For Immediate Release
March 16, 2015
March 16, 2015
Washington, DC - The HHS Office of Inspector General (OIG) announced today that Sandoz Inc. will pay $12.64 million to settle allegations it misrepresented drug pricing data to the Medicare program.
The Sandoz settlement is the largest ever entered into under OIG's drug price reporting civil monetary penalty (CMP) authority.
"The Medicare program relies on drug manufacturers to accurately report pricing information," said OIG Chief Counsel, Gregory E. Demske. "We hope today's settlement reinforces for these companies the importance of taking their drug price reporting responsibilities seriously."
Federal law requires drug makers to report both accurate and timely "Average Sales Price" information to the Centers for Medicare & Medicaid Services (CMS). CMS uses this information to set payment amounts for most drugs covered under Medicare Part B. Inaccurate pricing information can cause Medicare to overpay for these drugs. OIG can seek CMPs against manufacturers that misrepresent, or fail to timely report, drug pricing information. more
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