Royalty and Contract Audits
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INDUSTRY: PHARMACEUTICAL AND MEDICAL DEVICES |
DESCRIPTION |
AMOUNT UNCOVERED BY AUDIT |
AMOUNT SETTLED / COLLECTED |
1. Pharmaceutical company – on behalf of University inventor, uncovered underpaid amounts resulting from: (i) unreported foreign subsidiary sales; (ii) application of erroneous royalty rates; and (iii) unreported products incorporating Licensed technology
|
> $ 3,000,000 |
> $ 1,300,000 |
2. Pharmaceutical company – on behalf of University, uncovered underpaid amounts resulting from: (i) unreported foreign subsidiary sales; (ii) overstatement of deductions; and (iii) application of erroneous royalty rates
|
$ 818,000 |
$ 520,000 |
3. Medical Device Manufacturer – on behalf of University, uncovered underpaid amounts resulting from: (i) unpaid minimum royalty amounts; (ii) unauthorized deductions; and (iii) unreported infringing sales
|
> $ 400,000 |
> $ 300,000 |
4. Medical Device Manufacturer – on behalf of University, uncovered underpaid amounts resulting from: (i) underreported revenue from foreign sales and (ii) unreported sales of refurbished products
|
$ 158,000 |
$ 125,000 |
5. Medical Device Manufacturer – on behalf of University, uncovered underpaid amounts resulting from: (i) underreported sales of derivative/ licensed products; unreported sales of bundled products; and (iii) overstatement of deductions
|
> $ 3,500,000 |
In Negotiations |
6. Pharmaceutical company – on behalf of University, uncovered underpaid amounts resulting from: (i) unreported foreign subsidiary sales; (ii) application of erroneous royalty rates; and (iii) unreported products incorporating Licensed technology
|
$ 433,000 |
$ 415,000 |
7. Medical Device Manufacturer – uncovered underpaid amounts resulting from: (i) misclassification of licensed products for royalty calculation; (ii) unreported licensed products; and (iii) overstatement of deductions
|
$ 260,000 |
$ 260,000 |
8. Medical Device Manufacturer – uncovered underpaid amounts resulting from: (i) unreported intercompany transfers/sales; (ii) unreported licensed product sales; and (iii) unreported use of licensed products by Licensee
|
$ 493,000 |
$ 310,000 |
9. Medical Device Manufacturer – uncovered underpaid amounts resulting from: (i) erroneous application of complex royalty calculation
|
$ 144,000 |
$ 122,000 |
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