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Money Vestager: Multi-million dollar fine for pharmaceutical companies

17:05  26 november  2020
17:05  26 november  2020 Source:   pressfrom.com

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Vestager is due to step down later this year after punishing Google with more than billion in fines and Qualcomm is challenging the fine at the EU courts. Qualcomm, the largest maker of chips for mobile phones, is Makers of handsets pay the company royalties, whether or not they use its chips.

The pharmaceutical companies Teva and Cephalon are said to pay a fine of 60.5 million euros because they are said to have kept a drug against sleep disorders artificially expensive. This was announced by the EU Competition Commissioner Margrethe Vestager on Thursday in Brussels.

Margrethe Vestager, Vizepräsidentin der EU-Kommission. © Olivier Hoslet / EPA Pool / AP / dpa Margrethe Vestager, Vice President of the EU Commission.

Specifically, Cephalon is said to have dissuaded its then competitor Teva from offering a cheap imitation product for the drug Modafinil with commercial advantages.

"It is illegal for pharmaceutical companies to agree to expose competition to payment and foreclose the market to cheaper drugs - even if these agreements are made as part of a patent settlement or other apparently normal

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business transactions," said Vestager. This "pay-for-delay agreement" harmed patients and health systems because they were deprived of cheaper drugs.

Modafinil was a box-office hit under the brand name Provigil according to the commission for the US company Cephalon and in some cases brought in more than 40 percent of sales. When the main patents for the drug expired in 2005, the Israeli competitor Teva tried to bring a generic drug half as expensive to the market.

According to the information, a dispute arose over subsidiary patents, which ended in a settlement. As a consequence, Teva decided not to use a Modafinil product. "The consideration was some advantageous ancillary agreements and cash payments for Teva," said the commission. Cephalon eliminated competition by 2011. That year, Cephalon became a subsidiary of Teva. Of the fine, 30.5 million went to Cephalon and 30 million to Teva.

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usr: 2
This is interesting!