With skyrocketing drug prices and ongoing anticompetitive conduct in the pharma industry, we need to revamp our approach to pharma mergers. Today the @FTC announced a joint project with our counterparts across the country and the globe to do just that. ftc.gov/news-events/pr…
The @FTC's longstanding practice in pharma mergers tends to address one important competitive angle: overlaps in products and pipeline products between the merging parties. But I have long been concerned that this approach does not capture all the effects of these deals.
A concern that we need to broaden our analysis and approach motivated my dissent in BMS-Celgene... ftc.gov/public-stateme…
As well as AbbVie Allergan... ftc.gov/public-stateme…
And Pfizer Mylan. ftc.gov/public-stateme…
I have not been alone in my concern; these questions have been raised by many others, including @ChopraFTC and, for example, @katieporteroc.
https://twitter.com/RepKatiePorter/status/1355238165515182082?s=20
The goal of the initiative announced today is to identify concrete and actionable steps to update the analysis of pharma mergers. Working hand in hand with international and domestic enforcement partners, we intend to take an aggressive approach to tackling these deals.
I'm grateful to the staff @FTC for their hard work getting this initiative going and to our sister agencies--@EU_Commission, @CMAgovUK, @CompBureau, @NatlAssnAttysGn, @JusticeATR--for their partnership, and look forward to the input of more stakeholders.
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