Glenmark accused of conspiring to fix prices for generic drugs in US
The charge alleges that the gain to the conspirators, and the loss to the victims, was at least USD 200 million, it added.
New Delhi: Glenmark Pharmaceuticals Inc, USA, was charged for conspiring to fix prices for generic drugs, the US Department of Justice said on Tuesday.
The case, filed in the US District Court in Philadelphia, Pennsylvania, involved allegation that Glenmark conspired with Apotex Corp and other generic drug companies to increase and maintain prices of pravastatin and other generic drugs beginning in or around May 2013 and continuing until at least in or around December 2015, the Department of Justice said in a statement.
The charge alleges that the gain to the conspirators, and the loss to the victims, was at least USD 200 million, it added.
When asked about the charges, a Glenmark spokesperson said, "We strongly disagree with the charges being advanced by the Federal government and do not believe the evidence supports the government''s case".
"These charges run contrary to the very essence of Glenmark -- to drive down drug prices and improve patient access to medications. We will continue to vigorously defend against these charges, and we are confident the overwhelming evidence will make that clear," the spokesperson added.
Glenmark is the fifth company to be charged over the last 13 months in connection with antitrust violations in the generic pharmaceutical industry. The previous corporate charges, including the charge against Glenmark''s co-conspirator Apotex, were resolved by deferred prosecution agreement, the statement by the US Department of Justice said.
Read also: Glenmark Pharma Net profit jumps 36pc to Rs 220 crore in Q4
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