1 Updates
Ranbaxy to pay $420,000 in US for sub-standard drugs
Photo Credit: FRED DUFOUR, Getty Images

Ranbaxy to pay $420,000 in US for sub-standard drugs

Jul 9 2013, 8:18am CDT | by

Washington, July 9 (IANS) Ranbaxy Laboratories, controlled by Japan's Daiichi Sankyo Group, will pay Idaho state in northwestern US nearly $420,000 to settle civil and criminal complaints of selling drugs of inferior strength, purity or quality in a case that dates back "several years".

Washington, July 9 — Ranbaxy Laboratories, controlled by Japan's Daiichi Sankyo Group, will pay Idaho state in northwestern US nearly $420,000 to settle civil and criminal complaints of selling drugs...

Filed under: news

Full Story below YouTube Videos

 
 

 

40 weeks ago

Ranbaxy to pay $420,000 in US for sub-standard drugs

Jul 9 2013, 8:18am CDT | by

Washington, July 9 (IANS) Ranbaxy Laboratories, controlled by Japan's Daiichi Sankyo Group, will pay Idaho state in northwestern US nearly $420,000 to settle civil and criminal complaints of selling drugs of inferior strength, purity or quality in a case that dates back "several years".

Washington, July 9 — Ranbaxy Laboratories, controlled by Japan's Daiichi Sankyo Group, will pay Idaho state in northwestern US nearly $420,000 to settle civil and criminal complaints of selling drugs of inferior strength, purity or quality in a case that dates back "several years".

Idaho had joined several states and the US government in alleging that Ranbaxy products manufactured between April 2003 and September 2010 did not meet US Food and Drug Administration standards and caused Medicaid to pay fraudulent claims.

Medicaid is a US health programme for families and individuals with low income and resources. The alleged 26 sub-standard generic drugs were made at Ranbaxy's factories in Paonta Sahib and Dewas in India.

The company agreed to a $500 million settlement with the federal and state governments. About $266.7 million of that will go to Medicaid programmes that are jointly funded by federal and state taxes.

"Taxpayers expect their tax dollars to be used to pay for a legitimate service," Idaho Attorney General Lawrence Wasden said in a press release. "This settlement reflects our resolve to address losses to the Idaho Medicaid programme caused by individuals and companies."

In an e-mail statement to IANS, Ranbaxy clarified that this was not a new issue. "This amount is part of the $500 million settlement with the US DOJ (Department of Justice), which Ranbaxy announced on May 13, 2013."

On the same day Ranbaxy had said that the investigations pertained to conduct which occurred several years ago, and that the present management had fully cooperated with the DOJ.

It also said that it had since strengthened its data integrity and manufacturing processes to comply with all regulatory requirements, alluding that its drugs made at the two facilities were safe.

Idaho's share of the settlement is $419,914. About half of that will go to Idaho Medicaid as restitution, and about half will go to Idaho's general fund.

The company also pleaded guilty to seven felony counts of violating the US Food, Drug and Cosmetic Act and agreed to pay $150 million in criminal fines and forfeitures.

IANS

Source: IANS

 

Don't miss ...

 

<a href="/latest_stories/all/all/8" rel="author">Luigi Lugmayr</a>
Luigi is the founding Chief Editor of I4U News and brings over 15 years experience in the technology field to the ever evolving and exciting world of gadgets. He started I4U News back in 2000 and evolved it into vibrant technology magazine.
Luigi can be contacted directly at ml@i4u.com. Luigi posts regularly on LuigiMe.com about his experience running I4U.

 

blog comments powered by Disqus

Latest stories

Korea Ship Tragedy: Parents Go From Anger To Acceptance While Nation Wallows In Shame
On the crowded floor of the gymnasium in the incredibly pleasant town of Jindo, on the southwestern Korean coast, hundreds of people are going through all the stages of grief. There has been anger, denial, bargaining...
 
 
How To Choose The Right Medium For Your Message
From music streaming services to magazine mobile apps, the last few years have brought us an array of options when it comes to choosing a message’s medium. New platforms, like Vine, have even reinvented publishing...
 
 
New Medicare Data Reveal Startling $496 Million Wasted On Chiropractors
Ten days ago, the federal government released a huge data set detailing how it spent $77 billion in Medicare funds in 2012 to over 880,000 health care providers. The release of this data is part of a new transparency...
 
 
Vault-Like Services Could Be Next Fantasy Sports Success Stories
Billions of dollars are being exchanged among fantasy sports participants, which has led to the rise of subsectors within the fantasy gaming industry.  The most well-known subsector is the rapidly rising daily fantasy...
 
 
 

Latest from the Network

How To Choose The Right Medium For Your Message
From music streaming services to magazine mobile apps, the last few years have brought us an array of options when it comes to choosing a message’s medium. New platforms, like Vine, have even reinvented publishing...
Read more on Business Balla
 
New Medicare Data Reveal Startling $496 Million Wasted On Chiropractors
Ten days ago, the federal government released a huge data set detailing how it spent $77 billion in Medicare funds in 2012 to over 880,000 health care providers. The release of this data is part of a new transparency...
Read more on Business Balla
 
Vault-Like Services Could Be Next Fantasy Sports Success Stories
Billions of dollars are being exchanged among fantasy sports participants, which has led to the rise of subsectors within the fantasy gaming industry.  The most well-known subsector is the rapidly rising daily fantasy...
Read more on Business Balla
 
The Pain & Pleasure Of Branded Social Media
During a recent Bulldog webinar on the subject of media relations 2.0, a senior communications professional from the Public Broadcasting System (PBS) noted that when the organization wanted to announce news, it simply...
Read more on Business Balla
 
Counting Jack Ma's $5 Billion Shopping Spree In 2014
So, how is your 2014 going? For Jack Ma, the past five months were one crazy shopping spree. The 49-year-old billionaire founder and executive chairman of Alibaba Group has been involved in eight major deals with a...
Read more on Business Balla
 
The Weekly Oil & Gas Follies
The Weekly Oil and Gas Follies – Volume 42, April 21, 2014 In which we drill down into the @GDBlackmon Twitter feed to briefly chronicle the week’s silliness, shenanigans, fake news and real news related to the oil and...
Read more on Business Balla
 
The Challenges Of Remote Management: One Manager's Perspective
Sometimes it seems you can learn more about management from sitting at a bar than from reading a textbook. I was recently sitting at a bar at a resort with my wife, and began to chat with the man sitting next to me. ...
Read more on Business Balla
 
Weekend Box Office: Johnny Depp's 'Transcendence' Flops, 'Heaven Is For Real' Soars
Heaven Is For Real is to The Grudge as God’s Not Dead is to The Ring. As the first major Christian-centric film to drop after the surprisingly successful God’s Not Dead, Heaven Is For Real got to capitalize on being the...
Read more on Business Balla
 
How Michael Jordan Outsmarted Robert Johnson And Herb Kohl
The agreed to sale of the Milwaukee Bucks last week by Herb Kohl to Marc Lasry and Wesley Edens for $550 million shows how Michael Jordan outsmarted a billionaire and a U.S. senator. In June 2003, Jordan was considering...
Read more on Business Balla
 
Whatever Happened To Volvo: New York Auto Show Has Answers
NEW YORK — Volvo Cars of North America is on the rebound, neatly symbolized by the new 2015 Volvo V60 station wagon, on display at the New York International Auto Show. “We brought back the wagon – but not the old kind...
Read more on Auto Balla
 
 
Auto Balla Sexy Balla Sport Balla TV Balla Politics Balla Movie Balla Apple Balla Business Balla Ad Balla Celebrity Balla