Big drug companies raided in EU probe

European regulators raided some of the world’s biggest pharmaceutical companies yesterday in an inquiry into whether they conspired to keep up the price of drugs after patents expired. Pfizer, GlaxoSmithKline, AstraZeneca and Sanofi-Aventis were among those that confirmed they had been visited as part of a European Commission-led probe into delays in the launch of low-cost generic drugs. Teva, the world’s biggest generics company, was also targeted. The inquiry will focus on whether the industry has abused patent rights to delay the introduction of low-cost generic alternatives. It will assess whether companies have made spurious attempts to extend the life of intellectual property rights or cut deals with one generic rival to the exclusion of others. Image source: ethisphere.com. > Continue.

News selected by Covalence | Country: Global | Company: GlaxoSmithKline, Pfizer, AstraZeneca, Sanofi Aventis, Teva | Source: Financial Times