Wednesday, May 15, 2019

Colorado joins drug price suit

Posted By on Wed, May 15, 2019 at 12:55 PM

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The state of Colorado joined 43 states suing major generic drug manufacturers, claiming they engaged in a conspiracy to fix drug prices and drive out competition in the market for drugs that treat common illnesses and diseases, the Colorado Attorney General’s Office announced.

The states accuse Teva Pharmaceuticals, Sandoz, Mylan, Pfizer and 16 other generic drug manufacturers, along with 15 senior executives, of engaging in “a coordinated and systematic effort to conspire with each other to fix prices, divide market share, and rig bids for more than 100 different generic drugs.”

AG Phil Weiser’s release on the complaint, which was filed in U.S. District Court for the District of Connecticut, states, “This conduct has resulted in billions of dollars of overcharges that has had a significant negative impact on consumers. Between 2013 and 2014, these companies raised drug prices by 448 percent. In some instances, prices skyrocketed over 1,000 percent for drugs such as Fluconazole, which is used to treat fungal infections, and Nadolol, a high-blood pressure medication.”

The complaint, the second to be filed due to an investigation of generic drug makers, seeks damages, civil penalties and “actions by the court to restore competition to the generic drug market.” 

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