NYS Suing Drug Companies Over Price Fixing
New York's Attorney General says the state has joined 43 other states in suing 20 of the country's biggest drug companies of conspiring to inflate and manipulate the prices of 100 different generic drugs. And according to the press release these are all kinds of drugs including "tablets, capsules, creams, gels and ointments; and classes, including statins, ace inhibitors, beta blockers, antibiotics, anti-depressants, contraceptives, non-steroidal anti-inflammatory drugs."
The complaint accuses industry executives of discussions over the phone, text messages, on the internet and in meetings over lunch, dinner, cocktail parties and golf outings of a planned and systematic conspiracy to fix prices and rig bids in an effort to discourage competition and raise prices. In some instances drug prices were inflated 1000 percent.
Teva, Sandoz, Mylan, Pfizer and 16 other generic drug manufacturers provide medications to treat a wide range of diseases and conditions from basic infections to diabetes, cancer, epilepsy, multiple sclerosis, HIV, ADHD and more.
In the end we all pay more thru increased medical insurance premiums. Attorney General Letitia James says "The evidence shows a multi-year, multi-faceted conspiracy to enrich pharmaceutical companies at the expense of consumers.....and we intend to hold the wrongdoers accountable."