Attorneys general from more than 40 states are alleging the nation's largest generic drug manufacturers conspired to artificially inflate and manipulate prices for more than 100 different generic drugs.
Attorneys general from more than 40 states are alleging the nation's largest generic drug manufacturers conspired to artificially inflate and manipulate prices for more than 100 different generic drugs, including treatments for diabetes, cancer, arthritis and other medical conditions.
Tong said the investigation had uncovered a primary reason why the cost of healthcare — and specifically generic prescription drugs — has been so high in this country. A spokesman for one of the companies named in the suit, Teva Pharmaceuticals USA Inc., a subsidiary of Israeli-based Teva Pharmaceuticals Industries, said Teva hasn't engaged in any conduct that would lead to civil or criminal liability.
But by 2012, the suit says, Teva and the other companies decided to"take this understanding to the next level." It alleges that"Teva and its co-conspirators embarked on one of the most egregious and damaging price-fixing conspiracies in the history of the United States." The suit contends that this resulted in"many billions of dollars of harm to the national economy over a period of several years."During a 19-month period beginning in July 2013, the suit says, Teva significantly raised prices on approximately 112 different generic drugs and on at least 86 of those increases it colluded with a group it referred to as"high quality" competitors.
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