WASHINGTON: It wasn’t the best Valentine’s Day for Ranbaxy. US authorities conducted a raid on the New Jersey premises of the Indian pharmaceutical company for unspecified reasons.
Ranbaxy officials confirmed the raid but said the company was not aware of any wrongdoing, adding the raids had come as a surprise. The raiding authorities are believed to be from the Food and Drug Administration (FDA).
While Ranbaxy officials said they are cooperating fully with the authorities and the company’s operations continue normally, reports from New Jersey said the facility has been shut down. Local reporters who arrived at the scene were asked to clear out of the premises.
Ranbaxy has been locked in an epic fight with western drug giants over the past few years, most notable with Pfizer in a David vs Goliath battle over the sale of the multi-billion dollar cholesterol lowering money spinner Lipitor.
Ranbaxy makes generic versions of many such drugs and sells it at a fraction of the price of patented drugs, much to the irritation of big pharma.
The Indian pharma major entered the US market in 1995; the US is now the largest market for the company. More recently, Ranbaxy has challenged some of these patents in US courts.
“Ranbaxy, today, operates in a complex global business environment in one of the most highly competitive and regulated industries. Over the decades, the company has consistently delivered high quality affordable medicines to millions across the world, including those in the most demanding markets,” the company said in a statement, confirming the raid.
Read full article: Economic Times