Pharmaceutical company to go for $18K global settlement

In a major settlement of its kind, the Pharmaceutical giant Bristol Meyers Squibb has settled a global lawsuit that will put close to $18,000 back into Greene County’s coffers.

The Pharmaceutical company was accused of of fraudulently reporting inflated wholesale prices, which form the basis for Medicaid payments. To describe, at that time, every time a Greene County resident, covered under Medicaid filled a prescription for certain medications manufactured by Bristol Meyers Squibb, the county was paying too much. It has effected Greene County and many other municipalities around New York. The global lawsuit alleged that the company was inflating its average wholesale price, and now Bristol Meyers Squibb will have to settle its bill.Of the whole settlement money, Greene County is expected to receive around $17,847.

The county attorney Carol Stevens said,”Bristol Meyers Squibb was overcharging the Medicaid program for the cost of drugs that were purchased, and because the county has to pay a portion of those costs, the county was overcharged.”

The lawsuit also alleges the company of violating both federal and state Medicaid law. However, this is not the only case. Apparently there are also lawsuits on file against an additional 46 companies that allegedly did the same thing. Greene County did not file the suit, but rather a global lawsuit was filed and the county was one of many plaintiffs.

Source: The Daily Mail

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