Monday, December 10, 2018

US generic drug cartel - 16 companies, 47 states

What started as a lawsuit over the prices of two drugs has grown to become a 47-state case involving at least 16 generic drug companies and 300 drugs. Prosecutors say executives at many top generic drug companies have been coordinating price hikes for years. “This is most likely the largest cartel in the history of the United States”

The companies named include industry giants such as Mylan, Sun and Teva.

Generic drugs account for 90 percent of the prescriptions filled in the United States.
The exact damages are difficult to guess but certainly total in the billions. Health plans and government programs paid more. Patients who didn’t have insurance or whose coverage required them to pay were also stuck with excessive bills.

Predictably, the companies implicated in the lawsuit have denied any wrongdoing.