Mylan (NSDQ:MYL) shares dipped slightly in mid-afternoon trading today after Sen. Chuck Grassley’s (R-Iowa) office released a Health and Human Services estimate claiming that taxpayers overpaid by as much as $1.27 billion for Mylan’s EpiPen device from 2006 to 2016.
The charges stem from Mylan’s decision to classify the emergency allergy auto-injector as a generic, instead of a branded product under the Medicaid Drug Rebate Program. Misclassifying the device allowed the company to pay the government a 13% rebate instead of a 23% rebate. The Centers for Medicare and Medicaid Services repeatedly warned Mylan that the device was wrongly classified, but the company didn’t take action.
Get the full story at our sister site, Drug Delivery Business News.
The post Report: Mylan may have overcharged US by $1.3B for EpiPen appeared first on MassDevice.
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