Glenmark Pharmaceuticals agreed to pay $29.6 million to settle allegations by dozens of states that the company engaged in a widespread conspiracy to artificially inflate and manipulate prices of generic medicines and harmed consumers by reducing competition.
The agreement marks the latest settlement in a long-running battle between numerous states and many of the largest players in the generic drug industry, which were accused of fixing prices for their medicines. Previously, Lannett, Bausch, Apotex, and Heritage Pharmaceuticals collectively settled lawsuits for $67 million.
The litigation began a decade ago amid heightened concern over the cost of prescription medicines, including some generics. The drugs, which have traditionally been lower-cost alternatives to expensive brand-name treatment, account for approximately 90% of all prescriptions written in the U.S. each year.
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