Colombia’s health ministry has delivered an ultimatum, giving Swiss multinational pharmaceutical company Novartis a couple of weeks to bring down the price of a popular drug used in cancer treatment. The government has threatened the company with ending its current monopoly on the drug by allowing local labs to produce generic versions.
Documents created by Colombia’s embassy in Washington have described an intense pressure from Pharma sector lobbyists in the US congress to bear down on Colombia’s government over the controversy. THe embassy has warned that any action breaking Novartis’ monopoly on the Gleevec-Glivec drug, used in the treatment of leukaemia and other blood cancers in Colombia and other countries, could jeopardize the US’s backing for Colombia’s entry into the Trans Pacific Partnership Agreement.
Colombian Health Minister Alejandro Gavíria, a trained economist, commented on the diplomatic pressure, saying this shows the lengths to which the pharmaceutical industry is willing to go in order to protect their interests. “They are very afraid that Colombia’s example might catch on in the region” said the minister.
Full Content: NTR Guadalajara
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Justice Department Moves to End NCAA Transfer Rule
May 30, 2024 by
CPI
Kenya’s Competition Authority Proposes Tougher Regulations on Big Tech
May 30, 2024 by
CPI
KKR Secures EU Antitrust Approval for $24 Billion Acquisition of Telecom Italia’s Fixed-Line Network
May 30, 2024 by
CPI
European Court Sides with Tech Giants in Italian Regulatory Dispute
May 30, 2024 by
CPI
US Steel and Nippon Steel Secure International Approvals for $14.9B Merger
May 30, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Healthcare Antitrust
May 31, 2024 by
CPI
AI and Antitrust Considerations in U.S. Health Care
May 31, 2024 by
CPI
Uncertainty in the Bottom Line: New Antitrust Scrutiny and Enforcement in Private Equity Transactions
May 31, 2024 by
CPI
Effecting M&A Diligence When Competitors Are Involved
May 31, 2024 by
CPI
AI, Pharmaceutical Sector, and EU Competition Law and Policy: What Does the Future Look Like?
May 31, 2024 by
CPI