Mylan faces charge of trade restraint; FTC asks $120 million fine over sharp price rise for two anxiety drugs
Article Abstract:
Signing a contract giving itself exclusivity for certain raw materials in its drugs and then raising prices to exorbitant levels brought on charges and a fine from the FTC. Generic drug maker Mylan Laboratories Inc. made such a deal with Profarmaco SRL of Milan for lorazepam and clorazepate. It then raised prices from $7.30 to $190 for 500 tablets and from $11.36 to $377 for 500 tablets, respectively. The FTC has levied a fine of $120 million based on estimated profits by the company. If the agency can exact its penalty, it plans to reimburse consumers.
Comment:
Second-largest generic drug maker faces FTC charges and fine
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
Drug giants agree to settle pricing suit
Article Abstract:
Rhone-Poulenc Rorer Inc., unit of Rhone-Poulenc SA, Germany-based Hoechst AG, Pharmacia and Upjohn Inc. and Abott Laboratories have agreed to pay approximately $350 million to settle class-action price-fixing litigation initiated by thousands of independent US pharmacies and drugstore chains. The settlement covers numerous lawsuits beginning in 1993 and combined into one action. The suit alleged that higher prices were offered to drugstores by the defendants than to managed-care companies and health maintenance organizations.
Comment:
Has agreed along w/ 3 co-defendants to pay approx $350 mil to settle price-fixing litigation
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
Dow Corning, implant plantiffs in accord
Article Abstract:
Dow Corning Corp. and implant plantiffs have made a tentative agreement for a $3.2 billion bankruptcy-reorganization that would compensate 400,000 women. Under the deal, women could get compensated for immune-system illness caused by silicone implants. They could also recieve monetary payments as compensation for ruptured implants. Further talks must take place before commercial and other creditors of Dow Corning might agree to a deal. The deal would end Dow Corning's three year stay in Chapter 11 bankruptcy protection.
Comment:
Tentative agreement made by Dow Corning and implant plaintiffs
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: U S West Media Group reports $133 million loss for 4th quarter. Cable firms consider removing ESPN from basic tier, passing costs to fans
- Abstracts: Magellan Health discloses collapse of deal to sell Charter Behavioral stake
- Abstracts: NBC Entertainment chief says network will tone down shows' sexual content. GE's NBC unit is seeking to expand in cable as broadcast economics soften
- Abstracts: Woes persist as Motorola posts results. A September dress rehearsal for the Year 2000 computer test. In Wall St. computer test, New Year arrives in March; biggest 2000 drill yet is set for Saturdays
- Abstracts: Paris aghast at mere hint of US stake in the tower. A sputter in the Coke machine; when its customers fell ill, a master marketer faltered