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Associated Press reports that the European Commission has fined pharmaceuticals giants Johnson & Johnson (NYSE:JNJ) and Novartis (NYSE:NVS) a combined $22 million for colluding to delay the entrance of a cheap generic form of a pain killer to the Dutch market.
Associated Press reports that the European Commission has fined pharmaceuticals giants Johnson & Johnson (NYSE:JNJ) and Novartis (NYSE:NVS) a combined $22 million for colluding to delay the entrance of a cheap generic form of a pain killer to the Dutch market.
As quoted in the market news:
The Commission found that after Johnson & Johnson’s patent on a patch containing the drug Fentanyl expired in 2005, it paid Novartis to delay launching a generic version. The delay lasted 17 months, and was more profitable for both companies than competing honestly would have been.
Read the full article by AP, via ABC News