logo
Plus   Neg
Share
Email

DoJ: Novartis' Sandoz To Pay $195 Mln In Price-Fixing Case

The U.S. Department of Justice announced that Novartis'(NVS) generic drugs unit Sandoz has agreed to pay $195 million to settle criminal charges for fixing prices on generic drugs.

The company was charged with rigging bids and fixing prices of more than $500 million worth of generic drugs between 2013-2015, said the department, which has been probing the generic drug industry for three years.

"Sandoz conspired for years with other manufacturers and their executives to raise prices for critical medications, and the Antitrust Division will continue its ongoing investigation to hold both individuals and corporations accountable," said Makan Delrahim, head of the Justice Department's Antitrust Division.

Under deferred prosecution agreement, Sandoz has agreed to cooperate fully with the Antitrust Division's ongoing criminal investigation.

"Today's resolution, with one of the largest manufacturers of generic drugs, is a significant step toward ensuring that prices of generic drugs are set by competition, not collusion," said the Justice Department's antitrust chief, Makan Delrahim, in a statement.

"In reaching today's resolution, we are not only resolving historical issues but also underscoring our commitment to continually improving our compliance and training programs," Sandoz President Carol Lynch said in a statement.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Apotex Corp. recalled all lots of type 2 diabetes medication Metformin hydrochloride in the form of oral film-coated tablets for the potential presence of nitrosamine impurity, N-Nitrosodimethylamine (NDMA), above levels of the Acceptable Daily Intake Limit (ADI), the U.S. Food and Drug Administration or FDA said in a statement. Groupe Renault plans to cut about 14,600 jobs across the world and lower its production capacity. The plan includes almost 4,600 jobs reduction in France, through voluntary retirement and retraining. Amazon said it will convert 125,000 of the 175,000 temporary workers it hired in March amid the coronavirus pandemic, to permanent full-time employees in June. The e-commerce giant had hired the temporary employees in March to meet strong consumer demand amid the lockdown. The job openings were in Amazon's fulfillment centers and its delivery network.
Follow RTT