| Title | Generic Drugmakers Conspired to Inflate Prices Up to 1,000%, State Prosecutors Say | |
| Date | Monday May 13 2019, @07:41AM | |
| Author | Fnord666 | |
| Topic | ||
| from the naughty-executives dept. | ||
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.
| Links |
printed from SoylentNews, Generic Drugmakers Conspired to Inflate Prices Up to 1,000%, State Prosecutors Say on 2024-04-28 17:21:12