Giant pharmaceutical companies like AstraZeneca (NYSE:AZN), Sanofi-Aventis SA (NYSE:SNY), Takeda Pharmaceutical (TKPHF.PK), Bristol-Myers Squibb (NYSE:BMY), Merck (NYSE:MRK), Pfizer (NYSE:PFE) and GlaxoSmithKline (NYSE:GSK) won a court battle which went to the U.S. Supreme Court, where it was ruled a California county can't sue pharmaceutical companies because they allegedly overcharged public health-care facilities for prescription drugs.
The unanimous opinion was that California's Santa Clara County did not have a legal right to bring the lawsuit in the first place.
Claims made against the companies by the county were pricing obligations to health-care facilities that serve the poor, and whether those facilities have a right to sue drug companies to enforce those obligations.
Under agreements with the federal government, drug makers must cap the prices they charge medical facilities that provide safety-net health services.
The conclusion was the responsibility for enforcement of pricing belongs to the U.S. Department of Health and Human Services.
Tuesday, March 29, 2011
Pharmaceuticals AstraZeneca (AZN) (SNY) (BMY) (MRK) (PFE) (GSK) Win in California Case
Labels:
Astrazeneca,
Bristol-Meyers,
GlaxoSmithKline,
Merck,
Pfizer,
Sanofi Aventis
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