BURLINGTON, Vt., Oct. 2 – U.S. Sen. Bernie Sanders (I-Vt.) and U.S. Rep. Elijah E. Cummings (D-Md.) today launched an investigation into soaring generic drug prices.
“We are conducting an investigation into the recent staggering price increases for generic drugs used to treat everything from common medical conditions to life-threatening illnesses,” Sanders, chairman of a Senate health care subcommittee, and Cummings, ranking member of the House oversight committee, wrote in letters to 14 pharmaceutical companies.
They pointed, for example, to the price hike for Albuterol Sulfate used to treat asthma and other lung conditions. The average cost for a bottle of 100 pills was $11 last October. The average charge by this April had shot up to $434. An antibiotic, Doxycycline Hyclate, cost $20 last October for a bottle of 500 tablets. By April, the price was $1,849.
The price data on those and other generic drugs came from the private Washington, D.C.-based Healthcare Supply Chain Association. It surveyed average prices paid by organizations that help hospitals, nursing homes and home health agencies negotiate with pharmaceutical companies and other vendors for discounts. The figures are akin to wholesale prices, not the amount patients are charged.
Cummings and Sanders cited a survey that found pharmacists across the country “have seen huge upswings in generic drug prices that are hurting patients” and having a “very significant” impact on pharmacists’ ability to continue serving patients. The study for the National Community Pharmacists Association also found some patients refused to fill needed prescriptions because of rising prices.
“It is unacceptable that Americans pay, by far, the highest prices in the world for prescription drugs. Generic drugs were meant to help make medications affordable for the millions of Americans who rely on prescriptions to manage their health needs. We’ve got to get to the bottom of these enormous price increases,” Sanders said.
“Generic drugs have historically resulted in huge savings for consumers and for taxpayers,” said Cummings. “However, these outrageous recent cost increases are now preventing patients from getting the drugs they need, and they merit further investigation to better understand what factors are driving these price spikes.”
To read a fact sheet, click here.
To read the letters, click the links below:
· Actavis plc
· Apotex Corp.
· Dr. Reddy’s Laboratories Ltd.
· Endo International plc
· Global Pharmaceuticals
· Heritage Pharmaceuticals Inc.
· Lannett Company, Inc.
· Marathon Pharmaceuticals, LLC
· Mylan Inc.
· PAR Pharmaceutical Companies Inc.
· Sun Pharmaceutical Industries, Inc.
· Teva Pharmaceutical Industries Ltd.
· West-Ward Pharmaceutical Corp.
· Zydus Pharmaceuticals USA Inc.
Contact: Michael Briggs (202) 224-5141
Greed?
Reading this, I was staggered by just how much the pharmaceutical companies have jacked up the price of generics. I can’t think of a single reason for increases on this scale except to extract more money out of patients and their insurers. There’s something extremely cynical about profiting in this manner from other people’s pain and suffering. If anything, they’re making people suffer more. Go Bernie! Someone needs to ask these questions.
Drug Prices
I’m glad to read Bernie is investigating this serious problem. I’m afraid there may not be a solution until the greedy politicians stop taking campaign contributions from the drug companies. Political contribution reform needs to be implemented.