
Ranbaxy Pays $500 Million Fine for Selling Bad Batches of Generic Medicines
Source: Corpwatch
Ranbaxy, a subsidiary of Japanese pharmaceutical company Daiichi Sankyo, has paid a $500 million fine and pled guilty to selling adulterated drugs manufactured in India. The settlement comes 16 months after the company signed an agreement with U.S. authorities to change its ways.
The 75 year old company was founded in Amritsar, India, as a distributor of anti-tuberculosis medicines and vitamins for Shionogi, another Japanese company. In June 2008, it was bought for $4.6 billion by Daiichi Sankyo and today it is one of India’s top pharmaceutical exporters to the U.S. with $453 million in sales last year.