Regulatory Flynn Pharma and Pfizer fined 70M pounds for substantial...

Flynn Pharma and Pfizer fined 70M pounds for substantial price jump on epilepsy drug

-

The ongoing tale of the CMA (Competition and Markets Authority) investigation on Flynn Pharma and Pfizer has reached a verdict in terms of a fine. The two companies are to pay a collective fine of £70M, or $80.61M. According to the U.K. antitrust authorities, the companies took advantage of a loophole to vastly increase prices.

Pfizer Inc. is one of the most prominent North-American multinational companies in the pharmaceutical industry. The company is a biotechnological organization that operates out of Manhattan, New York and was founded in 1849, 173 years ago. The company aims to produce revolutionary medications that elongate the lives of patients suffering from various diseases. The company’s current stock price is just over $51 per share.

Flynn Pharma Ltd. is a pharmaceutical company founded in 2006 that is located in Hertfordshire, United Kingdom. The company operates as a holding company with multiple subsidiaries that indulge in the distribution of pharmaceutical products. It aids the acquisition, development and commercialisation of medicinal products for the secondary healthcare market.

The Competition and Markets Authority (CMA) claims that Pfizer and Flynn Pharma de-branded Epanutin, the epilepsy drug, to steer clear of the regulations, which led to the hikes in the price of between 8.8 times to 17 times the original price. The prices further increased when the drug was supplied to Flynn Pharma, which took it up to 20 times higher than the original price. The difference between the prices paid for the product within a span of a year was astronomical. According to authorities, NHS (National Health Service) in 2012, paid £2M for Epanutin, while in 2013, they paid £50M, which is a hefty increase of 2400% for just a single year (25 times the original price).

Latest news

Life Sciences Voice Top Five Newsletter

Welcome to the latest edition of the Life Sciences Voice Top Five Newsletter, your source for the top developments...

Pfizer’s Phase 3 Trial for Gene Therapy in Boys with Duchenne Muscular Dystrophy Fails to Show Functional Improvement

Pfizer's gene therapy for Duchenne muscular dystrophy failed to improve motor function in young boys in a key late-stage...

Phase 3 Trial Results for Loqtorzi Show Positive Results in Advanced Hepatocellular Carcinoma Patients

Phase 3 trial results for Loqtorzi (toripalimab) and Avastin (bevacizumab) show that in first-line patients suffering from advanced hepatocellular...

Must read

Surrounded by controversy, FDA approves Biogen’s Alzheimer’s drug Aduhelm

In the middle of the debate about the Alzheimer’s drug approval, the United States FDA has authorized Aduhelm

You might also likeRELATED
Recommended to you