Tuesday, May 14, 2013

$500 Million Penalty

$500 Million Penalty,  A subsidiary of India's largest pharmaceutical company has agreed to pay a record $500 million in  penalties and fines for selling adulterated drugs and lying to federal regulators in a case that is part of an ongoing crackdown on the quality of generic drugs flowing into the U.S.
Federal prosecutors say the guilty plea by Ranbaxy USA Inc. represents the largest financial penalty against a generic drug company for violations of the Federal Food, Drug and Cosmetic Act, which prohibits the sale of impure drugs.
The deal, announced Monday, concludes a years-long federal investigation into Ranbaxy's manufacturing deficiencies. The Food and Drug Administration in 2008 barred from Ranbaxy from importing more than 30 different drugs made at factories in India and, two years ago, struck a deal that required the company to ensure that data on its products is accurate, undergo extra oversight and review from a third-party and improve its drug making procedures.

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