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The_Goat
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 Posted: Sun May 19, 2013 3:51 pm Post subject: Yet another 'Reputed' Indian company full of s**t |
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http://features.blogs.fortune.cnn.com/2013/05/15/ranbaxy-fraud-lipitor/?iid=HP_River
Reading this made my blood boil. First the Satyam saga, then the Kingfisher nonsense and now this? Wonder what else will come up? What's up with these bloody businessmen, and why aren't they taking their dumps in prison?
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Nimish
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| Posted: Mon May 20, 2013 4:30 am Post subject: |
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This was truly a terrifying read and hits home given we might have been on these substandard drugs as well..
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Jaysit
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| Posted: Mon May 20, 2013 8:09 am Post subject: |
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It's not just Ranbaxy.
It's the entire Indian pharma industry.
It was not so long ago being heralded as a big success story, but clearly greed and thuggery and corruption have poisoned it much like they have every facet of life in India today. |
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jasepl
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| Posted: Mon May 20, 2013 8:19 am Post subject: Re: Yet another 'Reputed' Indian company full of s**t |
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| The_Goat wrote: | http://features.blogs.fortune.cnn.com/2013/05/15/ranbaxy-fraud-lipitor/?iid=HP_River
Reading this made my blood boil. First the Satyam saga, then the Kingfisher nonsense and now this? Wonder what else will come up? What's up with these bloody businessmen, and why aren't they taking their dumps in prison? |
Satyam and Kingfisher are nothing compared to Ranbaxy, because the former two are largely financial frauds only. Ranbaxy, on the other hand, can (and likely has) affected health and lives directly.
I wonder how Daiichi didn't find anything amiss at all when they bought Ranbaxy. The Japanese are nothing if not meticulous and place more importance on reputation than anything else. Or was it such a sophisticated criminal enterprise?
The most disgraceful part is that the goondas will walk away with at most a slap on the wrist. Naughty boy, don't do it again.
Greed is one thing and people everywhere are greedy, it's not just an Indian trait. But such criminal greed going unpunished is an Indian speciality, along with all the tinpot banana republics.
We like to think we're a world superpower and must have a seat at the big boys' table. If that were true, all of these companies would have lost all their licenses a long time ago and their management behind bars.
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Jaysit
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| Posted: Mon May 20, 2013 8:39 pm Post subject: Re: Yet another 'Reputed' Indian company full of s**t |
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| jasepl wrote: | The most disgraceful part is that the goondas will walk away with at most a slap on the wrist. Naughty boy, don't do it again.
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Ranbaxy's been hit by the US FDA with a $500 million penalty, and massive oversight programs.
If they want to keep selling product in the US (still the world's largest single market for them), they better behave themselves, or else be banned in perpetuity. |
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Nimish
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| Posted: Mon May 20, 2013 8:54 pm Post subject: Re: Yet another 'Reputed' Indian company full of s**t |
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| Jaysit wrote: | Ranbaxy's been hit by the US FDA with a $500 million penalty, and massive oversight programs.
If they want to keep selling product in the US (still the world's largest single market for them), they better behave themselves, or else be banned in perpetuity. |
Any reason there's no criminal action - put some of these fraudsters in Jail for a few years?
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The_Goat
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| Posted: Mon May 20, 2013 10:08 pm Post subject: Re: Yet another 'Reputed' Indian company full of s**t |
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| Jaysit wrote: |
Ranbaxy's been hit by the US FDA with a $500 million penalty, and massive oversight programs.
If they want to keep selling product in the US (still the world's largest single market for them), they better behave themselves, or else be banned in perpetuity. |
According to some sources, the fine may go up to $1 billion.
and Ranbaxy is still selling drugs in the US while we speak. I don't know why the FDA does not withdraw all their drugs from shop shelves and issue an outright ban on all Ranbaxy's products? What is stopping them?
| jasepl wrote: |
I wonder how Daiichi didn't find anything amiss at all when they bought Ranbaxy. The Japanese are nothing if not meticulous and place more importance on reputation than anything else. Or was it such a sophisticated criminal enterprise?
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Exactly! Were they so naiive and stupid( I doubt), or under some kind of duress (why?), or worse, is it something that is so common in all the pharma companies that Daiichi simply didn't bother ?
The one having the last laugh is that SOB Malvinder Singh. Not only did he ruin the company, but also managed to sell it off for $4 billion.
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I don't know which is the more pampered bunch : AI's widebodies (the aunties) or Jet's widebodies (the planes).
-Jasepl |
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jasepl
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Posts: 4257
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| Posted: Tue May 21, 2013 9:58 pm Post subject: Re: Yet another 'Reputed' Indian company full of s**t |
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| Jaysit wrote: | Ranbaxy's been hit by the US FDA with a $500 million penalty, and massive oversight programs.
If they want to keep selling product in the US (still the world's largest single market for them), they better behave themselves, or else be banned in perpetuity. |
Well, good. But this naughty boy business continues unfettered at home.
| The_Goat wrote: | | Exactly! Were they so naiive and stupid( I doubt), or under some kind of duress (why?), or worse, is it something that is so common in all the pharma companies that Daiichi simply didn't bother ? |
I don't know about common, but it happens more often than one would imagine. And all sorts of pharma companies have been found guilty of some fraud or wrongdoing, including the Glaxos and Abbots of the world.
Daiichi though - that whole thing seems bizarre to me. There's got to be more to it, and duress or collusion don't seem likely.
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sri_bom
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| Posted: Fri May 24, 2013 9:36 am Post subject: |
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What concerns me is that if a pharmaceutical company can make such sub-standard product without being caught, I am not sure what all crap goes in biscuits, jams, and other food stuff that is made in India.
Sri_Bom |
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Nimish
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| Posted: Fri May 24, 2013 9:47 pm Post subject: |
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| sri_bom wrote: | What concerns me is that if a pharmaceutical company can make such sub-standard product without being caught, I am not sure what all crap goes in biscuits, jams, and other food stuff that is made in India.
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In some sense, the tighter global controls in Global/MNC companies will probably help reduce some of the fraud.
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