NEW YORK: Dinesh Thakur, a former Ranbaxy executive who blew the whistle on malpractices at the Indian drug company for which it has been fined $500 million in the US, is richer by Rs 244 crore or $48 million.
Thakur gets the $48 million cut from the $500 million that Ranbaxy will pay under the lawsuit settlement announced by the US Department of Justice on Monday.
Thakur, who left Ranbaxy in 2005, testified against his former employers about malpractices and falsifying drug data.
In a statement on Tuesday, Thakur said, “Eight years ago, as the Director of Project & Information Management at Ranbaxy, I discovered that the company falsified drug data and systemically violated current good manufacturing practices and good laboratory practices. Ranbaxy’s management was notified of these widespread problems. When they failed to correct the problems, it left me with no choice but to alert healthcare authorities’’ in the US.
He said, “I worked with U.S. regulatory authorities for two years to expose the fraud. In furtherance of this effort, I filed a lawsuit to hold Ranbaxy accountable. It took us eight years to help government authorities unravel a complicated trail of falsified records and dangerous manufacturing practices that threatened to compromise the quality and safety of Ranbaxy drugs.
“Along the way, the government barred the importation of Ranbaxy drugs, held the company accountable for its data fraud under FDA’s Application Integrity Policy, and required it to implement corrective measures to prevent the problems from recurring.’’
Ranbaxy had hired Thakur in 2002 from Bristol-Myers Squibb where he had worked for 11 years in various capacities.
It was during his work in the R&D division of Ranbaxy that he found the violations of regulatory standards by the Indian drug giant.
He quit Ranbaxy in 2005 after reporting the malpractices in manufacturing processes.
During his testimony against Ranbaxy in the US court, he cited how research organisations working for Ranbaxy fudged data for HIV and some non-HIV drugs so that those drugs could be approved for marketing in the US and elsewhere.
Whatever it is, Thakur is richer by Rs 244 crore.