Teva drops 16% after states accuse drugmaker of conspiring to hike generic drug prices
In response to the lawsuit, a spokesperson for Teva said "the allegations in this new complaint, and in the litigation more generally, are just that – allegations."
"Teva continues to review the issue internally and has not engaged in any conduct that would lead to civil or criminal liability," the spokesperson said. "Teva delivers high-quality medicines to patients around the world, and is committed to complying with all applicable laws and regulations in doing so."
The generic drug industry was created by Congress in 1984 in an effort to bring down drug prices by allowing companies to make their own identical version of a drug once a brand-name drug's patent expired.For more on investing in health care innovation,
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