$22.5 Million Settlement Involving Generic Prescriptions

Abbott Laboratories will pay a $22.5 million settlement, on allegations that the company tried to “block generic competition from a popular cholesterol medication”. The Plaintiffs in the case, which included several states, claimed that Abbott Laboratories and one unit of Solvay Pharmaceuticals conducted small modifications to the TriCor prescription that interfered with other generic versions (usually cheaper in price) being released and out on the market. “The companies deprived taxpayers, state agencies, and consumers of a fair marketplace that would have lowered prices by offering less expensive generics.” Many other drug makers had made arrangements to launch TriCor in a generic form, as soon as the drug patent expired in 2002. But Abbott and Solvay already made slight changes to TriCor in order to ensure their spot in renewing a patent protection. In the first nine months of TriCor (and Trillipix) being put on the market, Abbott reached a $919 million sales goal in 2009. 18 states will receive compensation from the lawsuit.

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