A 500-page lawsuit has been filed by 44 states against Teva Pharmecuticals, Inc. for fixing drug prices, along with 19 other companies. Connecticut Attorney General William Tong, who was the person who filed the lawsuit in federal court, stated, “We have hard evidence that shows the generic drug industry perpetrated a multi-billion dollar fraud on the American people.”
The twenty drug companies worked together to raise prices for 86 different drugs, including drugs for diabetes, high blood pressure, epilepsy, and cancer. Some drugs had their prices inflated as high as 1000%.
“We all wonder why our health care, and specifically the prices for generic prescription drug, are so expensive in this country – this is a big reason why.” Tong stated.
The lawsuit filed to federal court stated, “Teva is a consistent participant in the conspiracies identified in this complaint, but the conduct is pervasive and industry-wide. Through its senior-most executives and account managers, Teva participated in a wide-ranging series of restraints with more than a dozen generic drug manufacturers, all of whom knowingly and willingly participated.”