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As Flint Suffers, Big Pharma Slammed for Lead Poison Drug Price Hike of 2,700%
http://commondreams.org/news/2016/10/14/flint-suffers-big-pharma-slammed-lead-poison-drug-price-hike-2700
As Flint Suffers, Big Pharma Slammed for Lead Poison Drug Price Hike of 2,700%
Published on Friday, October 14, 2016
by Nadia Prupis, Common Dreams staff writer
Outrage is growing this week amid revelations that the pharmaceutical company Valeant raised the price for its critical lead-poisoning treatment by more than 2,700 percent in a single year.
Before Valeant took control of the medication, known as Calcium EDTA, in 2013, the average price for a package of vials was stable at $950, the medical news outlet STAT reported. But once the notorious pharmaceutical company bought it out in a multi-billion dollar deal, it swiftly boosted the price to $7,116 in January 2014 and to $26,927 by December of that year.
"This is a drug that has long been a standard of care, and until recently it was widely accessible at an affordable price," Dr. Michael Kosnett, an associate clinical professor, told STAT. He also contacted U.S. Congress. "There's no justification for the astronomical price increases by Valeant, which limit availability of the drug to children with life-threatening lead poisoning."
And at least one person in Congress is listening. Sen. Bernie Sanders (I-Vt.) retweeted the STAT article this week and noted that the price remains high as Flint, Michigan suffers a very public lead poisoning crisis.
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As Flint Suffers, Big Pharma Slammed for Lead Poison Drug Price Hike of 2,700%
Published on Friday, October 14, 2016
by Nadia Prupis, Common Dreams staff writer
Drug company Valeant described as 'poster child for pharmaceutical greed'
Outrage is growing this week amid revelations that the pharmaceutical company Valeant raised the price for its critical lead-poisoning treatment by more than 2,700 percent in a single year.
Before Valeant took control of the medication, known as Calcium EDTA, in 2013, the average price for a package of vials was stable at $950, the medical news outlet STAT reported. But once the notorious pharmaceutical company bought it out in a multi-billion dollar deal, it swiftly boosted the price to $7,116 in January 2014 and to $26,927 by December of that year.
"This is a drug that has long been a standard of care, and until recently it was widely accessible at an affordable price," Dr. Michael Kosnett, an associate clinical professor, told STAT. He also contacted U.S. Congress. "There's no justification for the astronomical price increases by Valeant, which limit availability of the drug to children with life-threatening lead poisoning."
And at least one person in Congress is listening. Sen. Bernie Sanders (I-Vt.) retweeted the STAT article this week and noted that the price remains high as Flint, Michigan suffers a very public lead poisoning crisis.
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https://www.statnews.com/pharmalot/2016/10/11/valeant-drug-prices-lead-poisoning/
Pharmalot: Huge Valeant price hike on lead poisoning drug sparks anger
By Ed Silverman @Pharmalot
October 11, 2016
A drug used to treat lead poisoning is causing a toxic reaction among hospitals and poison control centers after Valeant Pharmaceuticals jacked up the price more than 2,700 percent in a single year.
At issue is a decades-old, intravenous treatment for severe and life-threatening cases of lead poisoning, which occur infrequently, but generally require supplies to be on hand. Known as Calcium EDTA, Valeant acquired the drug in 2013 as part of a $2.6 billion deal to buy another company called Medicis.
After resolving manufacturing problems that caused shortages, Valeant pursued the hallmark strategy that made it infamous — taking sky-high price hikes. Before Valeant took control, the list price for a package of vials had been stable at $950. But in January 2014, Valeant boosted the price to $7,116. By December 2014, several more increases took the price to $26,927, according to Truven Health Analytics.
Ever since, poison control specialists have been angry, especially since there are few viable options and a French company sells its version for less. Their reaction is a case study in the exasperation doctors and hospitals feel at the multitude of price hikes of all sizes that they see month after month, the vast majority of which never make headlines but create frustration and squeeze budgets behind the scenes.
“This is a drug that has long been a standard of care, and until recently it was widely accessible at an affordable price,” said Dr. Michael Kosnett, an associate clinical professor in the division of clinical pharmacology and toxicology at the University of Colorado’s School of Medicine and a consultant to the California Poison Control System, who has contacted Congress. “There’s no justification for the astronomical price increases by Valeant, which limit availability of the drug to children with life-threatening lead poisoning.”
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Pharmalot: Huge Valeant price hike on lead poisoning drug sparks anger
By Ed Silverman @Pharmalot
October 11, 2016
A drug used to treat lead poisoning is causing a toxic reaction among hospitals and poison control centers after Valeant Pharmaceuticals jacked up the price more than 2,700 percent in a single year.
At issue is a decades-old, intravenous treatment for severe and life-threatening cases of lead poisoning, which occur infrequently, but generally require supplies to be on hand. Known as Calcium EDTA, Valeant acquired the drug in 2013 as part of a $2.6 billion deal to buy another company called Medicis.
After resolving manufacturing problems that caused shortages, Valeant pursued the hallmark strategy that made it infamous — taking sky-high price hikes. Before Valeant took control, the list price for a package of vials had been stable at $950. But in January 2014, Valeant boosted the price to $7,116. By December 2014, several more increases took the price to $26,927, according to Truven Health Analytics.
Ever since, poison control specialists have been angry, especially since there are few viable options and a French company sells its version for less. Their reaction is a case study in the exasperation doctors and hospitals feel at the multitude of price hikes of all sizes that they see month after month, the vast majority of which never make headlines but create frustration and squeeze budgets behind the scenes.
“This is a drug that has long been a standard of care, and until recently it was widely accessible at an affordable price,” said Dr. Michael Kosnett, an associate clinical professor in the division of clinical pharmacology and toxicology at the University of Colorado’s School of Medicine and a consultant to the California Poison Control System, who has contacted Congress. “There’s no justification for the astronomical price increases by Valeant, which limit availability of the drug to children with life-threatening lead poisoning.”
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2 replies
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= new reply since forum marked as read
It's an outrage...Can't anyone bring these blood suckers to heel? 