Sun Pharma, Dr. Reddy’s, Four pharma firms face US price-fixing charge
Indian drugmakers are facing allegations of conspiracy to fix huge prices in the US, with the aim of keeping the prices of generic drugs artificially high, companies like Dr. Reddy’s Laboratories (DRL), Glenmark Pharmaceuticals, Sun Pharmaceutical Industries, and Emcor Pharmaceuticals
Reuters reports that five companies are charged for keeping the prices of generic drugs particularly high.
Stocks of Indian pharmaceutical companies fell on Wednesday. Dr. Reddy’s shares fell 2.9 percent to Rs 2,360.90 and Sun Pharma fell 0.9 percent to close at Rs 548.45.
Satish Mehta, Managing Director of Pune-based Ampor and Rajiv Malik, executive director of US-based Mylan NV, had accused the two top executives of Tuesday being a conspiracy. More officers in this industry are under scanners
According to the states, the drug producers and officials split the customers with each other for their own medicines that each company will have a fixed percentage in the market. They also alleged that such companies could sometimes agree with the increase in prices
“In view of the direct involvement of the authorities and we have condemned them, we felt as a group of anti-prostitution prosecutors that it is important to keep these persons accountable,” said Connecticut Assistant Attorney General Joseph Nielsen Tuesday Said at a conference
The lawsuit launched by Connecticut State, however, major companies are also among the generic drug manufacturers – such as Teva, Sandos, and Actavis, among other companies. According to the Office of Connecticut Attorney General George Jason, more people can be added to the list.
When a company needs more customers to reach its shares, then a competitor who is more than “fair share”, “walk away” and “walk away” by informing the increase in important prices from a customer or customer “Will be allowed to come to other companies, with less bidding, charged with filing.