Monday, October 18, 2010

Pharmaceutical Giant Agrees to $1.65 million Settlement with Idaho

Posted By on Mon, Oct 18, 2010 at 10:30 AM

Sandoz, Inc., the U.S. subsidiary of Swiss pharmaceutical behemoth Novartis, has admitted no wrongdoing but agreed to a $1.65 million settlement with Idaho to resolve claims surrounding drug pricing.

Sandoz manufactures Fluoxetine, a generic version of Prozac, which had a published average wholesale price of $2.598 in 2003. But Idaho Attorney General Lawrence Wasden's investigation revealed an actual average wholesale price of $0.217 in 2003, a 1,100 percent difference.

"Where published prices are false or misleading, the taxpayers are significantly harmed by excessive Medicaid reimbursements," said Wasden. "Misrepresenting the wholesale price is a violation of the Idaho Consumer Protection Act."

The $1.65 million settlement must be approved by the Fourth District Court of Ada County.

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