NY Nets $2.5M In Settlement With Pfizer Subsidiary

Law360, New York (February 23, 2011, 5:52 PM EST) -- Pharmacia Corp. paid $2.5 million to settle claims that it inflated the cost of drugs sold to state health programs, New York Attorney General Eric Schneiderman announced Friday.

The settlement ends a suit initiated in 2003 by then-New York Attorney General Eliot Spitzer. The suit alleged that Pharmacia inflated the average wholesale price of the medications it produced in order to extract more money from government health plans, including Medicare, Medicaid, and New York's Elderly Pharmaceutical Insurance Coverage Program.

Pharmacia failed to report real and accurate...
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