CORPORATE FRAUD IN PHARMACEUTICAL INDUSTRY – LESSONS FOR INDIA

Bangalore, August 07, 2014 – Corporate Ethics is increasingly becoming central in India Inc. and there are allegations of collusion among the various actors in the aggressive play for profit. Taking the example of the pharmaceutical industry, are ethical issues more pronounced in this sector when compared to others? Should that be the case, what are the obligations of the Corporation in the sector? How and why do ethical aberrations take place? What are the lessons that can be drawn from experience for internal and external customers of the organization?

To address such questions, the Centre for Corporate Governance and Citizenship at IIMB, has great pleasure in announcing the second of its LeaderSpeak dialogues this year with a talk by Mr. Dinesh Thakur, Executive Chairman of Medassure Compliance Corporation, based in the United States.

Mr. Thakur is an accomplished leader in bio-medical product development, drug regulations and information technology. He has been Director of Research Information & Portfolio Management at Ranbaxy Laboratories, India’s largest generic drug manufacturer. As is known, Ranbaxy pleaded guilty to seven criminal felonies and agreed to pay U$ 500 million, to resolve allegations of falsified drug data and systemic manufacturing violations, resulting in sub-standard and unapproved drugs. This settlement was the largest of its kind against a generic drug manufacturer. Mr. Thakur ‘s role in this case was instrumental and for his good and courageous work, he recently received the Cliff Robertson Sentinel Award in the Global Fraud Conference 2014.