New York Wins $70 Million from Drug Companies

Associated Press reports that New York City has won close to $70 million from 44 pharmaceutical companies in a lawsuit over the pricing of prescription drugs.

As reported in the market news:

City lawyers alleged the companies fraudulently reported inflated drug prices called Average Wholesale Prices, or AWPs. They say the inflations were sometimes thousands of percentage points over the true AWPs. By law, AWP forms the basis for most Medicaid drug reimbursement to doctors and pharmacists.

Click here for the full AP report that appears in Crain’s New York Business