Record $500 million in drug safety fines
Tuesday, May 14, 2013 11:07 AM
An Indian generic drugmaker pleaded guilty on Monday to felony charges related to drug safety and will pay $500 million in civil and criminal fines under a settlement agreement with the U.S. Department of Justice, Reuters reported. The federal government's settlement with Ranbaxy Laboratories Ltd. is the largest ever with a generic drugmaker over drug safety issues, according to the Justice Department. It includes $150 million in payments for a criminal fine and forfeiture and $350 million in payments for civil claims. The company reached a related settlement agreement with the U.S. Food and Drug Administration in 2011.