Released Documents Show Pharmaceutical Companies' Price Hikes
In a Washington Post report, Rep. Elijah Cummings (D-MD) analyzed documents from two pharmaceutical companies who provided the memos for the House Oversight and Government Reform Committee. The report studied more than 250,000 pages from Turing Pharmaceuticals and over 75,000 from Valeant. Cummings saw that there have been price hikes with the alleged focus on the companies taking advantage of vulnerable families in need.
Turing Pharmaceutical has had a lot of publicity lately when former CEO Martin Shkreli hiked up the price of Daraprim. Valeant is accused of hiking the prices of two heart drugs acquired by the company in order to reach their revenue goals.
Since the report, Valeant claimed it would shift strategies focusing the volume, not the price, when it comes to their growth.
These are concerning issues if multiple pharmaceutical companies — those that are supposed to be helping people — are focusing more on their profit than they are the well-being of patients. These tactics require patients to spend much more money on the prescription drugs they often need.
In the case of Daraprim, prior to Turing acquiring the drug, a pill would cost $13.50. The cost was increased up to $750 per pill, 5,000% the original amount. The report alleges that Shkreli “gloated about potential profits” when he talked about the increase in price for Daraprim.
We encourage you to learn more about the reports that were released and how they affect patients who rely on certain pharmaceutical drugs. It may be beneficial to see if there are any legal matters that may be playing a factor and what it could mean for you.
If you need to speak with a lawyer, call our team at Bailey Cowan Heckaman PLLC today. We’re here to help answer any questions you may have.