Ranbaxy signs pact with German insurance firm

Drug major Ranbaxy Laboratories today said its wholly-owned European subsidiary, Basics Gmbh has entered into an agreement with German health insurer AOK Baden-Wutrttemberg (AOK) for supplying drugs.

Under the agreement, Basics Gmbh would supply antibiotic drug 'Cefaclor Basics' and, 'Tamsulosin Basics', used in the treatment of kidney stone and benign prostatic hyperplasia, to subscriber of AOK, the company said in a statement.

The agreement, which run for two year would come into effect on June 1, 2009, the company added.

As per this agreement, patient insured by AOK would have to buy these medicines from Basics Gmbh's portfolio to avail the benefit of insurance, a Ranbaxy official said.

The tie up with AOK would make the Basics product available to all 24 million AOK subscribers.

"It will be our endeavour to further strengthen and continue this mutually beneficial relationship with AOK," Basics Gmbh Managing Director Sabine Radl said.