UK Competition and Markets Authority Accuses Pharmaceutical Firm Concordia of Excessive Pricing
- 21/11/2017
- Articles
In a new move illustrative of a European trend, the UK Competition and Markets Authority (“CMA”) today sent a Statement of Objections to pharmaceutical firm Concordia (refer to the enclosed press release) accusing that company of having abused its dominant position while charging excessive prices for liothyronine tablets. These tablets are used to treat hypothyroidism, a condition caused by a deficiency of thyroid hormone. The tablets at issue do not constitute the primary treatment for hypothyroidism but are the sole cure for a specific group of patients who for a long time have relied on Concordia as the only supplier.
According to the CMA, prices for the medicine surged by almost 6,000% over a 10-year period even though production costs remained broadly stable. Concordia and other defendants will now be given the chance to defend themselves.
In its press release, the CMA points out that it is currently pursuing another seven investigations into pharmaceutical companies in relation to medicine pricing and other competition issues.
