FTC takes on drug companies who abuse patents to keep prices high – National & International News – WED 8Nov2023

FTC takes action against drug companies who abuse patents to keep prices high.

Ivanka Trump dodges questions in New York fraud trial.

NATIONAL NEWS

FTC threatens legal action against drug companies who abuse patents to keep prices high

Federal Trade Commission chair Lina Khan has put several pharmaceutical companies on notice over unethical practices many of them use to keep the prices of their drugs high despite their formulas remaining essentially the same. Drug patents are supposed to expire after 20 years, after which time other companies can produce cheaper generic drugs. However, Khan says many drug companies improperly use patent laws to keep the prices of drugs that haven’t changed for decades artificially high. Khan specifically cites examples such as changing the design of a dropper or an inhaler housing.

The companies will have to respond to FTC filings either by justifying their patents or by delisting them. Delisting will open up many life-saving drugs to generic reproduction that will save patients money.

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Ivanka Trump dodges questions in New York fraud trial

Donald Trump’s eldest daughter took the stand today in the civil trial against Trump, his two adult sons and the Trump Organization. All defendants have already been found liable for fraud in a pre-trial ruling. The trial is to determine how much damages Trump will have to pay. State Attorney General Letitia James is seeking $250 million in damages.

Ivanka Trump was herself previously a co-defendant, but her attorneys convinced the appellate court that her involvement with the fraudulent tax and valuation filings was too long ago to be within the statute of limitations. However, James has stated unequivocally that Ivanka was intimately involved with the scheme and benefitted to the tune of millions of dollars.

When Ivanka took the stand today, prosecutors repeatedly asked about instances of fraudulent filings and valuations. For the most part, Ivanka followed the lead of her brothers Eric and Don, Jr., by claiming she did not recall. Ivanka was the final prosecution witness and Trump’s team will probably begin its defense case on Monday.

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