THEORITICAL BACKGROUND OF RANBAXY LABORATORIES Ltd
Ranbaxy Laboratories Ltd was founded in India in 1961 by Bhai Mohan Singh. It became one of the largest pharmaceutical companies in India and a global player in the generic drug market. The company's success was attributed to its focus on developing and manufacturing affordable generic drugs, which could compete with brand-name drugs.
Generic drugs are copies of brand-name drugs that are no longer under patent protections. They are cheaper than brand-name drugs because they do not have to pay for the cost of research and development. Generic drugs are bioequivalent to their brand-name counterparts, meaning that they have the same therapeutic effect as the brand-name drug.
Ranbaxy Laboratories Ltd was a pioneer in the generic drug market. It developed a process for producing high quality, affordable generic drugs. The company also invested heavily in research and development, which helped it to develop new drugs and improve its manufacturing processes.
Ranbaxy Laboratories Ltd was also known for its innovative marketing strategies. The company was an early adopter of the use of the internet for promoting its products and services. It also developed a direct-to-consumer advertising campaign that promoted its generic drugs as being just as effective as brand-name drugs, but at a fraction of the cost.
However, Ranbaxy Laboratories Ltd also faced significant challenges in its history. In 2008, the company was charged with selling adulterated drugs in the United States. The company pleaded guilty and paid a fine of $500 million. The incident tarnished the company's reputation and led to the loss of market share.
In 2014, the company was acquired by Sun Pharmaceutical Industries Ltd, another Indian pharmaceutical company. The acquisition helped to revive Ranbaxy Laboratories Ltd's brand and reputation. Today, the company continues to focus on developing and manufacturing high quality generic drugs at affordable prices.