Glenmark agrees to $29.6 million settlement over generic drug price-fixing claims

Glenmark Pharmaceuticals has reached a settlement with dozens of U.S. states, agreeing to pay $29.6 million to resolve accusations that it participated in a scheme to inflate prices of generic medicines.

The states allege that Glenmark, along with other large generic manufacturers, conspired to manipulate pricing, reducing competition and raising costs for consumers.

This deal adds to a series of settlements in the multi-year litigation that began about ten years ago, with companies such as Lannett, Bausch, Apotex and Heritage previously paying a combined $67 million.

The lawsuits reflect growing scrutiny of generic drug pricing, a market that supplies roughly 90 percent of all prescriptions in the United States.