Healthcare Industry News: Schering
News Release - November 5, 2007
Schering-Plough Reports U.S. District Court for District of Massachusetts Finds No Liability for Subsidiary in AWP Case
KENILWORTH, N.J., Nov. 5 (HSMN NewsFeed) -- Schering-Plough Corporation (NYSE: SGP ) reported that the U.S. District Court for the District of Massachusetts has found no liability for Warrick Pharmaceuticals, its generic subsidiary, in a class action lawsuit involving several pharmaceutical companies and the setting of average wholesale prices (AWPs) for prescription products.The Court, in a modification of its prior opinion, ruled that Warrick's AWPs had no effect on Medicare reimbursement and resulted in no damages to class plaintiffs. In June 2007, the Court had issued favorable rulings for the company and dismissed all claims relating to Schering-Plough's branded pharmaceutical products but found limited liability against Warrick with respect to one form of a generic product, albuterol sulfate solution, in the years 1998 and 1999. The Court's latest ruling in favor of the company reverses that finding of limited liability.
"As we move forward with building a company that can deliver sustainable high performance, we are gratified to put another issue from Schering-Plough's past behind us," said Fred Hassan, Schering-Plough chairman and CEO.
The company has consistently maintained that it has complied with all applicable laws and regulations governing pharmaceutical pricing and reimbursement in connection with reporting AWPs.
Schering-Plough is a global science-based health care company with leading prescription, consumer and animal health products. Through internal research and collaborations with partners, Schering-Plough discovers, develops, manufactures and markets advanced drug therapies to meet important medical needs. Schering-Plough's vision is to earn the trust of the physicians, patients and customers served by its approximately 33,500 people around the world. The company is based in Kenilworth, N.J., and its Web site is www.Schering-plough.com.
Source: Schering-Plough
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