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NY Attorney General confirms conspiracy between Drug Co's Print E-mail
Written by Robert Smith   
Sunday, 23 February 2014
The office of the New York Attorney General and the American units of Ranbaxy Laboratories Ltd. and Teva Pharmaceutical Industries Ltd. have come to terms on a settlement involving claims that an agreement between the two Big Pharma companies restricted competition unlawfully.

Both companies agreed to pay a small fine (by comparison) of $150,000 to New York State and to cease making similar agreements in the future as part of the settlement, Reuters reported. Neither company admitted or denied the allegations, but the settlement absolves them of having to do so.

By settling, the companies have ended an investigation that was being conducted by the state into an agreement that was signed by both in 2010 to sell a generic version of Pfizer, Inc.'s cholesterol-lowering drug Lipitor in the U.S., while not horning in on the exclusivity rights of other generic drugs sold by the pharmaceutical companies. Per Reuters:

The agreement was drawn up as a contingency plan to allow Israel's Teva to sell the generic Lipitor, or atorvastatin calcium, in case Ranbaxy's version was not approved by the U.S. Food and Drug Administration before Lipitor lost its patent protection on November 30, 2011.

While India's Ranbaxy, majority-owned by Japan's Daiichi Sankyo Co Ltd, eventually got FDA approval in time, the agreement remained in place and could have been used to protect other drugs made by the two companies.
 

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