As part of an ongoing quest to reform the pharmaceutical industry, the Federal Trade Commission reached a sweeping settlement with Teva Pharmaceuticals (TEVA), one of the largest generic suppliers, over so-called pay-to-delay deals that the agency says greatly increase consumer drug costs.
The agreement resolves three pending cases against Teva and significantly expands a settlement reached four years ago in another case that at the time was considered a landmark. In that deal, Teva paid $1.2 billion to resolve claims a subsidiary violated antitrust law, the first time the FTC recovered money on behalf of consumers and others who pay for medicines, such as pharmacies.
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Bemusing closing note – re AbbVee, not TEVA: “but the companies insist nothing of value was involved.” Hmmm ……
Was it really just a Seinfeld deal? You know, “a deal about nothing?”