Nirmal mulye biography of georgetown

New York– A pharmaceutical company in the US and its Indian-origin chief have agreed to resolve allegations that they knowingly underpaid Medicaid rebates due for the company’s drug Nitrofurantoin Oral Suspension (Nitro OS).

Missouri-based Nostrum Laboratories and its founder and CEO Nirmal Mulye have agreed to pay a minimum of $3,825,000, and up to $50 million if certain financial contingencies are met to settle claims that they violated the False Claims Act.

The settlement is based on Nostrum’s and Mulye’s financial condition, a Department of Justice release said on Monday.

Pursuant to the Medicaid Drug Rebate Program, drug manufacturers are required to pay quarterly rebates to state Medicaid programs in exchange for Medicaid’s coverage of the manufacturers’ drugs.

The statute requires manufacturers to pay inflation-based rebates for drugs, which are designed to insulate the Medicaid programme from drug price increases that outpace inflation.

Nostrum Laboratories, CEO Nirmal Mulye Owe Medicaid Millions CYXI