Shire Pharmaceuticals LLC and other subsidiaries of Shire plc (Shire) must pay the government $350 million to settle federal and state False Claims Act allegations that Shire and the company it acquired in 2011, Advanced BioHealing (ABH), employed kickbacks and other unlawful methods to induce clinics and physicians to use or overuse its product...
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Category: Pharmaceutical
Government charges Quincy Biosciences saying that there is no evidence Prevagen supplement improves memory
The Federal Trade Commission and New York Attorney General have filed a suit against Quincy Bioscience LLC, which makes the memory supplement Prevagen, alleging that there is no proof the supplement works.
The medicine, which costs $24 to $68 for 30 pills, is advertised on cable and broadcast television,...
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Teva Pharmaceutical must pay over $520 million for making bribes in Russia, Ukraine and Mexico
Teva Pharmaceutical Industries Ltd. (Teva), the world's largest manufacturer of generic pharmaceutical products, and its wholly-owned Russian subsidiary, Teva LLC (Teva Russia), agreed to resolve criminal charges and to pay a criminal penalty of more than $283 million in connection with schemes involving the bribery of government officials in Russia, Ukraine and Mexico in...
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Forest Labs and Forest Pharma pays $38 million to end kickback Medicare fraud probe
Forest Laboratories LLC, located in New York, New York, and its subsidiary, Forest Pharmaceuticals Inc., are paying $38 million to settle a government probe that they violated the False Claims Act by paying kickbacks to get physicians to prescribe the drugs Bystolic®, Savella®, and Namenda® said the Departmet of Justice,
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Finally one pharma company wakes up — Eli Lilly offers 40% discount for insulin
Eli Lilly & Co., manufacturer of insulin, is discounting the injectable drug by as much as 40%. The move comes after several years of skyrocketing price increases in which top-selling insulins have more than doubled in price since 201. Some conclude that the increases are a result of an increase of middlemen known...
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Bristol-Meyers Squibb to pay $19.5 million over pushing Abilify anti-psychotic drug for use in children
Drugmaker Bristol-Myers Squibb Co will pay $19.5 million to resolve multi-state allegations that it improperly promoted a schizophrenia treatment for uses not approved by the U.S. government, New York Attorney General Eric Schneiderman said on Thursday.
The company's agreement with 42 other states and the District of Columbia centers on charges that Bristol-Myers Squibb promoted...
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Trump–Time’s Person of the Year promises to slash the skyrocketing cost of prescription drugs
Donald Trump, revealed as TIME's Person of the Year has promised to reduce the price of prescription drugs. He said "I don't like what is happening with drug prices and I will bring down the cost of prescription drugs. Prescription drug prices have skyrocketed. Valeant Pharmaceuticals, which hiked costs on two heart medications by...
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Mylan Labs refuses to appear before Senate Judiciary Committee concerning Medicaid overcharges
Mylan Laboratories, the manufacturer of the EpiPen , which spiked the cost of the product from $100 for a two-pack in 2009 to $608, has turned down a request to appear before the Senate Judiciary Committee next week. Sen. Chuck Grassley(R-Iowa) announced that executives at Mylan turned down his request to appear at...
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Mylan exects seeking to finalize $465 million settlement with feds for Medicaid overcharges
Mylan is trying to finalize a $465 million settlement with the federal government for Medicaid overcharges. The investigation involves the classification of EpiPen as a generic rather than a branded product, which led to significantly smaller rebates to state Medicaid programs. Mylan’s announcement earlier this year of a near doubling of the price...
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Drugmakers secretly pay insurers more than $100 billion a year in rebates while patients pay high deductibles
Drugmakers have secretly been paying insurance companies and benefit managers rebates and discounts to the tune of over $100 billion for years to lessen their cost of drugs for diabetes, asthma, arthritis and allergies. All the while Americans are being squeezed to pay from their own pocket resulting from insurance plans with deductibles as...
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