Here's the good news: You probably don't own this company; it's not available on U.S. exchanges.
Here's the bad news: The company's actions could be far-reaching and affect many companies in the same industry.
The Food and Drug Administration claims that generic-drug maker Ranbaxy falsified data that it submitted to the agency. It's already banned the import of drugs from two of Ranbaxy's plants and now it won't review any new marketing applications from the plant where the violations took place.
That just doesn't seem like an extreme enough punishment.
The FDA has to be able to trust that the data it receives is accurate. The application for Eli Lilly's
Approval of Johnson & Johnson
Since Ranbaxy is based in India, the biggest ramifications could be for foreign generic-drug makers, such as Israel's Teva Pharmaceutical
Thanks a lot, Ranbaxy.
Our Foolishness is far from generic: