FTC Chief Says Generic-Drug Deals Cost Public $3.5B

Law360, New York (June 23, 2009, 12:00 AM EDT) -- Consumers could save more than $3.5 billion a year if pharmaceutical companies were prevented from colluding with their generic competitors to keep low-cost generic drugs off the market, Federal Trade Commission Chairman Jon Leibowitz said Tuesday.

Although the Hatch-Waxman Act worked for a time, it has been derailed by anti-competitive settlements — known as “pay-for-delay settlements” or “reverse payments” — between the two types of manufacturers, he said in a speech to the Center for American Progress.

Generics, with their cheaper prices and lower profit margins,...
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