 "Prices of active pharmaceutical ingredients (APIs) have been declining over the past several months, boosting the margins of drug manufacturers. However, many industry insiders attribute this to a predatory pricing strategy by Chinese companies, and")
The long-running case against Teva started with EU dawn raids in 2019 that led to the opening of an investigation in 2021. | Representative Picture
Teva, the world’s largest generic drugmaker, will be hit with an EU antitrust fine in the coming weeks for disparaging a rival product to its blockbuster multiple sclerosis medicine Copaxone, people with direct knowledge of the matter said on Tuesday.
The European Commission in 2022 charged the Israeli company with breaching EU antitrust rules, saying its anti-competitive practices included misusing the patent system to artificially extend Copaxone’s patent and shield it from competition.
The EU competition enforcer’s tough line underscores its concerns that such practices could stifle innovation in the pharmaceutical industry, with countries constrained by tight healthcare budgets.
The Commission declined to comment. Teva did not immediately respond to requests for comment.
The long-running case against Teva started with EU dawn raids in 2019 that led to the opening of an investigation in 2021.
Companies found guilty of EU antitrust violations risk fines of as much as 10 per cent of their global annual turnover, although this is rare.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Sep 10 2024 | 10:42 PM IST
