Government agency plans to shake down Big Pharma


The Federal Trade Commission wants to extract least $1B from pharmaceutical companies for their alleged efforts to thwart the entry of cheaper generic drugs by paying generic makers to delay introducing their offerings.

Last June, the U.S. Supreme Court ruled that the FTC may legally challenge the deals.

(NVO) (PFE) (SNY) (ABBV) (JNJ) (RHHBY) (GSK) (AZN) (BMY)

From other sites
Comments (15)
  • SWIMMER
    , contributor
    Comments (18) | Send Message
     
    The Government will work very hard to destroy any industry they can. The question is have they done anything illegal?
    28 Mar 2014, 02:16 PM Reply Like
  • SWIMMER
    , contributor
    Comments (18) | Send Message
     
    The question is whether the companies have done anything illegal or is this just another way for the government to destroy another industry?
    28 Mar 2014, 02:17 PM Reply Like
  • financeminister
    , contributor
    Comments (1204) | Send Message
     
    guys, don't worry... 'tis election season... have to create strawmen to get the lemmings to rally around and also bring in some lobbying dollars in advance
    28 Mar 2014, 02:39 PM Reply Like
  • larrysocie
    , contributor
    Comments (9) | Send Message
     
    The idea that a company would buy off a competitor seems Un American, or is it business as usual. The government nailed the big banks for billions when they rigged the mortgage markets. Lets hope they find billions more over here. Did they ever settle on the rigging of the LIBOR rates?
    28 Mar 2014, 02:52 PM Reply Like
  • jsijimmy
    , contributor
    Comments (556) | Send Message
     
    Larrysocie,
    Unfortunately, it's business as usual in some areas.....
    28 Mar 2014, 10:30 PM Reply Like
  • smurf
    , contributor
    Comments (6047) | Send Message
     
    This admn.'s picking everyone's pockets. $1B is chump change compared to the loot Jamie had (and will have to) to fork over.

     

    Gotta pay for their screwball schemes somehow, I guess.
    28 Mar 2014, 03:43 PM Reply Like
  • Hendershott
    , contributor
    Comments (1741) | Send Message
     
    Have they done anything illegal? That's the point isn' it? The FTC can challenge the legality of these deals.
    28 Mar 2014, 03:45 PM Reply Like
  • jsijimmy
    , contributor
    Comments (556) | Send Message
     
    Exactly the point......they should either compete with price, or, buy the company outright and discontinue the drug either in their, or the now purchased company's, factory.....
    28 Mar 2014, 10:31 PM Reply Like
  • The Rebel
    , contributor
    Comments (2438) | Send Message
     
    It can be summed up in 3 words- restraint of trade.
    28 Mar 2014, 10:32 PM Reply Like
  • Rudester
    , contributor
    Comments (3325) | Send Message
     
    Explain then how treatment for Hepatitis can cost $84,000+ in the US, while the same drug treatment costs $98 in Egypt?
    29 Mar 2014, 04:18 PM Reply Like
  • Exquisite Decay
    , contributor
    Comments (287) | Send Message
     
    @Rudester,

     

    Is the $98 the price or the cost? There is a difference. Is it possible that the $84,000 price in the US helps subsidize the lower price in poorer countries. Invert these numbers and there would be people complaining that these mega-rich US corporations are taking advantage of the people in poorer counties by gouging them with higher prices. There could be added government fees and regulations in one country that are absent in another country. I don't know. Why does a BigMac sell for 72.7 percent more on a currency adjusted basis in Brazil than in the US.(per the Economist, BigMac Index, Jan. 2014)?
    30 Mar 2014, 10:20 AM Reply Like
  • Rudester
    , contributor
    Comments (3325) | Send Message
     
    That's the price, for the same drug, from the same drug maker. Why should we subsidize the pharma companies?
    30 Mar 2014, 11:53 AM Reply Like
  • SWIMMER
    , contributor
    Comments (18) | Send Message
     
    One way to fix it is by not making the drug available in Egypt
    21 Jul 2015, 07:52 AM Reply Like
  • smaharba
    , contributor
    Comments (4) | Send Message
     
    Even as a Pfizer stockholder, I'm glad to hear this -- because I'm also a taxpayer, and the government pays a shipload of $ in Medicare and Medicaid reimbursements, and Big Pharma has been shaking down insurance companies, private pay patients and the government for years. Let them make money by competing, not by eliminating competition. Any argument to the contrary is just a rationalization for personal and corporate greed.
    30 Mar 2014, 02:53 AM Reply Like
  • Dr Scribe
    , contributor
    Comments (3) | Send Message
     
    The free market is dead in America ....the Govenment and Politicians need to keep out of business. There us nothing illegal going on here . These firms spend a fortune on finding solutions to cure and ease ilness , can the Government do this ?
    30 Mar 2014, 03:05 AM Reply Like
DJIA (DIA) S&P 500 (SPY)
ETF Hub
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs