Drug companies worked together between 2013 and 2015 to boost the prices of generic blood pressure medication and other drugs that many older Americans take. Now, Sandoz, a pharmaceutical company with $10 billion in annual sales, has agreed to pay $195 million penalty to settle federal charges for its role in the price-fixing scheme. Sandoz is part of Novartis AG, one of the world’s largest drug maker. The company says it has cooperated with authorities to resolve the charges and has fired employees implicated in the scheme. Former Sandoz senior executive pleaded guilty to conspiring with other companies to fix prices, rig bids and apportion customers for generic drugs. Executives at two other companies have pleaded guilty as part of the federal probe. This settlement is a significant step toward ensuring that prices for generic drugs are set by competition, not collusion. The price-rigged drugs include those for high blood pressure, cystic fibrosis and skin conditions.
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