Bristol To Pay $500 Million Civil Fine Under Tentative Deal With U.S. Attorney
Executive Summary
Bristol-Myers Squibb anticipates a tentative agreement with federal authorities settling several investigations involving pharmaceutical pricing, as well as sales and marketing practices, to be finalized by the Department of Justice within three to six months, the firm said
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Bristol and DoJ finalize $500 million settlement
Bristol-Myers Squibb enters into a corporate integrity agreement with the Office of Inspector General as part of a settlement to resolve a variety of civil allegations Sept. 28. Bringing to end a lengthy investigation into Bristol's pricing, sales and marketing practices, the firm and Department of Justice finalize a settlement of $499 million; as anticipated, Bristol will pay over $317 million to the federal government and over $181 million to Medicaid-participating states with previously reserved funds (1"The Pink Sheet" Jan. 1, 2007, p. 13). DoJ alleges that Bristol: illegally paid health care providers to encourage them to purchase Bristol's products; knowingly promoted "off-label" uses of the atypical antipsychotic Abilify (aripiprazole); helped set fraudulent inflated prices; and knowingly misreported its best price for the antidepressant Serzone (nefazodone)...
Bristol and DoJ finalize $500 million settlement
Bristol-Myers Squibb enters into a corporate integrity agreement with the Office of Inspector General as part of a settlement to resolve a variety of civil allegations Sept. 28. Bringing to end a lengthy investigation into Bristol's pricing, sales and marketing practices, the firm and Department of Justice finalize a settlement of $499 million; as anticipated, Bristol will pay over $317 million to the federal government and over $181 million to Medicaid-participating states with previously reserved funds (1"The Pink Sheet" Jan. 1, 2007, p. 13). DoJ alleges that Bristol: illegally paid health care providers to encourage them to purchase Bristol's products; knowingly promoted "off-label" uses of the atypical antipsychotic Abilify (aripiprazole); helped set fraudulent inflated prices; and knowingly misreported its best price for the antidepressant Serzone (nefazodone)...