News: Ranbaxy settles US suits, to pay fines of $500 million

C-Suite

Ranbaxy settles US suits, to pay fines of $500 million

On May 13, 2013, an eight-year criminal and civil investigation against generic drug maker Ranbaxy Laboratories came to an end with the pharmaceutical giant pleading guilty to felony charges related to drug safety, Reuters reported. 

On May 13, 2013, an eight-year criminal and civil investigation against generic drug maker Ranbaxy Laboratories came to an end with the pharmaceutical giant pleading guilty to felony charges related to drug safety, Reuters reported. 
The company will now pay $500 million in fines under the settlement agreement with the US Department of Justice, the largest-ever settlement for a generic drug maker. Former Ranbaxy executive Dinesh Thakur uncovered the unsafe practices and violations in the company, the report said.
Thakur, a former director of research information & project management at Ranbaxy, accused the company of manufacturing adulterated drugs – acne drug Sotret, epilepsy and nerve pain drug gabapentin and antibiotic ciprofloxacin – at its facilities in Paonta Sahib and Dewas in India. “Ranbaxy’s management was notified of these widespread problems. When they failed to correct the problems, it left me with no choice but to alert healthcare authorities,” Thakur said in a statement. As the whistle-blower in the case, Thakur will get $48.6 million.
“While we are disappointed by the conduct of the past that led to this investigation, we strongly believe that settling this matter now is in the best interest of all of Ranbaxy’s stakeholders,” Ranbaxy Chief Executive Arun Sawhney said in a statement.
 

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Topics: C-Suite, #Updates

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