Insane generic drug price increases are now subject of investigations

[dixiegrrrrl]

A huge lawsuit accuses nearly 20 big drug companies, a billionaire, and 2 brothers-in-law of cozying up to hike drug prices.

Attorneys general for 45 states, plus the District of Columbia and Puerto Rico, allege that nearly 20 companies that manufacture generic drugs illegally collaborated with competitors to jack up prices for pharmaceuticals and divvy up markets to limit competition.

Common drugs had their prices doubled, tripled, or even increased by 1,000% or more, costing taxpayers and patients and violating federal and state competition and consumer-protection laws, the federal antitrust suit alleges.
These drugs treat anxiety, insomnia, epilepsy, heart failure, diabetes, and more.
The lawsuit has brought new scrutiny to generic drugs — which are often thought of as low-cost — and the business practices of generic-drug makers.

https://www.businessinsider.com/antitrust-suit-accuses-drug-companies-working-together-increase-generic-prices-2018-12

Evidence of collusion and price fixxing have been found.

We, the consumers, will have to wait for ages until the suits meander thru the courts. These are not class action suits, but criminal ones, so maybe some relief will be found down the line.

[airplaneman]

1. I have a personal exampel

First it was brand name at $100 per month and grows to $400 per month in about five years.
Patent expires and the generic comes out at $380 per month. Is should be $30 per month.
-Airplane

[dixiegrrrrl]

2. Wal-greens also being charged with ripping off insured drug buyers.

They sell generics to uninsured customers are one price, sell to insured customers at a higher price, which costs insurance more money, which costs people more in premiums down the road.

It's all a huge rip-off game, jacks up prescription costs by billions a year.