A former senior executive at Novartis pleaded guilty to a conspiracy to fix generic drug prices, according to the U.S. Justice Department.
Hector Armando Kellum, formerly a senior executive of Novartis' Sandoz unit, pleaded guilty to "conspiracy to fix prices, rig bids and allocate customers for generic drugs," the Justice Department said Feb. 14.
Mr. Kellum allegedly conspired with Ara Aprahamian, a former Taro Pharmaceuticals exec who was indicted Feb. 4.
The price-fixing scheme took place between March 2013 and June 2015, according to the Justice Department, and involved a drug used to treat eczema and psoriasis as well as an antifungal drug.
"Kellum’s plea shows he lost sight of the basic principle that medicine is intended to heal sick people, not line an individual's pockets by colluding to rig bids and manipulate drug prices," said Timothy Slater, assistant director in charge of the FBI Washington field office.
Mr. Kellum is the fourth executive to be charged in the investigation and the third to plead guilty.
Read the full news release here.