The US FDA, during its inspection of Ranbaxy's manufacturing facilities in India, between 2006 and 2008, had found violations, incomplete testing records and an inadequate stability programme, besides manufacturing practices that did not follow regulations.
An interview with Ranbaxy CEO and MD Arun Sawhney on the changes in the past four years and how the company plans to address the US concerns.
After completion of its mandatory tender offer in Fortis Healthcare and Fortis Malar Hospitals, Malaysian health care giant IHH Healthcare is aiming to add 2,000 beds in a bid to double down on value creation in India. IHH, which is Asia's largest multinational private healthcare provider, currently has over 5,000 beds across a combined network of 35 hospitals and 11 states.
At present, there is no provision under Drugs Rules, 1945 to address issues of wrong information to obtain regulatory approvals.
D S Brar on Monday announced his decision to step down as chief executive officer and managing director of Ranbaxy when his term expires on July 04
In August, the ED had raided the residential premises of former Ranbaxy CEO Malvinder Mohan Singh and his brother Shivinder Singh in connection with a money laundering case.
Patient safety and quality our guidance now, says CEO and MD Arun Sawhney.
The bitter dispute in the Ranbaxy promoter family took an ugly turn on Wednesday with one section approaching the police against the other, alleging 'illegal construction' at the palatial family house in the heart of the city.
"It will be the team I choose to have with the approval of the board. It is really our call on how to run the business. Certainly, the growth will be higher and so will be the size and scale of the investments. You will see a lot more aggression in terms of leveraging opportunities for the next few years," says Ranbaxy CEO Malvinder Mohan Singh.
The US Congressional Committee's move to probe approvals by the USFDA of the company's drug is a part of the larger game by an MNC -- 'trying to scuttle its deal with Daiichi Sankyo', Ranbaxy CEO Malvider Mohan Singh said in New Delhi. Recently, the department of justice has filed a motion in the US court against Ranbaxy alleging systematic fraudulent conduct and supplying fabricated information to the USFDA.
During the quarter, growth in base business was driven by India and Western Europe.
Shares of Ranbaxy Laboratories on Friday slumped as much as 20 per cent in the morning trade after the USFDA prohibited the company from producing and distributing drugs for the American market from its Toansa plant in Punjab.
When you are the leader, you have to set the pace for the industry
Drug major Ranbaxy Laboratories on Thursday said it plans to launch more generic products in the US market with possible marketing exclusivity, while keeping options open for overseas acquisitions to grow its business in various global markets.
Commenting on the closure of the deal, Ranbaxy CEO Malvinder Mohan Singh said, "The deal has been closed successfully. This puts us well on the path to creating a hybrid business model that will unlock the strengths of both companies to bring unprecedented value to all stakeholders." In June, Japanese firm Daiichi Sankyo had entered into an agreement to buy out the promoters' stake of 34.8 per cent and subsequently made open offer for a 20 per cent stake at Rs 737 per share.
After decades of hunt for fortune abroad, India's pharmaceutical companies now plan to strike gold in their own backyard. Large players from Ranbaxy to Dr Reddy's and Piramal Healthcare are all headed to rural India to boost their revenues.
The group is looking into a new role for Ranbaxy CEO and MD Arun Sawhney.
USFDA consent decree reveals that firm will have to forego huge short-term opportunities for its generics.
Ranbaxy, one of the first Indian companies to set up a venture in China in 1993, is bullish in its operations.
EPIRUS Switzerland GmbH is a wholly-owned subsidiary of Boston-based Epirus Biopharmaceuticals, Inc.
Ranbaxy earned $114 million from its US operations in 2006. It launched 10 new products during the year. The company said that the revenues from the sale of the newly acquired brands would be reflected from the next quarter.
US giant expected to bid for 65% non-promoter stake.
Leading Indian pharmaceutical company Ranbaxy Laboratories Limited has offered to provide oseltamivir phosphate capsules
It had posted net profit of Rs 125.75 crore (Rs 1.25 billion) during the January-March quarter of the previous fiscal, 2012-13.
The court also restrained RHC Holdings from operating its bank accounts except for payment of salaries and statutory dues till March 23, the next date of hearing.
Daiichi Sankyo had entered into a licensing agreement with Sanofi-Aventis in 1993 for marketing levofloxacin (Tavanic) in Europe, Africa, South America and in some countries in Asia. Sanofi-Aventis is currently selling the drug in more than 90 countries under the brand 'Tavanic'.
Ranbaxy has completed the second phase of the clinical trial of a revolutionary anti-malarial drug that could enable it to be the nation's first pharmaceutical company to launch a New Chemical Entity globally.
Ranbaxy Laboratories, the country's biggest drugmaker, is all set to focus its energies in developing and marketing niche products where price erosion is minimal
Sun Pharma's offer was tempting because Ranbaxy was too busy fighting fires in the US to concentrate on operations.
Under the banner of the CII, domestic drug majors have approached Cabinet Secretary BK Chaturvedi for being allowed to present their views on the new pharmaceutical policy, scheduled to be discussed by the Union Cabinet on Thursday.
In keeping with its increased thrust on new markets, Indian pharma major Ranbaxy said on Friday that it has established a subsidiary in Russia with 120 people to begin
Ranbaxy Laboratories on Thursday said it will co-operate fully with any regulator from anywhere in the world wanting to investigate its manufacturing practices.
Continuing with its push in the US market, Ranbaxy Laboratories said on Monday it has acquired the marketing rights for 13 skincare products from Bristol-Myers Squibb Company for $26 million.
The move has come a fortnight after Ranbaxy pleaded guilty in the US to making fraudulent statements to the US drug regulator about testing drugs.
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