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Drug companies raised prices on approximately one-third of the nearly 120 drugs classified as currently or recently in shortage after the shortages began, according to a Wall Street Journal report published Friday.
Many of the drugs seeing big price hikes are low-cost prescription medicines that have been on the markets for years, like valsartan. It’s a blood pressure medication available through multiple sellers. After recalls of valsartan products from at least three companies this summer, other companies raised prices on their valsartan products by as much as 469 percent, according to The WSJ.
Drug - Companies - Prices - Hundreds - Drugs
Drug companies have already raised prices on hundreds of drugs in 2019, and high drug prices are a top concern for Americans. Average prices went up about 14 percent for drugs in shortages lasting more than 18 months and 6 percent during shortages lasting less than six months, according to a Value in Health study cited by The WSJ.
The price increases were passed down to individual pharmacies. The WSJ reported:
Price - US - Community - Pharmacies - Tablets
But the average price that U.S. community retail pharmacies pay for valsartan tablets has also risen—to 31 cents a tablet from 10 cents in July, according to a Wall Street Journal review of data from a Centers for Medicare and Medicaid Services survey of pharmacies.
Alembic has defended its price increases.
Roles - Supply - Chain - Market - Opportunities
“One of our roles is to create a nimble supply chain that can react quickly to market opportunities,” Alembic managing director Pranav Amin said according to an October conference call transcript cited by The WSJ. “So we could respond very fast to the valsartan opportunity, and we could ramp up our supplies and we could get on the market at a high price.”
“More limited supply...
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