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Respond to discussion on Teva Pharmaceuticals.
Offer An Alternative Question That You Might Have Asked The Legal Expert On This Project.
The company i will be using for this discussion is Teva Pharmaceuticals and the crime they committed was price fixing. Price fixing obviously pertains to the price portion of the marketing mix. Price fixing is when a a company and a competitor(s) agree to sell a similar product(s) at a certain price (usually way above market value) to make massive profits. In this case Teva and 6 other pharmaceutical companies have been charged with doing this over an antibiotic drug.
" A plain agreement among competitors to fix prices is almost always illegal, whether prices are fixed at a minimum, maximum, or within some range. Illegal price fixing occurs whenever two or more competitors agree to take actions that have the effect of raising, lowering or stabilizing the price of any product or service without any legitimate justification."
So far their haven't been any consequences to the companies yet because it is an ongoing investigation. However, two former executives of the companies being charged have been arrested by the DOJ. All companies are looking at fines and civil lawsuits from consumers who were forced to pay for these medications. You don't need a legal expert to tell you that price fixing is illegal, this is a law that has been in place for decades that came about with many of the antitrust laws that broke up monopolies and made sure fair competition and consumer protections were in place.
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