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Last Updated : May 15, 2019 09:45 PM IST | Source: Moneycontrol.com

Lupin denies price manipulation allegations, says will defend antitrust lawsuit in US

Lupin was named as a defendant with respect to 11 generic drugs for alleged price manipulation.

Viswanath Pilla @viswanath_pilla
 
 
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Pharma major Lupin has said it will vigorously defend itself against the anti-trust lawsuit brought by the Connecticut Attorney General, alleging that 20 generic drug makers conspired to fix prices for more than 100 medications in the US.

''We haven’t been served (notices) as of yet. But we have a copy of the complaint and are reviewing it,'' Vinita Gupta, Chief Executive Officer of Lupin said in a post-earnings media call.

''We are very confident about our practices and standards, and committed to maintaining a high level of ethical practices,'' Gupta added.

Lupin, India’s third-largest drugmaker, was named a defendant with respect to 11 generic drugs for alleged price manipulation. Lupin’s Vice President of Sales David Berthold was also named as an individual defendant in the case.

''The industry is under a lot of pricing pressure over the last couple of years, and to allege that we colluded to increase prices when everyone witnessed real, strong erosion in the generics side of the business is just not connecting,'' Gupta said.

Along with Lupin, the lawsuit named Sun Pharma, Aurobindo Pharma, Dr Reddy’s Laboratories, Glenmark, Wockhardt and Zydus Cadila as defendants.

All the companies named above have denied the accusations in the lawsuit.

Dr Reddy’s said it is in the process of filing its response with the District Court of Connecticut.

This was the second lawsuit filed by the Connecticut Attorney General and additional Attorney Generals of 43 US states, seeking an expansion of the investigation and alleging a broad conspiracy to artificially inflate and manipulate prices, reduce competition and unreasonably restrain trade for more than 114 different generic drugs.

The second lawsuit includes additional parties and products which were not referred to in the first one.

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First Published on May 15, 2019 09:45 pm
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