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BUSINESS
July 16, 1993 | From Times Staff and Wire Reports
Consumer products giant Procter & Gamble Co., responding to private-label competitors of its brand-name products, announced Thursday that it will close 30 plants and eliminate 13,000 jobs worldwide over the next three years. Edwin L. Artzt, chairman and chief executive, said the global cutbacks are the first on this scale for the 156-year-old company, famous for a broad range of items from Tide laundry detergent to Pampers disposable diapers.
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BUSINESS
December 17, 2009 | Michael Hiltzik
The debate over healthcare reform is focused on such a small number of hot issues -- should there be a public option, Medicare buy-in, government-paid mental health counseling for Sen. Lieberman? -- that dozens of other questions are cruising under the radar. Here's one worth a lot more attention than it has been getting: Is Congress poised to make a big payoff to biotech firms and their venture backers by hindering the entry of a new class of generic drugs into the marketplace?
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CALIFORNIA | LOCAL
April 26, 1993 | ASHLEY DUNN
Storming into a cramped Mobil gas station at the corner of Alvarado and Glendale avenues, Junko Anderberg of Echo Park pulls her dented green Chrysler into the first available spot and rushes to the cashier's booth for a pack of cigarettes. She is not looking for just any cigarette but what is possibly the best bargain in Los Angeles today: Private Stock brand at $1.05 a pack. She rips off the top of the plain white box and takes a super puff.
BUSINESS
December 13, 2008 | Bloomberg News
Bristol-Myers Squibb Co. and Sanofi-Aventis won an appeals court ruling Friday that will help them block generic competition to the blood thinner Plavix, the world's No. 2 selling-drug, in the U.S. until 2011. Bristol-Myers and Sanofi said that as a result of the ruling by a three-judge panel of the U.S. Court of Appeals for the Federal Circuit in Washington, they will seek reimbursement from Canadian drug maker Apotex Inc.
BUSINESS
April 15, 1993 | DENISE GELLENE, TIMES STAFF WRITER
Procter & Gamble Co.'s decision to slash prices on its best-selling disposable diapers is yet another indication of how a tough economy is roughing up premium brands. Under pressure from generic and private-label diapers, Procter & Gamble announced Tuesday that it will lower prices on its Pampers and Luvs, the third price cut in 10 months. The move is significant for Procter & Gamble because Pampers account for 16% of its worldwide sales.
NEWS
September 15, 1989 | From a Times Staff Writer
A former generic drug company executive was fined $250,000 and ordered to serve 60 days of an 18-month jail sentence after pleading guilty to bribing Food and Drug Administration officials, the U.S. attorney in Baltimore announced Thursday. Dilip P. Shah, 43, a founder and former president of Quad Pharmaceuticals Inc., also was ordered to devote 12 months of full-time community service to the American Cancer Society.
BUSINESS
March 15, 2001 | DENISE GELLENE, TIMES STAFF WRITER
Watson Pharmaceuticals on Wednesday renewed its legal effort to launch a generic version of Bristol-Myers Squibb's popular anti-anxiety drug, BuSpar. In a suit filed in U.S. District Court for the District of Columbia, Corona-based Watson said that Bristol-Myers used illegal tactics to prevent it from selling a cheaper version of BuSpar, which had sales of more than $700 million in 2000. Bristol-Myers denied the allegations.
NEWS
September 11, 1989 | MARLENE CIMONS, Times Staff Writer
Two generic drug companies already immersed in bribery charges have more pervasive problems than originally thought, and the companies likely will be investigated by the Justice Department's criminal division, two key members of Congress say in documents to be made public today. An admitted bribery payment to Food and Drug Administration employees "appears to be only the tip of the iceberg in a story . . . rife with problems," according to statements by Reps. John D. Dingell (D-Mich.
NEWS
August 29, 1989 | MARLENE CIMONS, Times Staff Writer
The Food and Drug Administration, escalating its campaign against generic drugs that it believes have been marketed improperly, announced Monday that it will withdraw approval of the last remaining generic equivalent of Dyazide, a leading blood pressure drug. The FDA said it could no longer be certain that Bolar Pharmaceutical's generic drug, one of the nation's best-selling generics, is precisely equivalent to Dyazide.
NEWS
September 12, 1989 | MARLENE CIMONS, Times Staff Writer
The Food and Drug Administration told members of Congress on Monday that investigators gave a clean bill of health to only two of a dozen generic drug manufacturers specially targeted for investigation.
BUSINESS
September 17, 2008 | From the Associated Press
The government closed U.S. borders Tuesday to more than 30 generic drugs -- including popular antibiotics and cholesterol medicines -- made by India's biggest pharmaceutical company, citing poor quality in two of its factories. The Food and Drug Administration's move doesn't end U.S. sales by Ranbaxy Laboratories Ltd. Instead, it blocks imports of generic drugs -- including generic versions of the antibiotic Cipro and the cholesterol pill Zocor -- as well as pharmaceutical ingredients made at the suspect plants.
BUSINESS
August 28, 2008 | From Bloomberg News
Medicare overpaid for drugs that had generic versions because of a time lag in computing prices from when the cheaper medicines became available, the U.S. Health and Human Services Department's inspector general said. Payments for cancer drug irinotecan, sold by Pfizer Inc. as Camptosar, remained at more than double the average manufacturer's sales price after the generic version was cleared for sale Feb. 20, said the report, released Tuesday. Medicare, the health insurance program for the elderly and disabled, would have saved $6.5 million in March had it factored the generic price into its rate.
BUSINESS
April 20, 2008 | From Times Wire Services
A cheaper, generic version of GlaxoSmithKline's Wellbutrin XL antidepressant is just as safe and effective as the original drug, despite complaints from some patients, the Food and Drug Administration said. The FDA said it received 85 reports from patients who switched from Wellbutrin XL to a cheaper generic by Teva Pharmaceutical Industries and Impax Laboratories Inc., including 78 who said they slipped back into depression. Agency scientists reviewed versions of the two drugs and found the data did not show the problems stemmed from any differences between them.
BUSINESS
February 22, 2008 | From Times Wire Services
Watson Pharmaceuticals Inc. won clearance to sell the first generic version of Pfizer Inc.'s cancer drug Camptosar. The Food and Drug Administration approved Watson's generic irinotecan hydrochloride after patents on the brand-name drug expired. Corona-based Watson said it was entitled to 180 days of market exclusivity before the FDA could approve another generic.
BUSINESS
February 6, 2008 | From Times Wire Services
Watson Pharmaceuticals Inc. will begin shipping generic versions of Merck & Co.'s osteoporosis drug Fosamax. Merck will make and supply the drug and receive a share of the profit in the U.S., Corona-based Watson said. Sales of Fosamax dropped 3% to $3 billion last year, Whitehouse, N.J.-based Merck reported Jan. 30. The drug is expected to lose market exclusivity at the close of business today, according to Watson.
BUSINESS
September 28, 2007 | From Times Wire Services
Wal-Mart Stores Inc. added 24 prescriptions to a list of $4 generic drugs to lure more customers into its pharmacies and said it would consider a 90-day prescription program.
BUSINESS
October 8, 1999 | Bloomberg News
State Farm Mutual Automobile Insurance Co. said it will temporarily stop requiring the use of generic parts after a jury deciding an Illinois class action ordered it to pay customers $456 million, saying State Farm broke a pledge to pay for replacement parts of "like kind and quality." State Farm has defended the less-costly replacements as a way to cut insurance premiums. But it said Thursday that it wants to avoid "customer confusion" that could result from "misinformation" linked to the suit.
BUSINESS
May 1, 2001 | Associated Press
A federal judge has given preliminary approval to a $100-million settlement by generic drug maker Mylan Laboratories Inc. and three other companies accused of fixing prices of anti-anxiety drugs. The settlement, approved Friday by U.S. District Judge Thomas F. Hogan in Washington, covers consumers and government agencies in all 50 states and the District of Columbia.
BUSINESS
April 24, 2007 | From the Associated Press
The first generic versions of insomnia drug Ambien won federal approval. The Food and Drug Administration said it approved versions of the tablets made by 13 drug companies for the short-term treatment of insomnia. A patent held by Paris-based Sanofi-Aventis on the drug, also called zolpidem tartrate, expired Saturday.
BUSINESS
March 27, 2007 | From Bloomberg News
Walgreen Co.'s fiscal second-quarter earnings rose 25%, more than analysts estimated, on increased sales of more-profitable generic drugs. Net income climbed to $651.9 million, or 65 cents a share, from $523.5 million, or 51 cents, a year earlier, the company said. Analysts surveyed by Bloomberg had forecast profit of 61 cents at the largest U.S. drugstore chain. Sales at Deerfield, Ill.-based Walgreen rose 15% to $13.9 billion.
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