A coalition of states has secured a $469 million settlement with generic drug manufacturer Sandoz to resolve allegations of price-fixing on numerous prescription medications.
The agreement resolves claims that the company engaged in widespread conspiracies to artificially raise prices, limit competition and restrain trade, says Oklahoma Attorney General Gentner Drummond.
Says Drummond,
“Drug companies that illegally inflate prices are taking money directly out of the pockets of Oklahomans. When companies manipulate the marketplace for their own financial gain, consumers ultimately bear the cost. My office will continue fighting to hold bad actors accountable and protect a fair, competitive marketplace.”
As part of the settlement, Sandoz is required to adopt internal reforms that strengthen antitrust compliance and promote fair market practices.
Participating states and territories must still grant final approval to the deal. The resolution forms part of ongoing multistate litigation targeting dozens of generic drug makers for alleged coordination on prices and market allocation.
“The litigation alleges that numerous generic drug manufacturers engaged in coordinated schemes to manipulate prices and allocate markets for a wide range of prescription medications. The states’ investigation is supported by years of evidence, including millions of documents, extensive telephone records and testimony from cooperating witnesses.
To date, the coalition has secured approximately $96.5 million in settlements with Glenmark, Lannett, Bausch, Apotex and Heritage, in addition to the Sandoz settlement announced today.”
A trial in that broader case remains scheduled for 2027.
Sandoz has agreed to the payment to end the claims without admitting any liability.
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The post Oklahoma Attorney General Announces $469,000,000 Multi-State Settlement With Sandoz Over Alleged Generic Drug Price-Fixing appeared first on The Daily Hodl.
