Pfizer Colombia inflated drug prices up to 650%: industry watchdog

[Judi Lynn]

by Adriaan Alsema August 2, 2019

Colombia’s industry and trade watchdog SIC said Wednesday that multinational Pfizer and three other companies have been fined for allegedly inflating prices of pharmaceutical drugs.

The worst offender was the Colombian subsidiary of the American multinational, which received a $25,000 fine for inflating the price of seven drugs to above between 4% and 651% of their maximum, according to the SIC.

The decision was taken after verifying information related to PFIZER SAS’ commercial operations between July and December 2016 in which it was established that it sold seven medicines in different presentations, at prices that exceeded… in percentages that would be between 4% and 651% to different clients of the institutional channel.

. . .

Like in almost all countries, Colombian authorities regulate drug prices to avoid situations like in the United States where large pharmaceutical companies can set their own prices, jack up the costs of healthcare and undermine public health for profit.

More:
https://colombiareports.com/pfizer-colombia-inflated-drug-prices-up-to-650-industry-watchdog/