ACCC acts on Pfizer's alleged anti-competitive conduct in Australia

The Australian Competition and Consumer Commission revealed today that is has instituted proceedings in the Federal Court of Australia against the local subsidiary of US pharma behemoth Pfizer (NYSE: PFE) for alleged misuse of market power and exclusive dealing in relation to its supply of atorvastatin to pharmacies in contravention of the Competition and Consumer Act 2010.

Atorvastatin is the active ingredient of Pfizer’s once mega blockbuster cholesterol lowerer Lipitor, and was for a number of years the highest selling prescription medicine under the Pharmaceutical Benefits Scheme, the ACCC said. Prior to the loss of patent protection in May 2012, Lipitor was prescribed to over one million Australians, with annual sales exceeding A$700 million ($627 million).

Pfizer said to have offered sales volume-based discounts and rebates