Connecticut Attorney General William Tong told CBS’ “60 Minutes” that dozens of drug companies are conspiring to raise the prices of hundreds of generic drugs (more video below).
Republicans have always insisted that market competition will bring prices down, but Tong has phone records and texts of generic drug companies calling each other multiple times on the days they chose to raise prices by as much as 400 percent.
“60 Minutes” notes on its website:
Connecticut and a coalition of more than 40 states filed a 500-page lawsuit accusing the biggest generic drug makers of a massive, systematic conspiracy to bilk consumers out of billions of dollars. It’s a more sweeping version of a similar lawsuit the states filed in 2016 that’s still being litigated. The generic industry vehemently denies the allegations.
“It's not that they're too big to fail. It's that they're just too big to care,” says Attorney General William Tong of some of the major generic drug manufacturers, accusing them of price fixing. The companies deny the allegations. https://t.co/Z2coAbP3eu pic.twitter.com/WW4wWTZN3l— 60 Minutes (@60Minutes) May 13, 2019
(Source: 60 Minutes)