In an antitrust settlement in the US regarding the cost of cholesterol drugs, Glenmark will pay $30 million

23 Aug 2023 , 03:10 PM

The US Department of Justice’s Antitrust Division (DOJ) and Glenmark Pharmaceuticals’ US subsidiary have agreed to settle all of their legal disputes over the cost of the cholesterol medication pravastatin by paying $30 million over the course of six installments.

The company stated in an exchange notification that it has signed a three-year deferred prosecution deal, and the DOJ will drop the pending superseding indictment if the company abides by its terms, which include paying $30 million over the course of six installments.

‘Glenmark is committed to being a socially and ethically responsible company and has devoted considerable resources to strengthen our compliance practices,’ stated Sanjeev Krishan, president of Glenmark Pharma to ET.

Teva Pharmaceutical Industries, an Israeli pharmaceutical company, also consented to pay $225 million in fines and undertake divestitures as a condition of the agreement with the DoJ regarding the price-fixing of widely used medications.

For feedback and suggestions, write to us at [e-mail]