Taro Penalties Exceed $400m As It Admits Fixing Prices With Sandoz
Criminal Penalty And Civil Damages Announced
In the latest development arising from ongoing generic pricing investigations in the US, Taro has admitted to fixing prices, allocating customers and rigging bids for generic medicines, under a conspiracy with multiple firms, including Sandoz.
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Teva has insisted it “did not participate in price fixing,” after being charged by the US Department of Justice with conspiring to fix prices for generic medicines, resulting in consumers being “allegedly overcharged at least $350m.”
Teva says it remains hopeful that it can resolve US price-fixing allegations “in a positive way” with the US Department of Justice, but acknowledges that the matter could go all the way to trial.
Sun’s Q1 earnings were dented by provisions related to the generic pricing investigation settlement with the US Department of Justice of arm Taro, and the impact of pandemic-related lockdowns. Some clinic-administered products bore the brunt of lock-downs in parts of the US, though market share was unaffected.