Mar 2, 2020 - Health

Novartis fined $195 million in generic price-fixing scheme

A white building with the blue Sandoz logo on the front.

Sandoz is the generic arm of Novartis. Photo: Sebastian Kahnert/picture alliance via Getty Images

Sandoz, the generic drug unit of pharmaceutical giant Novartis, has admitted that it colluded with other companies to inflate the prices of various generic drugs and is paying $195 million to resolve charges, the Department of Justice said Monday.

Why it matters: This is the largest criminal penalty in a U.S. antitrust case, and Sandoz is now the third company to admit guilt within the wide-ranging scheme to fix prices of generic drugs. Sandoz's admission implicates more generic drugmakers.

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