Heritage Pharmaceuticals
Heritage Pharmaceuticals Inc. is a manufacturer of generic pharmaceuticals based in Eatontown, New Jersey, United States, and established in 2006.
The company was involved in a 2014 congressional inquiry about the rising price of
In December 2016, it was accused of conspiracy to raise the price of the antibiotic doxycycline and diabetes drug
The US Department of Justice also brought criminal charges against former Chief Executive Officer Jeffrey Glazer and former Vice President of Commercial Operations Jason Malek for price fixing. The company fired them in August 2016 and brought civil proceedings against them, alleging that they stole tens of millions of dollars from the company over at least seven years using at least five dummy corporations to siphon off Heritage's profits through numerous racketeering schemes, including $466,000 in profit in one day.[2] It is alleged that the price of 500 doxycycline tablets rose in the US from $20 to $1,849 in just seven months.[3]
See also
- Biotech and pharmaceutical companies in the New York metropolitan area
References
- ^ "U.S. lawmakers press Heritage Pharma on high prices for antibiotic". Reuters. 16 December 2016. Retrieved 18 December 2016.
- ^ "U.S. Generic Drug Probe Seen Expanding After Guilty Pleas". Bloomberg. 14 December 2016. Retrieved 18 December 2016.
- ^ "Six pharmaceutical firms accused of price-fixing". BBC News. 16 December 2016. Retrieved 18 December 2016.