Drug major Ranbaxy Laboratories today said it has taken several steps in recent years, including investment of $300 million across manufacturing facilities, to ensure safety and efficacy of its products in the global market.
"In recent years we have made significant improvements in the way we conduct our business to ensure greater quality control and have made investments of over $300 million in our manufacturing facilities to install state-of-the-art technologies," Ranbaxy CEO and Managing Director Arun Sawhney said in a statement.
Sawhney said that Ranbaxy is a different company today.
"The steps we have taken over the recent years reflect the wide-ranging efforts of the current board and management to address certain conduct of the past and ensure that Ranbaxy moves forward with integrity and professionalism in everything we do," he added.
Last week, pleading guilty to "felony charges" relating to manufacture and distribution of certain adulterated drugs made at two India units, the US subsidiary of Ranbaxy had agreed to pay $500 million in settlement with the US authorities.
The generic drugs at issue were manufactured at Ranbaxy's facilities in Paonta Sahib and Dewas in India.
Meanwhile, in a separate statement the Japanese parent of Ranbaxy, Daiichi Sankyo said it continues to support Ranbaxy in its efforts to address and correct the conduct of the past which led to the investigations by the US Department of Justice (DoJ) and the USFDA.
"Daiichi Sankyo believes that certain former shareholders of Ranbaxy concealed and misrepresented critical information concerning the US DoJ and FDA investigations. Daiichi Sankyo is currently pursuing its available legal remedies," the Japanese firm said.
Sawhney said Ranbaxy has instituted a rigorous new code of conduct for all employees, with clear accountability for compliance.
Ranbaxy said it has taken several actions including, upgrading its business and manufacturing processes and building a culture of accountability and excellence across all levels of the organisation.
The company has reconstituted the Board of Directors and executive management team since the acquisition of a majority stake in Ranbaxy by Daiichi Sankyo in 2008, it added.
"The new team is committed to building and maintaining a culture of accountability, steadfast regulatory adherence and continuous improvement in quality across all levels of the organisation," Ranbaxy said.
The company scrip closed at Rs 431.10 on the BSE, down 1.20% from its previous close.