EU officials looking into pharmaceutical antitrust
Pharma Compliance Alert, January 23, 2008
European Union (EU) antitrust officials are raiding pharmaceutical companies to find out why so few new pharmaceuticals are emerging, according to The Wall Street Journal (WSJ).
Over the past weeks, EU officials have raided the offices of Pfizer Inc., AstraZeneca PLC, Sanofi-Aventis SA, and GlaxoSmithKline PLC. Sandoz International GmbH, the generics division of Novartis, also received a visit as part of the investigation.
According to the WSJ, the so-called sector inquiry will examine whether drug companies are blocking cheaper generic copies and rival new medicines to safeguard their profits.
The U.S. Federal Trade Commission (FTC) is also looking into pharmaceutical company practices. The FTC began a study in March 2006 to determine the effect of authorized-generic deals on the price of prescription drugs. The FTC plans to collect information from 80 brand-name drug makers and 110 generic drug companies.
Click here to read more in the WSJ.
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