B-MS' settlement for Medicaid fraud to be over $500M
Drug major Bristol-Myers Squibb is to pay an estimated $515.0 million in fees to settle allegations of fraud and illegal marketing practices made by over 40 US states.
The charges brought against the firm relate to both B-MS and its former wholly-owned subsidiary, Apothecon. The US courts claim the firm inflated prices, used prohibited methods to encourage health care providers to use its products and promoted the off-label, pediatric use of its anti-psychotic, Abilify (ariprazole). The firm does not face any criminal charges but must pay varying fees to each State involved. AstraZeneca and Japan's Otsuka have faced similar charges (Marketletters passim).
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