By Peter Kaplan
WASHINGTON (Reuters) Apr 25 - Brand-name drug makers are striking more deals with generic rivals to restrict the introduction of cheaper generic drugs, U.S. antitrust authorities said on Monday.
Emboldened by recent victories in court, pharmaceutical companies are using controversial settlements that entail payments to generic rivals which promise to restrict selling competing generic drugs, a Federal Trade Commission official said in a speech on Monday.
"We are seeing far more settlements today that potentially raise competition concerns," FTC Commissioner Jon Leibowitz said in prepared remarks for a Philadelphia business group.
Leibowitz's comments came on the same day the FTC released a report on patent settlements among drug companies.
The FTC has filed lawsuits in recent years challenging patent settlement agreements between major drugmakers and their generic rivals. In some cases, the FTC contends the settlements stifle competition because drugmakers are paying generics to stay out of the market.
Generic drugs are typically cheaper for consumers to buy than brand-name drugs.
Must register to read.
Shouldn't our health insurance companies be fighting this? Generics cost them less, too. What a freaking racket all the damn around. ~grumble spit~