It seems like the pharmaceutical sector cannot catch a break. After reports of a major drug withdrawal saw Merck’s shares take a nose dive, it looks like those problems pale in comparison to what Mylan is going through.
Bloomberg reports that:
Mylan NV’s second-ranking executive was named in a civil investigation by dozens of states conducting a multiyear probe into alleged price collusion by makers of generic drugs that is now targeting senior managers.
This is disastrous news for the company; Business Insider reports that:
The states are zeroing in on a man named Rajiv Malik, Mylan’s president and executive director, along with Satish Mehta, CEO at Emcure Pharmaceuticals. Mylan’s shares are down more than 8% on the news.
This is major development in the Mylan scandal, which seems to be far larger than what analysts had thought. This setback could be the first of many as the company struggles with legal fees, brand integrity and a coalition of state attorney-generals and competitors who want the company’s head.
Investors should consider insulating themselves from the Mylan crisis, as more stories such as these could have the stock sink even farther down the charts. Take some time and consider if now is the right time to look for alternatives that are less risky.
To read Bloomberg’s article on the Mylan scandal, click here.
To read Business Insider’s article on the Mylan scandal, click here.
[grwebform url=”https://app.getresponse.com/view_webform_v2.js?u=BKTzq&webforms_id=14431602″ css=”on” center=”off” center_margin=”200″/]
You may be interested
Job Hiring is Picking Up as Employers and Consumers Gain ConfidenceLamont J - March 29, 2021
The recent government stimulus for small and medium-sized businesses, personal stimulus checks, and declining Coronavirus cases, are all great news…
Fed Could Maintain 0% Interest Rate Until 2024Adam R - March 26, 2021
The Federal Reserve is holding its target interest rate in a range of 0.00% - 0.25%, even while the economy…