Drug manufacturer Tiva and 19 other drug companies accused of price fixing

Flyn

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A group of 44 U.S. states have sued Israel based Tiva and 19 other drug companies accusing them of price fixing generic drugs sometimes at prices 1000% higher than previous pricing.

The companies are accused of divvying up the market to avoid competition with each other. You take cholesterol, I'll take diabetes, etc.

Price fixing is a serious crime in America. The lawsuit seeks damages, civil penalties and actions by the court to restore competition to the generic drug market.

Good.

Soaring drug prices from both branded and generic manufacturers have sparked outrage and investigations in the United States. The criticism has come from across the political spectrum, from President Donald Trump, a Republican, to progressive Democrats including U.S. Senator Elizabeth Warren, who is running for president.

The 20 drug companies engaged in illegal conspiracies to divide up the market for drugs to avoid competing and, in some cases, conspired to either prevent prices from dropping or to raise them, according to the complaint by 44 U.S. states, filed on Friday in the U.S. District Court in Connecticut.

A representative of Teva USA, a unit of Israeli company Teva Pharmaceutical Industries Ltd, said it will fight the lawsuit.

“The allegations in this new complaint, and in the litigation more generally, are just that – allegations,” it said in a statement. “Teva continues to review the issue internally and has not engaged in any conduct that would lead to civil or criminal liability.”

The 500-page lawsuit accuses the generic drug industry, which mainly sells medicines that are off patent and should be less expensive, of a long history of discreet agreements to ensure that companies that are supposedly competitors each get a “fair share.”
https://www.reuters.com/article/us-usa-drugs-lawsuit/u-s-states-accuse-teva-other-drugmakers-of-price-fixing-lawsuit-idUSKCN1SH0DP
 

Marko

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Greedy assholes. Fuck them.

I feel sorry for patients that need meds for cancer and other serious health problems.

I’m sure they have to pay a lot out of pocket too. Even with Insurance
 

guspech750

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And I’m supposed to feel shocked over this?

Sickening: yes
Shocked: no
 

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