Word: squibbs
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...swallowed a bitter pill last week. In a surprise move, they offered to pay $120 million to settle treble-damage claims against them for allegedly rigging the price of a widely used antibiotic, tetracycline. While proposing the settlement, the five companies-American Cyanamid, Chas. Pfizer, Bristol-Myers, Upjohn and Squibb Beech-Nut-asserted that they "have not violated the antitrust laws...
...federal jury convicted Cyanamid, Pfizer and Bristol-Myers of plotting to fix the price of tetracycline-and the companies are still appealing the verdict. Upjohn and Squibb were named co-conspirators but not defendants. Encouraged by the verdict, 39 states, ten cities and counties, 15 private hospitals and 17 miscellaneous groups claimed damages for overcharges on the drug, which has been sold since 1953. Sales amounted to well over $100 million annually. The Justice Department charged that the capsules cost an average 1.60 to produce, but sold for as much as 510. Whatever the merits of the damage claims...
...Hours of Tests. Penicillin G, one of the most widely used forms of the supreme antibiotic, differs from aspirin in being a prescription item, but resembles it in being free of patent, royalty and basic-research costs. Yet here again there is a huge price spread: E. R. Squibb & Sons charges the druggist $6.62 for 100 tablets of 200,000 units, while Pennex Products Co. of Verona, Pa., sells the same number, same strength, for 920. And Pennex must meet not only U.S.P. standards, but the running check on all antibiotic batches maintained by two different Government agencies...
...Squibb explains: U.S.P. standards call for 98 tests, consuming 125 hours, at eleven steps in the manufacture, while Squibb's quality control requires 374 tests, taking 406 hours, at 35 stages. Squibb runs a three-hour test on one of the alcohols used in manufacturing, another of 16 hours on corn-steep liquor, and one of 22 hours on city water. The U.S.P. requires none of these. Moreover, Squibb offers its penicillin G in twelve different strengths, dosages and combinations, some of which make no money, while most manufacturers of generic penicillin G make only...
...Government standards of purity and potency, are available for less under their generic names. Drug by drug, Dr. Burack lists many of the most widely used medications, gives their brand names and lists the prices charged for them. For example, he cites penicillin G, sold by E. R. Squibb & Sons as Pentids at a price to the druggist of $6.62 per 100, but for 92? by Pennex Products Co., and by 15 other companies for less than $2. Or digitalis, sold as Pil-Digis by Davies, Rose-Hoyt at $18.40 per 1,000, but by Merck Sharp & Dohme...