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Business News/ Companies / Britain fines Pfizer record $107 million for huge drug price hike

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Britain fines Pfizer record $107 million for huge drug price hike

1 min read 07 Dec 2016, 02:16 PM IST Join us

Ben Hirschler

Apart from Pfizer, Britain's competition watchdog also fines Flynn Pharma 5.2 million for its role in hiking prices of phenytoin sodium capsules in 2012

Pfizer was fined for ramping up the cost of an epilepsy drug by as much as 2,600%. Photo: AFP

London: Britain’s competition watchdog said on Wednesday it had fined Pfizer a record £84.2 million ($106.54 million) for ramping up the cost of an epilepsy drug by as much as 2,600%.

The Competition and Markets Authority also fined Flynn Pharma £5.2 million for its role in hiking prices of phenytoin sodium capsules in 2012.

Pfizer used to market the medicine itself, under the brand name Epanutin, but sold the rights to Flynn in September 2012, after which the product was debranded and the price soared. Reuters

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