BUSINESS BRIEFS

May. 17, 2013 @ 09:42 PM

CED launches website for entrepreneurs
DURHAM – The Council for Entrepreneurial Development announced Friday that it has launched a new interactive website designed to map entrepreneurial activity in the Research Triangle region.
TriangulateNC.com has information on almost 1,000 companies in Wake, Durham and Orange counties, according to a news release from the organization, which works to support entrepreneurs. The site also has a calendar with information about events of interest to entrepreneurs.
“The Research Triangle area is home to thousands of entrepreneurs in the life sciences and technology industries, yet connecting them and their stories to others within and outside the region has been difficult,” said Joan Siefert Rose, CED president, in a statement in the release. “We developed this first version of TriangulateNC.com with support from nearly 75 different regional partners, and continue to rely on our partners to help populate and promote its use.”
This first iteration of the regional network map, which was built by technology from Relevance, Inc., provides search capabilities on names, addresses, founder information, sectors, subsectors and milestone data for technology and life sciences companies.
N.C. to receive $8.7 million in settlement with drug company
RALEIGH – An Indian pharmaceutical company and a subsidiary will pay out $500 million to settle allegations by North Carolina, other states and the federal government that it sold sub-standard drugs.
North Carolina’s share of the settlement is about $8.7 million, according to a news release from Attorney General Roy Cooper’s office. That’s for payments made by government-funded health care programs, like the state’s Medicaid program, for allegedly sub-standard drugs.
The settlement stemmed from claims that Ranbaxy sold drugs that were below the quality, purity or strength standards required by the US Food and Drug Administration. At issue were 26 generic drugs manufactured at company facilities between April 1, 2003, and Sept. 16, 2010.
Ranbaxy agreed to pay the states and the federal government $350 million dollars to resolve civil allegations of poor manufacturing practices in two Indian manufacturing plants.
Subsidiary Ranbaxy USA also pleaded guilty to seven felony violations of the U.S. Food, Drug, and Cosmetic Act and will pay $150 million dollars in criminal fines and forfeitures.
North Carolina’s settlement share is slated to go toward Medicaid efforts in the state, and includes civil penalties which will go to public schools.
The state’s settlement agreement was reached by Cooper’s Medicaid Investigations Division and the N.C. Division of Medical Assistance.