Bristol-Myers Squibb in integrity agreement as part of settlement
Bristol-Myers Squibb (BMS) has entered into a corporate integrity agreement (CIA) with the Office of Inspector General of the Department of Health and Human Services as part of a civil settlement to resolve allegations that the company inflated its drug prices and was involved in kickbacks to doctors.
Under the terms of the CIA, the drugmaker will be required to report its average sales prices and average manufacturer prices for drugs covered by Medicare and other federal health care programs for a five-year term.
Among the other obligations contained in the 80-page CIA are the continued development and maintenance of the company's compliance programs related to its US pharmaceuticals business.
The terms of the integrity agreement will not affect BMS' ongoing business with customers or the government, the drugmaker said in a statement.
Additional terms of the civil settlement require BMS to pay $515 million in penalties.
There were no criminal charges filed against the company.