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George A. Hay

In principle, the antitrust laws of the United States apply to the pharmaceutical (“drug”) industry just as they do to other industries. There are no special exemptions or immunities for the drug industry, nor are there any unique affirmative antitrust obligations. Nevertheless there are several features of the drug industry that cause the kind of antitrust cases that arise in the drug industry to differ in significant ways from the typical antitrust cases we see in the rest of the economy. This paper identifies a number of cases that illustrate the variety of drug industry practices that can attract antitrust attention, including: reverse payments, product hopping, and excessive pricing.