UK slaps Pfizer with record $107m fine over price hikes

The Competition and Markets Authority reportedly fined Pfizer (NYSE:PFE) and Flynn Pharma a record amount for the companies’ massive price hikes to its unbranded versions of the anti-epilepsy drug, Epanutin.  The British competition watchdog fined Pfizer and Flynn Pharma $107 million (£84.2 million) and $6.5 million (£5.2 million), respectively. New York City-based Pfizer used to market the anti-epilepsy treatment as the branded drug Epanutin. The company sold the rights to Flynn in September 2012 and Flynn debranded the drug, removing it from the scrutiny of price regulation, and hiked the price of the phenytoin sodium capsules as much as 2,600% to a peak of £67.50 – about $85.16 in today’s dollars – before dropping to £54.00 ($68.11 today). Get the full story at our sister site, Drug Delivery Business News. The post UK slaps Pfizer with record $107m fine over price hikes appeared first on MassDevice.
Source: Mass Device - Category: Medical Equipment Authors: Tags: Drug-Device Combinations Healthcare Reform Pharmaceuticals Regulatory/Compliance Wall Street Beat Flynn Pharma GlaxoSmithKline plc Pfizer Inc. Source Type: news