“A Multibillion Dollar Fraud On The American People”

According to the company’s website, “As the world’s leading provider of generic drugs, Teva Pharmaceuticals understands the importance of making safe, quality medications accessible —and affordable.” The attorneys general of forty states say differently.

Generic drug makers conspired to fix prices: federal lawsuit

StatNews – The attorneys general of 43 states and Puerto Rico filed a lawsuit late last week alleging that many of the largest generic drug makers conspired to keep the cost of drugs high.

The drugs involved in the lawsuit account for billions of dollars, according to investigators, who also allege that generic companies agreed not to compete with each other and to settle instead for a share of the market that would prevent pushing prices down through competition.

Generic drug company Teva, which is accused of raising prices of more than 110 drugs, issued a statement denying any wrongdoing and said the company is dedicated to complying with laws and regulations in its quest to deliver medicines to patients.

“A multi-year conspiracy to fix prices”

“We have hard evidence that shows the generic drug industry perpetrated a multibillion-dollar fraud on the American people,” Tong said. “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.”

Tong said the investigation had uncovered a primary reason why the cost of health care — and specifically generic prescription drugs — has been so high in this country.

The surging prices of prescription drugs have drawn the attention of a number of politicians across the political spectrum from President Donald Trump to liberal Democratic presidential candidate Sen. Elizabeth Warren of Massachusetts.

The new court suit was the second that has been filed in the investigation. The first, filed in 2016, named 18 corporate defendants and two individual defendants.

Two former drug company executives entered into settlement agreements and are cooperating with the attorneys general in the investigation … Read more. 

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