If there are only two or three generic competitors and they are all jacking up prices obscenely, there is market collusion—in this case, price fixing.
Without knowing any specific pharma-related law, it looks to me that not only Obama’s administration, but individual states (and even individuals) have standing to file against it:
In the United States, price fixing can be prosecuted as a criminal federal offense under section 1 of the Sherman Antitrust Act.[2]
Criminal prosecutions may only be handled by the U.S. Department of Justice, but the Federal Trade Commission also has jurisdiction for civil antitrust violations. Many state attorneys general also bring antitrust cases and have antitrust offices, such as Virginia, New York, and California.
Private individuals or organizations may file lawsuits for triple damages for antitrust violations, and depending on the law, recover attorneys fees and costs expended on prosecution of a case.[3][4][5]
Under American law, exchanging prices among competitors can also violate the antitrust laws. This includes exchanging prices with either the intent to fix prices or if the exchange affects the prices individual competitors set. Proof that competitors have shared prices can be used as part of the evidence of an illegal price fixing agreement.[6] Experts generally advise that competitors avoid even the appearance of agreeing on price.[7]”
http://en.wikipedia.org/wiki/Price_fixing#Legal_status_in_the_United_States_and_Canada