Navigation Links
Major Rollback of Pharmaceutical Bench Mark Prices Approved by Federal Court of Appeals, Hagens Berman Announces
Date:9/10/2009

BOSTON, Sept. 10 /PRNewswire/ -- Purchasers of pharmaceutical drugs including consumers and health plans will soon enjoy a rollback of benchmark prices of some of the most common prescription medications after a Federal Appeals Court last week affirmed the approval of a settlement with two leading drug-pricing publishers, First DataBank, Inc. and Medi-Span, a division of Wolters Kluwer Health, Inc.

(Logo: http://www.newscom.com/cgi-bin/prnh/20080317/AQM144LOGO)

The court's approval clears the way for the pricing rollback to go into effect on Sept. 26, 2009, and could save consumers and other purchasers hundreds of millions of dollars.

The settlement stems from a 2005 class-action lawsuit brought on behalf of health benefit plans and consumers against First DataBank (FDB) and McKesson Corporation, a large pharmaceutical wholesaler. According to the suit filed by Hagens Berman Sobol Shapiro, plaintiffs claimed that the majority of brand name drugs are reimbursed based on a pricing benchmark known as the "average wholesale price" or AWP, a benchmark that the suit claimed was manipulated by the defendants to boost profits.

District Judge Patti Saris of the District of Massachusetts summarized the allegations in her approval order, "[t]ypically, a drug's wholesale acquisition cost or 'WAC' was understood as the price wholesalers paid to purchase a drug from the manufacturer; the WAC was then marked up by a fixed percentage to derive the AWP. Beginning in 2001, FDB and McKesson reached a secret agreement to raise the markup between WAC and AWP from its standard 20 percent to 25 percent for more than 400 drugs. The scheme resulted in higher profits for retail pharmacies that purchased drugs on the basis of WAC but are reimbursed on the basis of AWP."

'/>"/>
SOURCE Hagens Berman Sobol Shapiro
Copyright©2009 PR Newswire.
All rights reserved

Page: 1 2 3 4

Related medicine news :

1. Majority of 2.4 Million U.S. Children With ADHD Not Diagnosed or Consistently Treated, According to New Gold Standard Study by Cincinnati Childrens Researchers
2. Laboratory at UI plays major role in diagnosing cancer
3. Draxis Health selected by Johnson and Johnson Consumer Companies, Inc. for major contract manufacturing relationship
4. DaVita Acquires Majority Stake in HomeChoice Partners, Inc.
5. Major Pharma Clinical Case Studies From Amgen, AstraZeneca, GSK, Intermune, Cephalon Inc, Sunesis Pharmaceuticals and Dartmouth Medical School During Fall Clinical Focused Programs
6. Major grant advances UWs clinical and translational research enterprise
7. Major differences revealed in how local authorities in the UK support disabled people
8. Watson Wyatt Identifies Major Benefit Trends During Open Enrollment Season
9. Worldwide Probiotic Drink, Yakult(R), Launches in Its First Major U.S. Market
10. Ericom Provides Significant Cost-Savings for Major New York City Healthcare Organization
11. Eckert Seamans Announces Major Expansion in Philadelphia, West Chester and Harrisburg
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:1/22/2015)... Oceanside,CA (PRWEB) January 22, 2015 For over 20 ... the Oceanside and Vista area has treated just about ... other personal injury circumstances. And for those same twenty-plus years, ... victims of all those injuries with the best possible doctor. ...
(Date:1/22/2015)... La Jolla, Calif. (PRWEB) January 22, 2015 ... and Assemblymembers Susan Bonilla (D-Concord) and Kristin Olsen ... (CHI) for their leadership in advancing biotechnology, biomedical ... Mitchell, Bonilla and Olsen each received the “2014 ...
(Date:1/22/2015)... WASHINGTON, DC (PRWEB) January 22, 2015 ... conditions in vulnerable communities and cause financial distress to ... report by analysts at Howard University’s Center on Race ... of dollars in economic activity, payday loans at the ...
(Date:1/22/2015)... Compare-autoinsurance.org has released a new blog post presenting a list of ... . , Some types of vehicles cannot be covered under ... blog post to see if their vehicle qualifies for auto insurance ... of the cars that cannot be covered by a plan. Clients ...
(Date:12/26/2014)... December 26, 2014 The US represents the ... report. In 2013, GlobalData’s forecast estimates that sales of branded ... market due to the high incidence of the disease, high ... 5EU, Japan, and China. Increased sales of CRC therapies over ...
Breaking Medicine News(10 mins):Health News:Industry Leading Chiropractor in Oceanside Joins the Doctors on Liens Network 2Health News:California Biomedical Community Honors Senator Holly Mitchell, Assemblymembers Susan Bonilla & Kristin Olsen 2Health News:California Biomedical Community Honors Senator Holly Mitchell, Assemblymembers Susan Bonilla & Kristin Olsen 3Health News:Howard University Spotlights the Economic Impact of Payday Lending in Southern States 2Health News:Some Vehicles Cannot Be Covered By An Auto Insurance Policy! 2Health News:US Colorectal Cancer Drug Market Analysis and Forecast to 2023 Report Available at ReportsnReports.com 2Health News:US Colorectal Cancer Drug Market Analysis and Forecast to 2023 Report Available at ReportsnReports.com 3Health News:US Colorectal Cancer Drug Market Analysis and Forecast to 2023 Report Available at ReportsnReports.com 4
... , BEDFORD, N.H., Oct. 1 Emerson Ecologics, ... Research as their exclusive distributor. Effective immediately, Emerson ... the complete line of Crayhon Research products. ... supplements for the brain and body, available to ...
... Oct. 1 Two interactive computer tools released today ... help emergency planners and responders select and run alternate ... experiencing a surge in seriously ill patients requiring acute ... to alternate care sites. , Alternate care ...
... Smile, a worldwide children,s medical charity, will honor Jessica, Ashlee, ... Honorable Richard J. Riordan, Roselyn Sanchez and Eric Winter at ... Beverly Hilton Hotel. Access Hollywood,s Billy Bush will ... , Operation Smile Co-founders, Dr. Bill and Kathy Magee, ...
... with certain birth defects, research shows , THURSDAY, Oct. ... likely to give birth to babies with heart defects, a ... and Prevention researchers analyzed data on 6,440 infants with congenital ... took part in the National Birth Defects Prevention Study. , ...
... presentations available through live Webcasts from Honolulu ... (ADA) interactive Education in the Round (EIR) live-patient ... the convention center to thousands of North American dental ... and the American Dental Education Association (ADEA) recently announced ...
... (MIAW) is Oct. 4-10, 2009 and as part of its observance, ... is calling attention to a program now airing on PBS, " ... Observed annually the first full week in October, Congress established MIAW ... such as major depression, bipolar disorder, and schizophrenia ...
Cached Medicine News:Health News:Crayhon Research Now Available Exclusively Through Emerson Ecologics 2Health News:New Tools Help Emergency Planners Select Alternate Care Facilities and Transfer Patients During Disasters 2Health News:Operation Smile to Honor the Simpson Family, Stephen Berman, the Honorable Richard J. Riordan, Roselyn Sanchez and Eric Winter at 8th Annual Smile Gala in Los Angeles 2Health News:Pre-Pregnancy Weight Linked to Babies' Heart Problems 2Health News:Dental Students, Faculty Gain Live Remote Access to ADA Annual Session Courses 2Health News:Dental Students, Faculty Gain Live Remote Access to ADA Annual Session Courses 3Health News:Mental Illness Awareness Week: What You Should Know, Including PBS Broadcasts, Oct. 4-10 2
(Date:1/23/2015)... SETAUKET, N.Y. , Jan. 23, 2015  Lixte Biotechnology Holdings, ... where its Phase I trial of Lixte,s lead compound, LB‑100, ... institutions. John S. Kovach , M.D., the ... was planned to be completed at a single site. Accrual ...
(Date:1/23/2015)... (NYSE: MNK ) announced today that its ... The open-ended authorization permits the company to repurchase up ... "Funding additional initiatives and seeking attractive business ... pursue a range of focused growth strategies," said ...
(Date:1/22/2015)... , Jan. 22, 2015  ViewRay™, a privately held medical ... an exclusive distributor agreement with ITOCHU Corporation (Tokyo Stock ... system for the treatment of cancer in ... is the world,s first and only MRI-guided radiation therapy ...
Breaking Medicine Technology:Lixte Biotechnology Holdings Announces Expansion Of Clinical Sites For Its Phase I Trial Of Its Lead Anti-Cancer Compound, LB-100 2Lixte Biotechnology Holdings Announces Expansion Of Clinical Sites For Its Phase I Trial Of Its Lead Anti-Cancer Compound, LB-100 3Mallinckrodt plc Announces Share Repurchase Program 2Mallinckrodt plc Announces Share Repurchase Program 3Mallinckrodt plc Announces Share Repurchase Program 4ITOCHU Named the Exclusive Distributor for ViewRay's MRI-Guided Radiation Therapy System in Japan 2
... in Humans and Quark,s Proprietary siRNA StructuresFREMONT, ... a development-stage pharmaceutical company discovering and developing ... that James D. Thompson, Ph.D., Vice President, ... novel pipeline of synthetic siRNA compounds at ...
... of Osteoplasty -- an Interventional Radiology Treatment -- ... March 9 Osteoplasty -- a highly effective ... of metastatic bone disease by injecting bone cement ... substantial pain relief, often presenting individuals who are ...
Cached Medicine Technology:Quark Pharmaceuticals Presents at Asia TIDES Conference 2Quark Pharmaceuticals Presents at Asia TIDES Conference 3Metastatic Bone Disease Patients Can Walk in Lazarus' Footsteps 2Metastatic Bone Disease Patients Can Walk in Lazarus' Footsteps 3Metastatic Bone Disease Patients Can Walk in Lazarus' Footsteps 4Metastatic Bone Disease Patients Can Walk in Lazarus' Footsteps 5
Terumo's Outlook offers superior torque and precision control. It's patient-friendly, high torque design makes it the catheter of choice for demanding angiography....
Femoral selective catheter. Catheter material used is polyurethane (DUCOR). Guidewire campatibility is 0.038". Packaging 5/Box....
Femoral selective diagnostic catheter. The material used is nylon (VESTANTM). All selective shapes have thrulumen design. Guidewire campatibility is 0.038". Packaging 5/Box....
... INFINITI 4F, 5F, and ... catheters is ideal for ... incorporate state-of-the-art technology and ... deliver better responsiveness, optimal ...
Medicine Products: