Actavis Fined for USD Millions Skip to content

Actavis Fined for USD Millions

By Iceland Review

Pharmaceutical company Actavis, which is in the majority ownership of Icelandic entrepreneur Björgólfur Thor Björgólfsson, has been fined for USD 170 million (ISK 20 billion, EUR 123 million) by a jury in Austin, Texas.


The headquarters of Actavis in Hafnarfjördur. Photo by Páll Kjartansson.

The jury found two of Actavis’s operational stations in the US, Actavis Mid-Atlantic LLC and Actavis Elizabeth LLC, guilty of having deliberately raised the price of generic pharmaceuticals to receive increased payment from Medicaid, public health insurance, Morgunbladid reports.

The misconduct was revealed after a pharmacist in Florida sued over it—the pharmacist in question has apparently been efficient in reporting fraud such as this.

According to Fréttabladid, Texas prosecutor Greg Abbott commented to Bloomberg that those who try to defraud money from taxpayers in this way can expect to be hunted down.

The fine is among the highest pharmaceutical companies in the US have had to pay in comparable cases.

In other news, Actavis recently opened a new factory in Iceland and increased its production capacity.

Click here to read more about that story.

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