Actavis Targeted by U.K. for Raising Drug Price by 12,000%
- Company broke competition law by raising prices, CMA says
- Statement comes nine days after record fine for Pfizer
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Actavis faces fines for raising the cost of hydrocortisone tablets by more than 12,000 percent, the U.K. antitrust regulator said Friday as it continued a crackdown on excessive pricing in the drug industry.
Actavis "broke competition law by charging excessive and unfair prices in the U.K.," the regulator said in a statement. In one example, The company raised the price of the 10 milligram packs from 70 pence to 88 pounds ($110). Teva Pharmaceutical Industries Ltd., which acquired Actavis for $40.5 billion from Allergan Plc earlier this year, said it will "defend the allegations."