Move over, Martin Shkreli. This pharma exec is accused of fixing prices on 107 drugs: by nathanvardi
The allegations mostly revolve around conspiracy to fix prices in violation of the Sherman Antitrust Act in an effort to maintain market share and boost profits. Mehta, Malik and the drug companies have moved to dismiss the civil charges. Some of the companies, like Mylan, have said they have investigated the allegations and found no evidence of price fixing.
In the new lawsuit, the states accuse Maureen Cavanaugh, the highest-ranking Teva executive named, of conspiring to raise prices on 107 generic drugs. Patel’s role in the scheme was to identify which drugs Teva could raise prices on and tap into her longstanding industry relationships to make it happen, according to the suit. She kept all of her relationships with competitors on a spreadsheet and ranked them. Her alleged price-fixing communications took place by phone and via texts and social media.
Success in 2013 led Patel and others to come up with an even grander scheme for concerted price increases, all blessed by Cavanaugh, state government lawyers claim. This led to the April 4, 2014, price hike of 22 drugs. In the following year, Teva’s stock climbed 20%. A few months after her house was raided, Patel left Teva and started working at Cipla, where she is now director of national accounts, according to her LinkedIn page. Cipla did not respond to requests for comment.
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