Same as their patients, the hospitals are tired of limited supply and high prices of drugs. That’s why they want to start a generic drug company of their own.
There’s been a lot of controversy surrounding practices of drug companies in the United States, so much so that some of them even prompted series of Congressional hearings and federal investigations. Overnight, prices of certain drugs would skyrocket, or they’d become scarce, and all because of a profit-driven strategy of investors looking to manipulate the market. These dubious methods left many patients without their much-needed drugs or stuck with exorbitant medical bills.
Fed up with seeing their patients despair over drugs that are too expensive, or unable to get ahold of life-saving medications, large hospital systems are banding together to start a non-profit generic drug company of their own. The plan is to focus on circa 20 drugs that are currently either overpriced or in short supply that would be sold directly back to the hospitals. But, instead of making an huge profit on charging insane amounts of money, the new firm would offer drugs at reasonable prices and make sure that they’re available in large quantities.
Led by Utah’s Intermountain Healthcare, multiple hospital chains have expressed interest to join the initiative. Currently, over 450 hospitals are a part of this project, and the number is bound to grow, as more and more hospitals reach out every day. The company, which expects to have its first product available in 2019, hopes to get approved by the FDA, to either produce their own drugs, or employ a reputable company to manufacture the drugs for them. Either way, the goal is the same: getting the drugs to people who need them the most, and without charging an arm and a leg for it.
Even though this new company could turn out to be just what the doctor ordered, especially with today’s turbulent market, the company’s leaders insist that they are not declaring war on “big pharma.” They’re merely looking to challenge individuals (and groups) who capitalize on illnesses and try to turn a profit at the expense of patients.
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