Drug company agrees settlement22nd June 2007
Goldshield will pay the NHS a £4m settlement following allegations of over-charging.
The company is one of five to be investigated by the Serious Fraud Office in regards to the sale of wafarin and antibiotics containing penicillin. Nine people were also investigated in connection with the allegations.
The Serious Fraud Office has alleged that over-charging may have occurred between the years 1996 and 2000. The amount of the alleged fraud is thought to be around £150m.
Goldshield stated that it was making the payment on a "full and final basis and without admission of liability". Goldshield includes Goldshield Group Plc, Goldshield Pharmaceuticals Ltd and Forley Generics Limited.
The annual sales of all drugs - both generic and branded - to the NHS was just over £10bn, The Association of the British Pharmaceutical Industry says that the NHS is sold drugs to the value of over £10bn per year.
Goldshield encompasses the Goldshield Group Plc, Goldshield Pharmaceuticals Ltd and Forley Generics Limited.
The company has said it will help with ongoing civil claims in relation to the alleged over-charging issues.
The company released a statement which said: "Both Goldshield and the Department of Health look forward to a strong working relationship in the future."
A Department of Health spokesman said they were happy to have obtained their "fourth such settlement in relation to these proceedings, with the total value of settlements now standing at £34 million."
He continued: "We are unable to comment further due to the existence of ongoing proceedings."
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Title: Drug company agrees settlement
Author: Jess Laurence
Article Id: 3242
Date Added: 22nd Jun 2007