Thursday, February 7, 2013

Idaho Recovers $1 Million in Drug Pricing Settlement

Posted By on Thu, Feb 7, 2013 at 10:07 AM

Idaho will be paid $1 million as part of a settlement with pharmaceutical giant Abbott Laboratories, accused of inflating drug prices as much as 26 percent higher than the average wholesale price.

“When a manufacturer reports an inflated or false average wholesale price for a drug, taxpayers pay too much for that drug through Medicaid reimbursements,” said Idaho Attorney General Lawrence Wasden.

The settlement will be divided into $243,000 to be deposited into the state's General Fund, $606,000 to the Cooperative Welfare Fund to offset future federal Medicaid payments, and $50,000 to the Consumer Protection Account to reimburse the Attorney General's Office for investigative and legal costs.

To date, Idaho has recovered more than $27 million in settlements with 37 pharmaceutical companies after Idaho sued several of the prescription drug manufacturers, including Abbott.

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