India’s First Overseas Jan Aushadi Kendra Inaugurated in Mauritius

• India’s first overseas Jan Aushadi Kendra inaugurated in Mauritius under the India-Mauritius health partnership project.
  • This initiative exemplifies India’s deepening ties with the Indian Ocean Region (IOR) nations.

About Jan Aushadi Kendras:

• Jan Aushadhi Kendras have been set up to make affordable generic medicines available to all.
  • Generic drugs are drugs with a similar composition as the branded drugs, but made once the patent ends. 
  • India is primarily a branded generic drugs market, where several pharma companies sell their own brands of generic molecules
  • Trade generics are sold directly to hospitals and dis­pen­saries. In the absence of marketing costs, the prices of non-branded generics are very low.
• Parent Scheme: PM Bhartiya Janaushadhi Pariyojana (PMBJP) is a scheme launched by the Department of Pharmaceuticals to provide quality generic medicines at affordable prices to all, particularly the poor and disadvantaged, through exclusive outlets called Jan Aushadhi Kendras/Medical Stores.
• Implemented by: Pharma & Medical Bureau of India (PMBI), Ministry of Chemicals and Fertilisers.
  • The PMBI is a government agency that coordinates the supply, procurement, and marketing of generic drugs through the Jan Aushadhi Kendras.
  • It  is part of the Department of Pharmaceuticals and is responsible for implementing the PM Bhartiya Janaushadhi Pariyojana (PMBJP).

Benefits of Jan Aushadhi Kendras:

• Increased affordability of medicines: Jan Aushadhi Kendras have significantly reduced healthcare costs for many people and reduced out-of-pocket expenditure.
• Improved access to medicines: They have made essential medicines more readily available in previously underserved areas.
• Promotion of rational medicine use: These Kendras provide information and counselling on the appropriate use of medicines, which can help to reduce misuse and overuse.

About Mauritius:

• Location: Mauritius is an island country in the Indian Ocean, located off the eastern coast of Africa.
• Origin: It is volcanic in origin and is almost entirely surrounded by coral reefs.
• Capital: Port Louis
• Languages: English, French, Mauritian Creole
• Climate: Maritime subtropical

Cryptocurrency Firm WazirX Suffered  Major Security Breach. 

• WazirX, a major Indian cryptocurrency firm, suffered a massive cyberattack, with hackers allegedly stealing over $230 million, nearly half of the platform’s reserves.
  • It is reported to be the largest security breach of a cryptocurrency exchange in India.
  • The incident underscores the security challenges cryptocurrency exchanges face and their growing vulnerability to global hackers.
  • The company has temporarily halted rupee and crypto withdrawals on the platform.
• Cause of Breach: Discrepancy between data displayed on Liminal’s interface and actual transaction contents.
  • Liminal is a separate digital asset custody and wallet infrastructure provider.
• Associated Data: According to blockchain data platform Chainalysis, over $3.8 billion worth of cryptocurrency was stolen from users in 2022. 
• • In 2023, the number came down to about $1.7 billion.
  • The biggest crypto hack so far took place in March 2022 when hackers attacked the Ronnin network. They stole about $625 million worth of Ethereum and the USDC stablecoin.

About Cryptocurrency:

• Cryptocurrency is a bank-independent digital currency that uses a decentralised technology called blockchain to record and verify transactions in a digital ledger without any third-party interference or central authority monitoring the deal.
• The transactions are facilitated by cryptography, and a virtual wallet is used for sending and receiving money to ensure the safety and anonymity of transactions.
• Examples of crypto currency are Bitcoin, Etherum, Ripple and Litecoin.
• Cryptocurrencies are not a Legal Tender in India. 

Terminologies to be remembered:

• Whitelisting: Whitelisting is a cybersecurity strategy that only allows an approved list of applications, programs, websites, IP addresses, email addresses, or IP domains, to run in a protected computer or network.
• MultiSig Wallet: A cryptocurrency wallet known as a MultiSig wallet (Multi-Signature wallet) involves the usage of two or more private keys to sign and approve transactions.
  • These wallets are most useful when cryptocurrency or other digital assets are owned by multiple individuals or are held in custody by a company.