US Senators urge FTC to scrutinize multi-billion dollar pharma mergers - (Fidelity via NewsPoints Desk)

  • US lawmakers called on the Federal Trade Commission (FTC) to close examine mergers among drugmakers, suggesting they could be harmful to patients, as reported Fidelity Tuesday.

  • The news comes after Bristol-Myers Squibb inked a $74-billion deal to purchase Celgene, while AbbVie has agreed to acquire Allergan for $63 billion.

  • The senators, led by presidential candidate Amy Klobuchar, suggested that the deals raise significant antitrust issues, urging the FTC to "take appropriate action" to protect consumers from deals that could lessen competition, raise drug prices or reduce patient access to essential treatments

  • The lawmakers also expressed concern that the deals could reduce innovation in drug development and granted the merged entities increased negotiating leverage with drug formularies.

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