InvestorQ : What is the latest US charge against Glenmark Pharma?
Anjana Aiyar made post

What is the latest US charge against Glenmark Pharma?

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Arya Nanda answered.
3 months ago

Mumbai based Glenmark Pharma has been charged with conspiring to fix prices for generic drugs by the US Department of Justice. This is a charge that has been put on many Indian generics manufacturers. Glenmark is alleged to have conspired with Apotex Corp and other generic companies to increase prices of Pravastatin, a popular cholesterol medication.

However, Glenmark has refuted these charges and expressed confidence that the eventual ruling would be in their favour. These price fixing allegations pertain to the period between 2013 and 2015. It is estimated that the total loss caused to victims was to the tune of $200 million. Apotex has been absolved after it agreed to pay $24 million towards the case.

Glenmark is the fifth company in the last 13 months to be charged for anti-trust violations in the generic pharmaceutical space. Fixing prices through cartelization is a serious offence in the US since it defeats the basic purpose of making medicines available at a reasonable price to Americans. This is a continuation of the frigid relations between India and the US FDA.