Israeli-based generic drug company Teva Pharmaceuticals agreed to pay $27 million to resolve Medicaid fraud claims. The settlement addresses allegations that the company set and reported inflated prices for medications dispensed in Florida pharmacies, who then received reimbursement by the state Medicaid program.

Florida Attorney General Bill McCollum claimed that by reporting inflated prices, Teva caused Medicaid to overpay millions of dollars. The Florida Agency for Health Care Administration, which administers the Medicaid program, will receive more than $7.1 million; the remaining funds will be remitted to the federal government and to the whistleblower, Ven-A-Care of the Florida Keys.

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