US states sue Teva for price-fixing in ‘multi-billion dollar fraud’
Teva was named Friday in an anti-trust lawsuit brought by over 40 US states alleging a price-fixing conspiracy among drug manufacturers, with the Israeli company said to have raised the costs of some medications by over 1000 percent.
“Teva is a consistent participant in the conspiracies identified in this complaint, but the conduct is pervasive and industry-wide,” stated the complaint, according to Bloomberg.
The lawsuit “puts Teva at the center of the conspiracy,” to collude with drug makers to artificially raise prices, Bloomberg reported.
The company, generally ranked as Israel’s biggest or second biggest firm, denied any wrongdoing and vowed to defend itself.
According to the Washington Post, the lawsuit claims executives at the drug companies deleted text messages and worked together to obstruct the investigation.
During a 19-month period from 2013 to 2015, Teva is said to have significantly raised prices on around 112 generic drugs and colluded on at least 86 other drugs, the states said in the suit, according to the report. Some of the increases were more than 1000%.
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