Teva Pharmaceuticals has agreed to pay $225 million in criminal fines to settle charges related to price-fixing three medications, including a generic cholesterol drug. Glenmark Pharmaceuticals will pay $30 million to resolve charges that it conspired with Teva to fix prices for the cholesterol drug pravastatin. Both companies will also divest their versions of the drug. This settlement is the latest in a series of cases related to price fixing in the pharmaceutical industry.
The U.S. Department of Justice’s antitrust division has charged several pharmaceutical companies since 2020 for participating in similar schemes affecting various generic drugs. With these latest settlements, seven companies have now resolved their criminal charges, collectively agreeing to pay over $681 million in criminal penalties. The deals are deferred prosecution agreements, meaning the companies will avoid trial and criminal punishment if they adhere to the terms of the agreements.
As part of the settlement, Teva will also donate $50 million worth of two generic drugs affected by price fixing to humanitarian organizations providing medications to Americans in need. Teva has already set aside $200 million to address the DOJ’s price-fixing allegations. Glenmark has admitted to participating in a scheme to fix the price of pravastatin, while Teva admitted to participating in three price-fixing schemes involving pravastatin and two other drugs.
These actions come as regulatory authorities continue to crack down on anticompetitive practices in the pharmaceutical industry, aiming to ensure fair pricing and access to essential medications for consumers.
|Read More: Click Here|