ISLAMABAD: The National Accountability Bureau (NAB) has made highest-ever recovery of Rs385.1 million from a pharmaceutical company accused of overpricing some medicines.
The company was overpricing the medicines in connivance with the officials of the Ministry of National Regulations and Health Services.
The NAB had received a complaint alleging that officials of the health ministry and others were involved in the illegal increase in prices of drugs through Drugs Pricing Committee (DPC) meetings.
During investigations, it was revealed that some pharmaceutical companies had been given undue financial benefits by members of the committee through an exorbitant increase in prices of their drugs.
The investigation also revealed that the cost of the active ingredient was 49.3 Swiss francs per kg at that time which came to be approximately Rs24 per 120ml and not Rs46.272 per 120ml.
Investigations established that the management of the company derived wrongful gains of Rs385.11 million as a result of unjustified price increase obtained through fraud and misrepresentation.
Later, company directors Tariq Haider and Mian Khalid Mehmood submitted an application for a plea bargain.
The NAB chairman accepted the plea bargain of Rs385.11 million which were approved by the Accountability Court Islamabad.
