Merck Gets Demand Notice From Regulator
New Delhi: Drug firm Merck on Friday said it has received a demand notice from national drug pricing regulator NPPA, alleging overcharging on Polybion L 100 ML syrup and will challenge it.
"The company has received a demand notice from National Pharmaceutical Pricing Authority (NPPA) demanding a sum of Rs 11.68 crore plus interest Rs 15.78 crore alleging overcharging of price of the formulation, Polybion L 100 ML syrup, during the period from January 2006 to June 2009," Merck said.
In a statement to the bourses, the company said the government has issued the demand notice despite the fact that the company was neither a manufacturer nor a marketer of the subject drug.
"The company will challenge the said orders and will defend itself vigorously. The company has been legally advised. It has a good defendable case on merits," Merck said.
Shares in Merck Ltd ended 0.16 per cent higher at Rs 997.50 apiece on the BSE, whose benchmark Sensex index finished 0.99 per cent higher.
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