Colombia fines Pfizer $25K for drug price inflation

A regulatory agency in Colombia has fined Pfizer nearly $25,000 for selling its medications above the maximum prices set by authorities, according to STAT.

The anticompetitive regulator, Superintendency of Industry and Commerce, claims Pfizer sold several of its medicines at a price ranging from 4 percent to 651 percent above the agreed-upon amount between July 2016 and December 2016.

The agency claims that Pfizer sold its ophthalmic solution Xalatan for about $33 a unit, when the agency set the price at $4. Additionally, Pfizer's antidepressant Effexor was sold 348 percent above the official price, according to the regulators. 

A Pfizer spokesperson denied the allegations and told STAT the company was complying with the regulator's investigation. 

The move comes as a growing number of countries worldwide are attempting to curb the rising costs of prescription drugs. 

Access the full report here. 

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