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Home Industry News Bayer HealthCare to pay settlement

Bayer HealthCare to pay settlement

26th November 2008

BayerHealthCare has said it will pay $97.5 million (63.4 million pounds), plus interest, in a settlement.

The giving of the sum is to form a resolution to allegations it paid kickbacks to a number of diabetic suppliers, which caused them to submit false claims to Medicare, according to the US justice department.

Accusations entail the company engaged in a cash-for-patient scheme, through which it rewarded 11 organisations for converting their patients to its products.

Last month, Bayer announced its sales have risen by 3.3 per cent in the third quarter of this year to 3,802 million euros (3,208 million pounds).

The company additionally reported business had expanded by 5.1 per cent, with overall sales up two per cent to 7,948 million euros.

Purchases of the multiple sclerosis treatment Betaferon/Betaseron were also up 15.2 per cent and the cancer drug Nexavar saw an increase of 62.9 per cent, the company added.

Based in Leverkusen, Germany, Bayer has 106,000 employees worldwide, with a product base of 10,000.

It has three main business areas – material science, healthcare and crop science.

The company’s UK/Ireland region sees over one billion euros in sales for the company.

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