CMA fines Pfizer and Flynn £90 million for drug price hike to NHS The CMA has fined pharma companies Pfizer and Flynn Pharma nearly £90 million for charging …
Press release: CMA fines Pfizer and Flynn £90 million for drug price hike to NHS (7.12.16) Procedural Officer decisions. 7 December 2016: The CMA has published Procedural Officer decisions concerning the investigation. Penalty notice. 12 April 2016: The CMA has published a notice of a penalty imposed on Pfizer under section 40A of the CA98.
The fines follow an overnight price increase for the drug of up to 2,600%, after it was deliberately debranded, the CMA said. Pfizer makes the drug and sells it to Flynn, which in turn sells it to the NHS.
B oth firms then each ramped up the price of the drug, meaning that overnight the NHS saw the cost surge by between 2,300pc and 2,600pc, according to the CMA. It said the NHS at one stage saw the price of 100mg packs of the drug jump from £2.83 to £67.50.
* Fines Pfizer and Flynn 90 million stg for drug price hike to NHS * Imposed a 84.2 million stg fine on Pfizer, and 5.2 million stg fine on the distributor Flynn Pharma
The Competition Appeal Tribunal in the UK has overturned a £90 million fine against Pfizer and Flynn Pharma issued by the Competition and Markets Authority for charging unfair prices for phenytoin sodium capsules. Originally Pfizer manufactured and sold the capsules to UK wholesalers and pharmacies under the brand name Epanutin for epilepsy.
Dec 07, 2016 · The Competition and Markets Authority fined Pfizer 84.2 million pounds ($106 million) and Flynn Pharma 5.2 million pounds after they increased prices by as much as 2,600 percent in September 2012, the regulator said Wednesday.
Pfizer has been fined a record £84.2 million by the competition watchdog for its role in over-charging the NHS after the price of an epilepsy drug was hiked by up to 2,600% overnight.
Pfizer wins appeal against UK fine for epilepsy drug price hike 3 Min Read LONDON, June 7 (Reuters) – Pfizer Inc and Flynn Pharma won an appeal on Thursday against fines totalling nearly 90 million pounds ($120 million) imposed in 2016 for ramping up the cost of an epilepsy drug.
The price hike increased the NHS’ expenditure on the drug from £2 million in 2012 to about £50 million in 2013. 4 The additional expenditure is equivalent to the