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On March 16, the US Federal Trade Commission, US Department of Justice, offices of US state Attorneys General, the Canadian Competition Bureau, the European Commission's Directorate General of Competition and the United Kingdom's Competition and Markets Authority announced the formation of an international working group to assess and update the agencies' approach to analyzing the effects of pharmaceutical mergers. This initiative follows increased scrutiny of pharmaceutical mergers in recent years by competition agencies around the world, particularly of their potential effects on drug prices and innovation. Historically, antitrust agencies have considered narrow product markets consisting of the merging parties' products that compete directly with one another, and "innovation markets"

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