Connecticut Attorney General William Tong interviewed on 60 Minutes
If you ever wondered why the price of generic drugs is getting so expensive, 60 Minutes gave us an inside look at the problem on its Sunday broadcast. The CBS program profiled the on-going battle of Connecticut Attorney General William Tong to hold big pharma accountable.
Connecticut and more than 40 other states filed a sweeping lawsuit accusing the biggest generic drug makers of engaging in an “industry-wide conspiracy” to fix the prices of generic drugs. They allege there is a massive, systematic scheme to bilk consumers and the government out of billions of dollars.
Based on evidence like text messages, emails, phone records, and documents, the prosecutors say sudden, dramatic, price spikes can be tied to drug makers colluding to profiteer, not a shortage of drugs. In a word “greed.”
The price hikes have affected 100’s of different, everyday prescriptions, driving up the costs for health insurance, Medicare and Medicaid. With 90-percent of all prescriptions filled with generic drugs, the impact on everyday American lives has been overwhelming.
Drug makers deny any wrong-doing and insist they will fight the lawsuits vigorously. Click here to watch the 60 Minutes report.
