Indian govt offers one-time interest settlement for over-charging cases
Pharmaceutical companies guilty of overcharging have got a reprieve. The Indian government has offered to waive $190 million of interest on penalties of $692 million against several drugmakers in what it terms is a special one-time settlement scheme, reports The Pharma Letter’s India correspondent.
There have been 1991 cases filed against drug majors for overcharging customers under the Drug Prices Control Order (DPCO) between August 1997 and March 2019, cumulatively amounting to nearly $901 million. However, a massive amount is stuck in litigation.
In as many as 666 cases, drug companies are yet to disgorge excess profits accrued by overcharging customers under the DPCO. In an attempt to clear this backlog, the Indian government is now looking to settle with such companies.
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