The U.S. Supreme Court agreed to take up a multibillion-dollar fight between the drug industry and federal antitrust enforcers, a case that may determine how quickly low-price generic medicines reach the market.

The justices on Dec. 7 said they will use a case involving Abbott Laboratories to scrutinize the “pay for delay” agreements that the Federal Trade Commission says cost drug buyers $3.5 billion each year. Under those accords, brand-name drugmakers pay other companies to hold off selling generic versions. The pharmaceutical industry says the agreements are legitimate settlements of patent disputes.

Companies have struck more than 100 such deals since 2005. Medicines made by Bayer AG, Merck & Co., Bristol-Myers Squibb Co., Watson Pharmaceuticals Inc. and Teva Pharmaceutical Industries Ltd. have all been the focus of court cases as the FTC under Chairman Jon Leibowitz seeks to crack down on the practice.

Three of the four federal appeals courts to rule on the issue have said the settlements, also known as reverse payments, are generally permissible. Drug companies and antitrust enforcers alike urged the Supreme Court to set a nationwide standard. The court will rule by June.

The FTC, backed by the Justice Department, is appealing a ruling that rejected its suit against Solvay Pharmaceuticals Inc., now owned by Abbott Labs, and three generic-drug makers over Androgel, a treatment for low testosterone in men.

The case is Federal Trade Commission v. Watson Pharmaceuticals, 12-416.