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US-ISRAEL-PHARMACEUTICAL
US accuses Israel’s Teva of fixing drug prices
NEW YORK, Aug 26, 2020 (BSS/AFP) – The US Justice Department on Tuesday
charged Israeli generic drug giant Teva of illegally fixing drug prices
between 2013 and 2015.
Teva and several co-conspirators agreed to fix prices, rig bids, and
allocate customers for generic drugs” including the popular cholesterol-
regulating medicine Pravastatin, the Justice Department said in a statement.
Patients would have paid a total of $350 million more than they should
have, the department said.
Five companies investigated in the case have already paid heavy fines to
avoid prosecution.
Sandoz, a subsidiary of the Swiss pharmaceutical giant Novartis, agreed to
pay $195 million in March, and the American subsidiary of the Israeli group
Taro Pharmaceuticals agreed to pay $205.7 million in July.
Other companies involved include Apotex, which agreed to pay a $24.1
million fine in May, and Glenmark, which was indicted by a grand jury in
July.
Teva, which sold $17 billion worth of drugs last year, was also accused
earlier this month by US authorities of artificially inflating the
reimbursement price for its multiple sclerosis drug Copaxone for patients in
the government-run Medicare program.
BSS/AFP/MSY/0834 hrs