DRUG companies accused of charging "excessive prices" to the NHS are under investigation, the competition watchdog has announced.

The Competition and Markets Authority (CMA) launched an investigation into suspected breaches of competition law by pharmaceutical firms on Tuesday.

If the companies are found to have broken the law they face fines of up to 10% of their turnover.

The CMA said: "The investigation relates to suspected unfair pricing by way of charging excessive prices in the supply of certain pharmaceutical products, including to the National Health Service."

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