Twenty leading drug companies—including Teva Pharmaceuticals, Pfizer, Novartis, and Mylan—were in cahoots for years to fix and dramatically inflate the prices of more than 100 generic drugs, in some cases to raising prices “well over 1,000 percent,” according to a lawsuit filed late last week by 44 states.The alleged scheme was intended to ensure that each company was a “responsible competitor” who was “playing nice in the sandbox” to get its “fair share” of profits from the drugs. Those drugs included pills, capsules, ointments, and cream. They range from oral antibiotics, blood thinners, cancer drugs, contraceptives, statins, anti-inflammatory drugs, anti-depressants, blood pressure medications, drugs used to treat HIV, and drugs for ADHD. A full list of the generic drugs can be found here.”We all know that prescription drugs can be expensive,” said New Jersey Attorney General Gurbir S. Grewal in a statement. “Now we know that high drug prices have been driven in part by an illegal conspiracy among generic drug companies to inflate their prices.”
The manufacturer of EpiPen devices failed to address known malfunctions in its epinephrine auto-injectors even as hundreds of customer complaints rolled in and failures were linked to deaths, according to the Food and Drug Administration. The damning allegations came to light today when the FDA posted a warning letter it sent September 5 to the manufacturer, Meridian Medical Technologies, Inc. The company (which is owned by Pfizer) produces EpiPens for Mylan, which owns the devices and is notorious for dramatically raising prices by more than 400 percent in recent years.The auto-injectors are designed to be used during life-threatening allergic reactions to provide a quick shot of epinephrine. If they fail to fire, people experiencing a reaction can die or suffer serious illnesses. According to the FDA, that’s exactly what happened for hundreds of customers.
Small Dublin-based Allergan will buy Pfizer to form world’s largest drug maker.
With $160 billion merger, Pfizer moves to Ireland and dodges taxes