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Pharmaceutical industry

Connecticut Secures $22.5 Million Settlement Against Drug Companies Over TriCor Patent Practices

Strategic Insights

— 1 min read

A $22.5 million settlement has been reached by Connecticut and other states against three drug companies, resolving allegations that they illegally blocked cheaper, generic versions of TriCor, a cholesterol drug, from entering the market. The settlement resolves a 2008 lawsuit filed by Connecticut and 24 other states against Abbot Laboratories, Fournier Industrie et Sante, and Laboratories Fournier, S.A. The companies have sold TriCor, which accounted for over $1 billion in sales last year, since 1998.

Key Takeaways:

  • The settlement resolves a 2008 lawsuit filed by Connecticut and 24 other states against Abbot Laboratories, Fournier Industrie et Sante, and Laboratories Fournier, S.A.
  • The companies are accused of conspiring to maintain monopolistic power by improperly obtaining patents for TriCor, making insignificant changes to the drug formulation, and filing sham lawsuits against generic drug makers.
  • Connecticut will receive $224,714 under the settlement, including reimbursement to the state's Medicaid program for covering TriCor prescriptions.
  • The settlement provides business reforms that enable new affordable, generic drugs to enter the market, potentially saving lives and dollars for consumers and taxpayers.
  • Abbott and Fournier allegedly filed over 10 lawsuits against generic companies between 2000 and 2004 while those companies were seeking FDA approval for their generic versions of TriCor.

Statistics:

  • $22.5 million: The total settlement amount reached by Connecticut and other states against the three drug companies.
  • $1 billion: The amount of sales TriCor accounted for last year.
  • 2008: The year the lawsuit was filed by Connecticut and 24 other states against Abbot Laboratories, Fournier Industrie et Sante, and Laboratories Fournier, S.A.
  • 1998: The year TriCor was first sold in the United States.
  • 2000-2004: The period during which Abbott and Fournier allegedly filed over 10 lawsuits against generic companies.

Sources:

  • Office of the Connecticut Attorney General
  • Department of Consumer Protection (DCP) Commissioner Jerry Farrell, Jr.

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