On Tuesday, jurors listened to opening statements in a class-action lawsuit focused on an alleged conspiracy to increase prices and limit competition for medications utilized in the treatment of HIV.
The drug company case was the focus of Tuesday’s court proceedings, with arguments from all parties involved. The trial will continue until the end of June, with US District Judge Edward Chen presiding over the case.
A group of customers, including health funds and workers’ unions, filed a lawsuit in 2019 against Gilead Sciences in a federal court in California. The lawsuit alleged that the pharmaceutical company engaged in a “long-running scheme” to limit competition for antiretroviral therapy medications used to treat HIV.
Related: US: Gilead hit with antitrust suit over price-fixing HIV drugs
The lawsuit against Gilead alleges anticompetitive and anti-consumer behavior, such as highly-priced HIV drugs and hindering the entrance of generic drugs into the market. As a result, the lawsuit claims that Gilead has maintained a monopoly in the market for modern HIV treatment drugs.
The lawsuit centers around whether Gilead Sciences made an agreement with Teva, an Israeli generic pharmaceuticals company, to delay the introduction of generic drugs to the market. Gilead, headquartered in Foster City, California, had revenue of over $28 billion in 2022, while Teva’s revenue in 2021 was over $16 billion.
Featured News
T-Mobile’s Acquisition of Ka’ena Corporation Receives FCC Approval
Apr 26, 2024 by
CPI
UK Regulator Announces Two New Senior Executive Appointments
Apr 26, 2024 by
CPI
Paramount Global and Skydance Media Near Merger Deal, Eyeing CEO Change
Apr 26, 2024 by
CPI
BHP Unveils £31bn Mining Megamerger Proposal with Anglo American
Apr 25, 2024 by
nhoch@pymnts.com
ByteDance Prefers Shutdown Over Sale of TikTok Amid US Ban Threats
Apr 25, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI