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Pfizer Inc. (PFE) Faces Legal Action From Australian Competition Regulator


2/13/2014 7:16:51 AM

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Australia's competition regulator said on Thursday it was taking legal action against the local division of Pfizer Inc over the way it marketed its cholesterol-lowering drug Lipitor to pharmacies. The Australian Competition and Consumer Commision (AC) said Pfizer had, to deter competition, offered pharmacies "significant" discounts and rebates if they stocked at least a year's worth of the drug, which goes by the generic name atorvastatin and is prescribed to over one million Australians. The drug had generated annual sales exceeding A$700 million ($632.35 million) for Pfizer in Australia before the company's patent expired in there in May 2012, the ACCC said.

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