A lawsuit was launches last week against some of the U.S.' largest generic drug manufacturers by 44 U.S. states. They stand accused of conspiracy to inflate prices, which in some cases rose to 1,000%. The lawsuit says:
Teva and its co-conspirators embarked on one of the most egregious and damaging price-fixing conspiracies in the history of the United States.
Prices for hundreds of generic drugs have risen — while some have skyrocketed, without explanation, sparking outrage from politicians, payers and consumers across the country whose costs have doubled, tripled, or even increased 1,000% or more.
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Among the list of 20 companies being sued is Pfizer, Teva, Novartis, and Mylan, and includes many senior executives who have allegedly delete evidence of their conspiracy after states began the investigation in 2014.
Connecticut led a probe into the dirty practices of these companies. Connecticut Attorney General William Tong released a statement saying:
"We have hard evidence that shows the generic drug industry perpetrated a multi-billion dollar fraud on the American people."
"We have emails, text messages, telephone records, and former company insiders that we believe will prove a multi-year conspiracy to fix prices and divide market share for huge numbers of generic drugs."
He also tweeted that is violates anti-trust laws.
"Our office is leading a coalition of 40+ states in a lawsuit against some of the largest generic drug makers alleging they fixed the prices of generic drugs to maximize profits. This is an organized effort to conspire and fix prices – a highly illegal violation of antitrust laws."
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Over 100 drugs are known to have been affected in the price rigging scheme of the big pahrma industry. The New York Times reported on some of the generic pills:
"including lamivudine-zidovudine, which treats H.I.V.; budesonide, an asthma medication; fenofibrate, which treats high cholesterol; amphetamine-dextroamphetamine for ADHD.; oral antibiotics; blood thinners; cancer drugs; contraceptives; and antidepressants."
All this price fixing among top pharmaceutical manufactures might explain why Americans pay the highest price for prescription drugs among industrialized nations. Joining the lawsuit on Friday was Colorado, with Colorado Attorney General Phil Weiser saying:
"The level of corporate greed alleged in this multistate lawsuit is heartless and unconscionable."
He also tweeted about the case where he announced joining other Attorney Generals in holding these companies accountable:
"If you are angry about rising drug prices, you should be. Particularly because a major cause of price increases is illegal collusion by generic drug companies."
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The 465-page lawsuit says drug company execs "coordinating consistently to obstruct" government investigations into their collusion. "Apparently unsatisfied with the status quo of 'fair share' and the mere avoidance of price erosion, Teva and its co-conspirators embarked on one of the most egregious and damaging price-fixing conspiracies in the history of the United States."
Let's see if this goes anywhere, as the previous AD of Connecticut filed a lawsuit in 2016. Of course as expected, big pharma denies any wrongdoing. This is how the legal game is played. Deny deny deny. Evidence is required. It's too bad that if you get caught lying there aren't harsher penalties. That might make guilty people more willing to admit guilt, rather than drag their guilty asses through the courts and drain public funds in the process.
References:
- Teva and Other Generic Drugmakers Inflated Prices Up to 1,000%, State Prosecutors Say
- Drugmakers allegedly inflated prices over 1,000% and 44 states are now suing
- Lawsuit by 44 States Accuses Pharma Giants of 'Multi-Year Conspiracy' to Hike Drug Prices by Over 1,000%
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Posted from KURE