The generic drug maker Teva Pharmaceuticals agreed Monday to pay $225 million to settle price-fixing prices associated to gross sales of a serious cholesterol-lowering drug. The U.S. Department of Justice mentioned the settlement additionally requires Teva to divest its enterprise making and promoting the drug, pravastatin, a generic model of the brand-name medication Pravachol.
Another generic drug maker, Glenmark Pharmaceuticals, agreed to pay a $30 million legal penalty and to divest its pravastatin enterprise as effectively.
In a press release, the U.S. arm of Israel-based Teva blamed a single former worker for hanging agreements with Teva opponents that restricted competitors between 2013 and 2015. That worker left the corporate in 2016, Teva mentioned.
DOJ had charged seven generic drug makers, together with Teva and Glenmark, with value fixing, bid rigging and market allocation schemes. The seven firms have settled their circumstances with deferred prosecution agreements. Had any of the circumstances gone to trial, responsible verdicts may have led to obligatory bans from participation in Medicare, Medicaid and different federal well being applications.
The firms collectively agreed to pay $681 million in fines along with different penalties.
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