Drug maker Bristol-Myers Squibb, along with a former subsidiary, has agreed to pay a $515 million settlement to shut down federal and state investigations of its drug marketing and pricing practices.
The investigations, which addressed practices in effect between 1994 and 2005, looked at a variety of allegations, including charges that the company marketed anti-psychotic drug Ability for uses not approved by the FDA, such as pediatric use and for treatment of dementia-related psychoses. The company is also accused of both price inflation and mis-reporting prices to Medicaid.
Investigators had also suggested that the pharmaceutical firm had paid what amounted to kickbacks, giving doctors large consulting fees and paying for high-toned travel packages to induce them to prescribe their medications. Former subsidiary Apothecon was also accused of such behavior.
To find out more about the investigation:
- read this Associated Press piece
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