Friday, December 11, 2015

Senate Panel Leaders Condemn Companies for Drug Price Hikes; Associated Press via New York Times, 12/9/15

Associated Press via New York Times; Senate Panel Leaders Condemn Companies for Drug Price Hikes:
"The leaders of a Senate panel are condemning four companies for aggressively increasing prices for prescription drugs. They say the companies have exploited a system lacking in competition to hike prices for critically needed medicines.
An investigation by the Senate Special Committee on Aging focuses on Turing Pharmaceuticals, Valeant Pharmaceuticals, Retrophin Inc. and Rodelis Therapeutics. The first two faced especially harsh criticism.
"The Turing and Valeant price spikes have been egregious," Sen. Susan Collins, the Maine Republican who heads the panel, said at a hearing Wednesday.
Collins added that like those two companies, Retrophin and Rodelis also bought the rights to brand-name drugs whose patents had expired and then hiked their prices.
Public outrage boiled over this fall after news that Turing increased by more than 5,000 percent the price of Daraprim, a drug used to treat a life-threatening infection, jacking it up from $13.50 to $750 per pill."

No comments: