How will Ranbaxy Laboratories' $500 million manufacturing settlement affect its business in the U.S.? Take your pick: It will either revive the company's exports to the States, or it will drag down its U.S. reputation, adding insult to the injury of $500 million in already-lost sales.
The India-based generics maker pleaded guilty to U.S. drug safety violations and agreed to pay $500 million in penalties, in the largest-ever federal settlement with a maker of copycat drugs.
The Indian drugmaker will pay the largest ever drug safety settlement for a generic manufacturer--$500 million--to put the case to rest.
India's largest generic drugmaker blamed a 90% drop in first-quarter profit on the fact it just couldn't match the same period last year when it launched its exclusive generic version of Lipitor, the world's best-selling drug.
Lipitor as a loss leader? That's the approach Wegmans' pharmacies are taking. As the Philadelphia Inquirer reports, the grocery store chain offers generic versions of Lipitor for free, as a way to bring in new pharmacy customers. And the promotion must be successful--Wegmans just extended it through the end of this year.
With generous tax laws, incentives and a location ideal for servicing Southeast Asia, Malaysia is drawing new plants from manufacturers looking to expand in those markets.
Generic drugmaker Mylan ($MYL), impatient that money is sitting on the table, has sued the FDA to try to snatch the rights to produce a generic of Novartis' ($NVS) blockbuster blood pressure med, Diovan.
Ranbaxy Laboratories is trying to determine if a missing fragment of glass from a shield of a piece of machinery at a plant in India is the source of the problem that has caused it to halt production on its lucrative generic Lipitor product
The market has been focused this week on the recall of generic Lipitor by Ranbaxy Laboratories but it turns out there was another Indian generics company that recently retrieved a key generic drug.
The potential manufacturing glitches that Ranbaxy Laboratories has been having with generic Lipitor production are more complicated than initially suggested when the Indian generics maker ordered a recall last week because some pills may contain tiny glass particles. It turns out there was an earlier recall three months ago because of possible mispackaged pills that escaped broad public notice.