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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsViatris Agrees to Settle EpiPen Antitrust Litigation for $264 Million
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Dan Price
@DanPriceSeattle
A drug company used its monopoly power to raise the price up EpiPens from $100 to $608.
Since then it has made $71 billion in revenue.
Its punishment? A settlement of $264 million, or 0.4% of the money it made since the price increase.
In 2016, Viatris, then known as Mylan, raised the price for two EpiPens to $608 from $100, according to court documents.
nytimes.com
Viatris Agrees to Settle EpiPen Antitrust Litigation for $264 Million
The proposed settlement, which requires a judges approval, would resolve a legal battle that began after the company, in 2016, raised the price for two EpiPens to $608 from $100.
10:49 AM · Mar 1, 2022
Dan Price
@DanPriceSeattle
A drug company used its monopoly power to raise the price up EpiPens from $100 to $608.
Since then it has made $71 billion in revenue.
Its punishment? A settlement of $264 million, or 0.4% of the money it made since the price increase.
In 2016, Viatris, then known as Mylan, raised the price for two EpiPens to $608 from $100, according to court documents.
nytimes.com
Viatris Agrees to Settle EpiPen Antitrust Litigation for $264 Million
The proposed settlement, which requires a judges approval, would resolve a legal battle that began after the company, in 2016, raised the price for two EpiPens to $608 from $100.
10:49 AM · Mar 1, 2022
https://www.nytimes.com/2022/02/28/business/viatris-epipen-settlement.html
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https://archive.fo/VSfgr
Viatris, the drugmaker previously known as Mylan, announced on Monday that it had agreed to pay $264 million to settle a class-action lawsuit that alleged the company was involved in an illegal scheme to monopolize the market for epinephrine auto-injector devices known as EpiPens, which are used to treat severe allergic reactions.
The proposed settlement, which needs to be approved by a judge, would resolve a legal battle that began after Mylan, in 2016, raised the price for a pack of two EpiPens to $608 from $100, the price since 2007, according to court documents.
In the lawsuit, a group of plaintiffs made up of consumers, health insurance companies and other third-party payers alleged that by drastically raising the price of EpiPens, the drugmaker was unlawfully exercising its monopoly power, according to a complaint.
Were the price increases attributable to market conditions, increases in manufacturing costs or shortages in the supply of epinephrine? the complaint said. Absolutely not. They were driven solely by unaccountable executives and companies who sought to profit off of human misery and fear.
*snip*
Seems to reinforce that price gouging is good.
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Viatris Agrees to Settle EpiPen Antitrust Litigation for $264 Million (Original Post)
Nevilledog
Mar 2022
OP
Tatertot
(94 posts)1. So they lowered the price too? NT
The Revolution
(763 posts)2. They should have to
Lower the price down to the original (or a reasonable price based on cost to manufacture), refund all the excess money gained from price gouging, AND THEN pay a huge penalty on top of that.
Tatertot
(94 posts)3. But is it in the settlement or not. Article doesn't say
crickets
(25,896 posts)4. What a sad joke. nt