Settlement marks largest penalty obtained by US in domestic cartel case. FMTNews Novartis
WASHINGTON: Novartis AG’s Sandoz unit agreed to pay US$195 million to settle US criminal charges that it conspired with other pharmaceutical companies to fix prices of generic drugs, the most significant settlement to come from a long-running Justice Department 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. “We take seriously our compliance with antitrust laws, and 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 and evolving our controls,” Sandoz President Carol Lynch said in a statement.
The agreement helps resolve a cloud that has hung over Sandoz after becoming the subject of state and federal investigations that began in 2014 into price-fixing allegations by generic-drug companies. The pact is a sign that prosecutors are continuing to press forward with a sprawling investigation that at times has encountered substantial roadblocks in securing the cooperation of witnesses, among other obstacles.
At least two other Sandoz executives are also cooperating with the government, according to court papers.
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