U.S. states allege broad generic drug price-fixing collusion

[Stuart G]

Source: Reuters

October 31, 9:50 AM
(Reuters) - A large group of U.S. states accused key players in the generic drug industry of a broad price-fixing conspiracy, moving on Tuesday to widen an earlier lawsuit to add many more drugmakers and medicines in an action that sent some company shares tumbling.

The lawsuit, brought by the attorneys general of 45 states and the District of Columbia, accused 18 companies and subsidiaries and named 15 medicines. It also targeted two individual executives: Rajiv Malik, president and executive director of Mylan NV, and Satish Mehta, CEO and managing director of Indias Emcure Pharmaceuticals.

Shares of Pennsylvania-based Mylan, also named as a defendant, closed down 6.6 percent.

The states said the drugmakers and executives divided customers for their drugs among themselves, agreeing that each company would have a certain percentage of the market. The companies sometimes agreed on price increases in advance, the states added.

The states said Malik and Mehta spoke directly to one another to agree on their companies shares of the market for a delayed-release version of a common antibiotic, doxycycline hyclate. It is our belief that price fixing is systematic, it is pervasive, and that a culture of collusion exists in the industry, Connecticut Attorney General George Jepsen, who is leading the case, told a news conference in Hartford.



Read more: http://www.reuters.com/article/us-usa-generics/u-s-states-allege-broad-generic-drug-price-fixing-collusion-idUSKBN1D0201

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You mean the generic drug companies would try to fix drug prices?..Just like the non generic companies. To improve their "profit" so they make more money..?? That can't be true?
Generic drugs are so much cheaper, those companies would never try to fix prices like they are being accused, would they? In order to maximize their profits. Would they?

[SeattlePop]

1. Prison For The Pigs

My wife's eye medication costs over 10 times as much here as same bottle by same company costs overseas.

We're getting screwed.

[Stuart G]

2. Welcome to DU.. Yes, we are getting screwed. If it is generic or regular prescription drugs.

We still get screwed.

But, there is one drug, (yes, it is a "drug" in the public domain) and has been known about for decades. No prescription needed, it removes muscles pain, helps stop headaches, thins the blood helps prevent heart attacks. It has been known about for many years, and it is dirt cheap. It is generally "safe" and well known.
Yes, there are a few precautions, and some people are sensitive. And dirt cheap is a penny a pill. If you get 500, maybe 4 dollars. You know what this is? This drug is called aspirin. And has been cheap for decades.

If aspirin were discovered today, by one of the large drug companies, new, and did all these things effectively, my guess is that they could charge between 5 and 10 dollars a pill. A hundred would cost one thousand dollars. Why not? Get what you can. That is my opinion as to what the large drug companies would do if this were "new." Even if it were dirt cheap to make, the drug companies would charge the maximum. That is who they are.

[EarthFirst]

3. Bring back the guillotine!

These folks don't give a shit if you or I die; why the fuck should I care if they die?

[paleotn]

4. Now where's that "free market" we keep hearing about?

[SergeStorms]

5. Duh!

But let's keep repealing more regulations that would make these pig fuckers be honest. Lord knows we wouldn't want to stifle that "free market" the GOP is so protective of. Free and honest price gouging is the American way! Unlimited profits for all, and if people die because they can't afford to pay for these generic drugs, tough shit. Move to Canada.

There are no words to describe how much I hate those bastards.