India's Cipla says govt seeks $86 mln for drug over-pricing
MUMBAI, March 2
MUMBAI, March 2 (Reuters) - Cipla Ltd, India's No. 2 drugmaker in the domestic market, said it had received government notices seeking 4.25 billion rupees ($86.36 million) due to over pricing of certain drugs.
The demands are contrary to the orders passed by the Supreme Court of India and are related to the same drugs under litigation, the drugmaker said in a statement.
The company has received a legal advice which says the entire amount demanded by the National Pharmaceutical Pricing Authority (NPPA) is not tenable and sustainable, Cipla said.
NPPA is a government body that fines drugmakers in India if they over price certain drugs that have been identified under the national list of essential medicines.
($1 = 49.215 rupees) (Reporting by Kaustubh Kulkarni in MUMBAI; Editing by Rajesh Pandathil)
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