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Generic Drugmakers Conspired to Inflate Prices Up to 1,000%, State Prosecutors Say

posted by Fnord666 on Monday May 13 2019, @07:41AM   Printer-friendly
from the naughty-executives dept.

MrPlow writes:

Submitted via IRC for Runaway1956_

Leading drug companies including Teva, Pfizer, Novartis and Mylan conspired to inflate the prices of generic drugs by as much as 1,000 percent, according to a far-reaching lawsuit filed on Friday by 44 states.

The industrywide scheme affected the prices of more than 100 generic drugs, according to the complaint, including lamivudine-zidovudine, which treats H.I.V.; budesonide, an asthma medication; fenofibrate, which treats high cholesterol; amphetamine-dextroamphetamine for A.D.H.D.; oral antibiotics; blood thinners; cancer drugs; contraceptives; and antidepressants.

"We all know that prescription drugs can be expensive," Gurbir S. Grewal, the New Jersey attorney general, said in a statement. "Now we know that high drug prices have been driven in part by an illegal conspiracy among generic drug companies to inflate their prices."

In court documents, the state prosecutors lay out a brazen price-fixing scheme involving more than a dozen generic drug companies and just as many executives responsible for sales, marketing and pricing. The complaint alleges that the conspirators knew their efforts to thwart competition were illegal and that they therefore avoided written records by coordinating instead at industry meals, parties, golf outings and other networking events.

Source: https://theinformationsuperhighway.org/generic-drugmakers-conspired-to-inflate-prices-up-to-1000-state-prosecutors-say/

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  • (Score: 0) by Anonymous Coward on Monday May 13 2019, @04:42PM (2 children)

    by Anonymous Coward on Monday May 13 2019, @04:42PM (#843053)

    Eg, far more people die just due to "medical errors" than diabetes:
    https://www.npr.org/sections/health-shots/2016/05/03/476636183/death-certificates-undercount-toll-of-medical-errors [npr.org]

    Medical errors doesn't count all the deaths from poorly thought out standard practice.

  • (Score: 2) by HiThere on Monday May 13 2019, @05:01PM (1 child)

    by HiThere (866) Subscriber Badge on Monday May 13 2019, @05:01PM (#843068) Journal

    That's almost certainly correct. Diabetes is much more likely to cause blindness, loss of a finger or toe, or leg or arm, neuropathy, etc. than death. So if you don't care about being blind and crippled, it's not much of a problem, because you'll actually die of something else.

    --
    Javascript is what you use to allow unknown third parties to run software you have no idea about on your computer.

    • (Score: 0) by Anonymous Coward on Monday May 13 2019, @05:24PM

      by Anonymous Coward on Monday May 13 2019, @05:24PM (#843076)

      No, without insulin type I diabetics will not live to adulthood. Type II diabetes is the result of bad health advice (low fat diet).