FTC accuses Ovation of price gouging
Pharma Compliance Alert, December 24, 2008
The Federal Trade Commission (FTC) filed suit in U.S. District Court in Minnesota against Ovation Pharmaceuticals, alleging the company created a monopoly and then forced hospitals to pay drastically increased prices.
The FTC claims the company purchased the rights to two pharmaceuticals used to treat a potentially fatal congenital heart defect in premature infants, then raised the price 1,300%.
The FTC wants Ovation to divest one of the two drugs and forfeit what it calls “unlawfully obtained profits.” The Minnesota attorney general also filed suit against the company.
In a statement, the company said it strongly disputes the FTC’s allegations, adding that the two products are not interchangeable in most premature infants.
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