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<p>[QUOTE="settlement 390 mil, post: 5542153"]<font size="6"><b>Novartis shells out $390M to settle specialty pharmacy kickback claims</b></font></p><p>Novartis (<a href="http://www.fiercepharma.com/tags/novartis" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://www.fiercepharma.com/tags/novartis" rel="nofollow">$NVS</a>) agreed to pay about $390 million to wrap up federal kickback claims before the $3.3 billion case went to trial. The <a href="http://www.fiercepharma.com/tags/justice-department" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://www.fiercepharma.com/tags/justice-department" rel="nofollow">Justice Department</a> and a number of U.S. states had sought up to $3.4 billion in damages in the case, which zeroed in on the Swiss drugmaker's relationships with specialty pharmacies.</p><p><br /></p><p>The settlement, together with other one-time charges, knocked down Novartis' third-quarter net income, which declined to $1.8 billion, a 28% decrease year-over-year in constant currencies.</p><p><br /></p><p>According to the feds, Novartis offered special deals to pharmacies to boost prescriptions of its transplant drug <a href="http://www.fiercepharma.com/tags/myfortic" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://www.fiercepharma.com/tags/myfortic" rel="nofollow">Myfortic</a> in a head-to-head competition with Roche's (<a href="http://www.fiercepharma.com/tags/roche" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://www.fiercepharma.com/tags/roche" rel="nofollow">$RHHBY</a>) CellCept. The drugmaker set up another scheme to increase refills of its iron chelation drug Exjade, the government says.</p><p><br /></p><p>One pharmacy, BioScrip, flipped on Novartis last year, agreeing to pay $15 million and detail its financial relationship with the drugmaker to settle the government's claims about Exjade kickbacks. BioScrip said it pushed patients to get Exjade refills in return for more patient referrals and higher rebates. The case had been set for trial Nov. 2, and the settlement still needs final court approval.</p><p><br /></p><p>The company says it's not admitting wrongdoing as part of the settlement, and, in fact, continues to use some similar tactics--at least for now--because they're designed to keep patients on their medication regimens.</p><p><br /></p><p><a href="http://www.fiercepharma.com/story/novartis-shells-out-390m-settle-specialty-pharmacy-kickback-claims/2015-10-27" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://www.fiercepharma.com/story/novartis-shells-out-390m-settle-specialty-pharmacy-kickback-claims/2015-10-27" rel="nofollow"><img src="http://assets.fiercemarkets.net/public/lifesciences/jimeneztwo.jpg" class="bbCodeImage wysiwygImage" alt="" unselectable="on" /></a></p><p><i>Novartis CEO Joe Jimenez</i></p><p>"We're not admitting liability, it's something we just believe we want to put behind us," CEO <a href="http://www.fiercepharma.com/tags/joe-jimenez" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://www.fiercepharma.com/tags/joe-jimenez" rel="nofollow">Joe Jimenez</a> said in announcing the settlement.[/QUOTE]</p><p><br /></p>
[QUOTE="settlement 390 mil, post: 5542153"][SIZE=6][B]Novartis shells out $390M to settle specialty pharmacy kickback claims[/B][/SIZE] Novartis ([URL='http://www.fiercepharma.com/tags/novartis']$NVS[/URL]) agreed to pay about $390 million to wrap up federal kickback claims before the $3.3 billion case went to trial. The [URL='http://www.fiercepharma.com/tags/justice-department']Justice Department[/URL] and a number of U.S. states had sought up to $3.4 billion in damages in the case, which zeroed in on the Swiss drugmaker's relationships with specialty pharmacies. The settlement, together with other one-time charges, knocked down Novartis' third-quarter net income, which declined to $1.8 billion, a 28% decrease year-over-year in constant currencies. According to the feds, Novartis offered special deals to pharmacies to boost prescriptions of its transplant drug [URL='http://www.fiercepharma.com/tags/myfortic']Myfortic[/URL] in a head-to-head competition with Roche's ([URL='http://www.fiercepharma.com/tags/roche']$RHHBY[/URL]) CellCept. The drugmaker set up another scheme to increase refills of its iron chelation drug Exjade, the government says. One pharmacy, BioScrip, flipped on Novartis last year, agreeing to pay $15 million and detail its financial relationship with the drugmaker to settle the government's claims about Exjade kickbacks. BioScrip said it pushed patients to get Exjade refills in return for more patient referrals and higher rebates. The case had been set for trial Nov. 2, and the settlement still needs final court approval. The company says it's not admitting wrongdoing as part of the settlement, and, in fact, continues to use some similar tactics--at least for now--because they're designed to keep patients on their medication regimens. [URL='http://www.fiercepharma.com/story/novartis-shells-out-390m-settle-specialty-pharmacy-kickback-claims/2015-10-27'][IMG]http://assets.fiercemarkets.net/public/lifesciences/jimeneztwo.jpg[/IMG][/URL] [I]Novartis CEO Joe Jimenez[/I] "We're not admitting liability, it's something we just believe we want to put behind us," CEO [URL='http://www.fiercepharma.com/tags/joe-jimenez']Joe Jimenez[/URL] said in announcing the settlement.[/QUOTE]
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Cafepharma Message Boards | Pharma Sales, Device Sales, Lab Sales
Home
Forums
>
Pharma/Biotech Companies
>
Novartis
>
Novartis milestones be proud ! Management take a bow !
>
Cafepharma Message Boards | Pharma Sales, Device Sales, Lab Sales
Home
Forums
>
Pharma/Biotech Companies
>
Novartis
>
Novartis milestones be proud ! Management take a bow !
>