The Daily Caller | 9/21/2016 | Staff
idkwatitis (Posted by) Level 3
Click For Photo:

Investigators are looking into 16 generic drug companies on allegation of price-fixing.

The probe comes as a snowball effect of a lawsuit over two drugs in 2016.

Companies - Investigation - Mylan - Teva - Heritage

Well-known companies involved in the investigation include Mylan, Teva and Heritage Pharmaceuticals.

At least 16 drug companies making roughly 300 generic medications are facing increasing pressure in an illegal price-fixing investigation, according to The Washington Post Sunday.

Pressure - Judge - Emails - Text - Messages

The pressure is especially high after a federal judge opened up more than one million emails, text messages and other communications to be shared among the plaintiffs in November.

“This is most likely the largest cartel in the history of the United States,” Joseph Nielsen, an antitrust investigator who has been a “leading force” in the investigation, said according to WaPo. Nielsen is also an assistant attorney general in Connecticut, according to WaPo.

FDA - Drugmakers - Prescription - Drugs - Prices

The FDA incentivizes drugmakers to produce generic prescription drugs, which are believed to lower prices by increasing competition. But an antitrust lawsuit that now counts 47 states as plaintiffs alleges that genericndrug company executives carried out price fixing to such a large degree they even had “insider lingo” for cheating the system, reported WaPo.

For example, “sandbox” referred to the market for generic prescription drugs, while “trashing the market” referred to a company going rogue with its pricing, reported WaPo.

Drug - Companies - EpiPen - Maker - Mylan

Drug companies including EpiPen maker Mylan and its competitor Teva are some of the more well-known names included in the suit.

Mylan came under fire in 2016 after it raised the price of EpiPens 461 percent since acquiring rights to the drug in 2007. The suit names Mylan’s president Rajiv Malik specifically as a defendant, reported WaPo.

Suit - Defendants - WaPo - Defendants - Investigators

The suit may even add more defendants, reported WaPo. The defendants so far say that investigators have no evidence of a conspiracy, according to WaPo.

Teva issued the following statement to The Daily Caller News Foundation Monday:


(Excerpt) Read more at: The Daily Caller
Wake Up To Breaking News!
Sign In or Register to comment.

Welcome to Long Room!

Where The World Finds Its News!