US drugmaker to pay billions in healthcare fraud
Published:Wednesday | September 2, 2009 | 7:15 PM
US drugmaker Pfizer has agreed to pay US$2.3 billion in the largest healthcare fraud settlement in the history of the United States Department of Justice.
The firm was found to have illegally promoted four drugs as treatment for conditions different from those which regulators had approved.
A subsidiary of the firm pleaded guilty to misbranding drugs with the intent to defraud or mislead.
US officials say Pfizer will have to enter a corporate integrity agreement.
It will also be subject to additional public scrutiny by requiring it to make detailed disclosures on its website.
The company faces a criminal fine of just over $1 billion and a subsidiary company of Pfizer, Pharmacia & Upjohn will forfeit $105 million.