On Tuesday, Indian pharmaceutical company, Ranbaxy Laboratories, Ltd. announced that it had reached a settlement agreement with the U.S. Food and Drug Administration regarding its manufacturing practices.

Not only did the company announce its commitment to revitalizing its product manufacturing procedures, but it will also set aside $500 million to cover any future criminal and civil liability claims associated with an investigation by the U.S. Justice Department.

After the FDA banned more than 30 of Ranbaxy’s generic drug products in 2008 due to poor quality conditions at several of their production facilities, the company is now going the extra mile to strengthen its practices and procedures in order to protect the integrity of its data, as well as to comply with good manufacturing practices.

(Source: MSN Money Online News Center, AP article 12/20/11)

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