Teva settles $135 million dollar fraud case over Medicaid price inflation
Israeli multinational Teva Pharmaceuticals has agreed to pay $135 million after being accused of fraudulently inflating wholesale prices that went into calculating Medicaid reimbursement rates.
The payment settles a lawsuit filed in 2005 through which Teva were accused of overcharging Medicaid for medicines.
Teva denied allegations that it had overstated the wholesale price of its prescription drugs and thus defrauded taxpayers. However the firm agreed to pay the multimillion dollar sum.
The company faces two other lawsuits in the United States. The state of Ohio has argued that the firm overcharged the state’s Medicare programme for prescription opioids.
The2005 lawsuit, in which Teva and 46 other firms have been accused of wrongdoing, has recovered more than $436 million in settlements so far.
The news comes after Teva was accused of being a member of an industry wide price fixing cartel.
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