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Michigan AG Nessel Joins Coalition in Antitrust Lawsuit Against Generic Drug Manufacturers

Video Credit: FOX 47 News Michigan - Duration: 01:44s - Published < > Embed
Michigan AG Nessel Joins Coalition in Antitrust Lawsuit Against Generic Drug Manufacturers

Michigan AG Nessel Joins Coalition in Antitrust Lawsuit Against Generic Drug Manufacturers

Michigan Attorney General Dana Nessel joined a coalition of 44 attorneys general in a lawsuit against Teva Pharmaceuticals and 19 of the nation's largest generic drug manufacturers, alleging broad conspiracy to artificially inflate & manipulate prices, reduce competition & restrain trade.

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Michigan AG Nessel Joins Coalition in Antitrust Lawsuit Against Generic Drug Manufacturers

NEW THIS MORNING--MICHIGAN ATTORNEY GENERAL DANANESSEL AND ATTORNEY GENERALSFROM MORETHAN 40 STATES... ARE GOINGAFTER THE NATION'S LARGEST DRUGMANUFACTURERS.FOX 47'S MAUREEN HALLIDAY JOINSUS IN STUDIO NOW WITH DETAILSABOUT AFEDERAL LAWSUIT JUST FILED.JULIE -- THE LAWSUIT ACCUSES 20DRUG COMPANIES OF MANIPULATINGANDINCREASING THE PRICES OF OVER100 GENERIC DRUGS.THE DRUGS RANGE FROMOINTMENTS... TOANTI-DEPRESSANTS... ANDTREATMENTS FORTHINGS LIKE DIABETES... CANCERAND H-I-V AMONG OTHER MEDICALCONDITIONS.DOCUMENTS FILED IN FEDERAL COURTIN CONNECTICUT SAY SOME OF THEPRICES OF THEDRUGS WERE INCREASED BY MORETHAN ONE-THOUSAND PERCENT.THE LAWSUIT ACCUSES THE DRUGMANUFACTURERS OF OPERATING UNDERANAGREEMENT NOT TO COMPETE WITHEACH OTHER FOR YEARS.INSTEAD -- THE COMPANIESALLEGEDLY SETTLED INSTEAD FORWHAT THE COMPANIESREFERRED TO AS A "FAIR SHARE" OFTHE MARKET TO AVOID PUSHINGPRICES DOWN THROUGHCOMPETITION.THE LAWSUIT SAYS TEVAPHARMACEUTICALS SELECTED A GROUPOF COMPETITORS ANDDEVELOPED UNDERSTANDING TO LEADAND FOLLOW EACH OTHER'S PRICEINCREASES.THE SUIT CLAIMS THIS RESULTED INBILLIONS OF DOLLARS WORTH OFHARM TO THE U-S ECONOMY.THE LAWSUIT FILED BY 44 STATESIS SEEKING AN UNSPECIFIED AMOUNTOF DAMAGES...CIVILPENALTIES... AND ACTIONS BY THECOURT TO HELP RESTORECOMPETITION TO THEGENERIC DRUG MARKET.MAUREEN THANK YOU.THIS IS ACTUALLY THE SECONDCOMPLAINT TO BE FILED IN ANONGOING INVESTIGATION.IT'S BEING REFERRED TO ASPOSSIBLY THE BIGGEST LARGESTCARTEL CASE IN THE HISTORY OFTHE U-S.THE FIRST COMPLAINT WAS FILED IN20-16.IT NOW INCLUDES 18 CORPORATIONS-- TWO PEOPLE AND 15 GENERICDRUGS.THAT CASE IS STILL PENDING INFEDERAL COURT.




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