US accuses Israeli pharma firm Teva of fixing drug prices

The US Justice Department charged Israeli generic drug firm Teva for conspiring to price-fixing, rigging bids, and allocating customers for generic drugs between 2013 and 2015.

The alleged transgressions caused patients to overpay by over $350 million.

Among the generic drugs was the cholesterol-regulating Pravastatin.

Teva, which sold $17 billion worth of drugs last year, rejected the charges saying it was “deeply disappointed" that the government proceeded with the prosecution.

It added that the US was unwilling to consider alternatives that would not be as impactful.

Five companies investigated in the case, including Sandoz, Taro, and Apotex have already paid fines to avoid prosecution.

Sandoz paid $195 million in March, while Apotex agreed to a $24.1 million fine in May.

In July, the American subsidiary of Israel's Taro Pharmaceuticals paid $205.7 million.

Earlier this month, Teva was also accused of inflating the reimbursement price for its multiple sclerosis drug, Copaxone, for patients in the Medicare program.