widespread and is really used in isolated instances, even in the leading world countries. The purpose of the present article is to substantiate the need for broad application of the scheme of the patent use redemption by the state using the example of drugs for treating hepatitis C in the USA, where this law has been functioning for many years. During the study, we analyzed the works of leading foreign authors in the field of pharmaceuticals and patent protection, as well as legislative and regulatory documents, statistical materials of international databases on the industry over the past years

The question, that the author posts, is what lawyers (namely legal theorists), should do with “capitalism”. Moreover, he wonders whether they competent to post that question at all. Some of economic solutions sound as definitely legal: unity of the economic system (the idea of being united within some society); natural figures as the indicators of growth instead of values and prices; legal obstacles over the process broad money creation by commercial banks. In this regard, they could try to discover some “legal” principles underlying economic system. Therefore, this essay is an attempt to “deconstruct” or to propose that some economic notions are the emanations of the mere legal thinking, not the emanations of capitalism

In the presented clause analyzes fiduciary principles which allow to soften the conflict of interests between organs of government and shareholders of the company. The author considers the institute of fiducia as one of methods of the decision of an agency problem or a problem «principal-agent». Imposing of fiduciary duties on a management (management, board of directors) allows to estimate the contribution of body of government to result of activity of the company to identify wrongful acts of management (reception of personal rents, fulfillment of obviously unprofitable transactions).

Availability of a strong financial cluster is one of the key conditions for further economic growth of the Russian Federation. The purpose of its creation is to form conditions for protecting investors and providing efficiency, transparency and development of the national stock market and enhancing its international attractiveness. In this article, the author, having analyzed the world experience in establishing a financial center and working out its development concept, recommends to create an Agency for Financial Cluster (Center) Regulation or an Investment Agency. In turn, it is recommended for the agency to establish an international council as a consultative and advisory body. In such a situation, priority of the state policy should become the improvement of system-forming factors that have a long-term impact on forming the practice of financial institutions activity: the quality of state regulation; the quality of corporate legislation; availability of reliable and high-quality information, as well as free access to it; the level of development of the financial sector infrastructure, the level of trust and awareness of the public about financial sector services (financial literacy realization); training of professional personnel for financial market; improvement of accounting and taxation of financial market participants and financial instruments.

If you mention in Hungary the name of the lawyer Ivan Szabo, everyone immediately remembers the case with the water canal of the city of Pecs and the SUEZ company. He described the details of these judicial proceedings in his interview with the ES magazine, emphasizing the exceptional importance of this case for the water law.

In the proposed article, the authors state inconsistency between the juvenile justice system in contemporary Russia and the population needs. To explain this phenomenon, the authors make a brief historical digression and trace the transformation of traditional family into the nuclear one, alongside with changes in the structure of individual’s needs, conditioned by technological progress. The authors analyze the role of the state in the said process, which, according to the authors, contributes to erosion and destruction of the traditional family values, stimulates decrease in the birth rate among the indigenous population and, at the same time, its increase among migrants, where the values of traditional family continue to dominate due to historical conditions. According to the authors, erosion and transformation of the values of a traditional family and its death as such is just as inevitable as scientific and technological progress. Solution of the problem seems to be in humanizing juvenile justice system and bringing its practice in conformity with the population mentality.

The present article discusses the features of the corporate fraud and shocks influence on the capital structure of the company. Actions of Russian companies related to distortion of the accounting reports, implementation of deals with some interest (exceeding authority by the board of directors), sham transactions aimed at withdrawal of assets from the company (damage to the company and its shareholders), as well as obtaining unjustified tax benefit, contribute to financial restrictions and increase the lack of companies’ transparency. On the other hand, the impact of adverse market shocks makes Russian companies to focus on saving large amounts of money inside the company. In addition, the paper examines the effect of adverse shocks on changes in the debt policy of the company. Attention is drawn to the link between corporate fraud and financial policies of the company in view of adverse shocks impact on the sources of funding. Fraud causes the situation when Russian companies tend to save more money because of additional restrictions related to involving debt finance. Analysis results suggest that companies choose the internal source of financing as less expensive, following the hierarchical theory of optimal funding. The accumulated monetary reserves allow them to overcome at lower costs the effects of adverse shocks that determine financial instability. Corporate fraud and adverse shocks affect the company’s financial policy, forcing it to rely more on internal financing and to constantly increase its cash reserves, solving the problem associated with financial constraints.