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

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

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Edit Profile
My ReadsRedeem a Gift CardLogout