Drudge Retort: The Other Side of the News
Saturday, November 04, 2017

A large group of U.S. states accused key players in the generic drug industry of a broad price-fixing conspiracy, moving on Tuesday to widen an earlier lawsuit to add many more drugmakers and medicines in an action that sent some company shares tumbling. The lawsuit, brought by the attorneys general of 45 states and the District of Columbia, accused 18 companies and subsidiaries and named 15 medicines. It also targeted two individual executives: Rajiv Malik, president and executive director of Mylan NV, and Satish Mehta, CEO and managing director of India's Emcure Pharmaceuticals. Shares of Pennsylvania-based Mylan, also named as a defendant, closed down 6.6 percent. The states said the drugmakers and executives divided customers for their drugs among themselves, agreeing that each company would have a certain percentage of the market. The companies sometimes agreed on price increases in advance, the states added.

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The states said Malik and Mehta spoke directly to one another to agree on their companies' shares of the market for a delayed-release version of a common antibiotic, doxycycline hyclate.

"It is our belief that price-fixing is systematic, it is pervasive, and that a culture of collusion exists in the industry," Connecticut Attorney General George Jepsen, who is leading the case, told a news conference in Hartford.

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"The price of doxycycline rose from $20 for 500 tablets to $1,849 between October 2013 and May 2014, according to U.S. Senator Amy Klobuchar, a Minnesota Democrat who had been pressing for action on high drug prices."

#1 | Posted by HeliumRat at 2017-11-03 05:36 PM | Reply

Thanks, Obama.

#2 | Posted by SheepleSchism at 2017-11-03 06:34 PM | Reply

#2 Lawsuits like this sound like they take years to get rolling, so this probably started under Obama. So, yeah, thanks Obama!

Wish you could have been there to hang some bankers and people in the credit ratings agencies!

#3 | Posted by HeliumRat at 2017-11-03 09:15 PM | Reply

We don't need no stinkin regulations. The market will regulate itself.

#4 | Posted by bored at 2017-11-04 05:50 AM | Reply

"Wish you could have been there to hang some bankers and people in the credit ratings agencies!"

There was no law or agency to do that so Obama create one which now the Republicans are rapidly defanging.

#5 | Posted by danni at 2017-11-04 10:15 AM | Reply

#5 How can you possibly say that? Obama actually told the bankers "I am the only standing between you and the pitchforks!", presumably for money. He never lifted a finger in 8 years.

I would have at least gone for the credit rating agencies that gave housing derivatives AAA ratings. Because Fannie Mae and Freddie Mac collapsed because of that. And how many pension funds got vaporized? I'm pretty sure all state run pension plans are required by law to only invest in AAA bonds or better.

Exactly how much where the credit ratings agencies paid by the derivatives market players to do that? Because I remember a few people people saying before the crash that the value of the derivatives was zero. At least one person, Paul Johnson, made a killing on the crash, by predicting exactly that housing was in a bubble. He made 2.5 billion dollars in a few months. And the Weird sites I was visiting at the time where reconstructing and tracking the now classified M3 money supply report, which had shot through the roof to incredible levels. Granted, they didn't know what was causing it, but why did the government suddenly decide to stop posting it about a year before the crap hit the fan?

#6 | Posted by HeliumRat at 2017-11-05 12:38 AM | Reply

great seize all their companies. throw the owners in jail. turn the ownership over to the employees.

#7 | Posted by ichiro at 2017-11-05 01:20 AM | Reply

How can you possibly say that? Obama actually told the bankers "I am the only standing between you and the pitchforks!", presumably for money.

Nope, the presumption is your bias. Typically that's what a mediator says in order to encourage a side to come the table and reach a compromise.

He never lifted a finger in 8 years.

Either dishonesty or unaware. Based on my last few years of reading your post I presume the former.
One of the actions Obama took that I was most appreciative, and saw had the most affect to a majority of consumers was the credit card accountability, responsibility and disclosure act of 2009.

At least one person, Paul Johnson, made a killing on the crash, by predicting exactly that housing was in a bubble..

What dribble. The law of chance says someone will be right. Most times someone wins the lottery, does not make them an expert in mathematical odds.

Weird sites I was visiting at the time...Granted, they didn't know what was causing it, but...

#6 | POSTED BY HELIUMRAT

I think this speaks for itself.

#8 | Posted by memyselfini at 2017-11-05 02:57 AM | Reply

#8 Well, that was pretty strange. The credit card accountability, responsibility and disclosure act of 2009 did what about the banking crises?

What are you even saying?

And what is the rest of this bile you are vomiting? Here is the first story that comes up if you google "I am the only thing standing between you and the pitchforks": www.politico.com

Read that.

All he said was that they wouldn't get lynched if they kept paying.

"Be careful how you make those statements, gentlemen. The public isn't buying that."

That was Obama. He licked their frigging boots!

Also, I read an article by Paul Johnson from before the crash. He knew exactly what was going on. He tried to warn us all, but nobody listened.

#9 | Posted by HeliumRat at 2017-11-05 03:55 AM | Reply

#8 Oh, my bad. That was supposed to be sarcastic humor. The whole "credit card accountability, responsibility and disclosure act of 2009" being the solution to the banking crises (which was actually caused by criminally over-rated housing market derivatives) was your way of making a joke.

Yeah, you got me. Egg on my face.

But be warned, I play a game called tit-for-tat. At some point in the future, I will make a joke at your expense. It may come tonight, it may come next week. It may be years from now. But it will come.

#10 | Posted by HeliumRat at 2017-11-05 04:30 AM | Reply

Price fixing is more difficult in industries that don't have artificial barriers to entry. Engage in price fixing and they should lose their intellectual property and patent right protections. Of course that would destroy the company the ones losing out would have had nothing to do with the collusion.

#11 | Posted by visitor_ at 2017-11-05 08:14 AM | Reply

The Kennedy brothers went to war against the steel industry for price fixing, collusion....failing to honor a negotiated settlement with labor which included a promise not to raise prices. The steel industry eventually backed down, but only as they began to lose government contracts.

Most businessmen do whatever they can get away with without regard to life. But not always. Former head of Alcoa Aluminum and Secretary of the Treasury Paul O'Neil always maintained that sound environmental policy was just good business. So he didn't last long in the Bush administration.

#12 | Posted by bayviking at 2017-11-05 04:12 PM | Reply

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