Advertisement

HindustanTimes Sun,21 Dec 2014

EU fines Ranbaxy for blocking cheaper drugs

Reuters  Brussels, June 19, 2013
First Published: 15:27 IST(19/6/2013) | Last Updated: 19:04 IST(19/6/2013)

European Union (EU) antitrust regulators fined nine drugmakers a total of 146 million euros on Wednesday for blocking the supply of cheaper medicines on the market, with a penalty of 94 million euros imposed on Denmark's Lundbeck.

Advertisement

The punishments follow a 2009 report by the European Commission on the pharmaceutical sector, which said "pay-for-delay" deals lead to consumers paying as much as 20 percent more for their medicines.

The European Commission, which acts as competition regulator across the 27-member European Union, imposed a 21.4 million euro fine on Germany's Merck KGaA and another 7.77 million euros on it jointly with former subsidiary Generics UK, which is now owned by U.S. generic drugmaker Mylan.

The other penalised companies were Arrow, Resolution Chemicals, Xellia Pharmaceuticals, Alpharma - which is now part of Zoetis Products LLC, A.L. Industrier and India's No. 1 pharmaceutical company Ranbaxy.

Reuters flagged the EU fines on June 3.

"Agreements of this type directly harm patients and national health systems, which are already under tight budgetary constraints," EU Competition Commissioner Joaquin Almunia said in a statement.

"The Commission will not tolerate such anticompetitive practices."


Advertisement
more from Business

Year-end high: Flipkart announces $700 million funding

Flipkart, India’s largest e-commerce marketplace, on Saturday announced a US $700 million (Rs 4434 crore) investment even as 2014, the year that has seen huge fund flow into India’s rising consumer internet industry, is about to end.

markets
Advertisement
Most Popular
Advertisement
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved