Actavis UK accused of overcharging hydrocortisone drug
British regulators have accused Actavis UK of charging excessive and unfair prices after the pharmaceutical company increased the price of some hydrocortisone tablets by more than 12,000 percent.
The Competition and Markets Authority alleged Friday that Actavis UK raised the price of its generic 10 mg hydrocortisone tablets to 88 pounds ($110) per pack by March of 2016 from the 70 pence that another company charged for a branded product prior to April 2008.
While branded drugs are subject to price regulation, generics are not.
The findings are still provisional.
Actavis UK was acquired by Israel-based Teva Pharmaceutical Industries in August. Teva said it intends to defend against the allegations and that it believes the CMA's intervention raises "serious policy concerns."
© 2016 The Associated Press. All rights reserved.