Senate Calls for Cracking Down on Drug Company Business Practices
Senator Claire McCaskill (D-MO) and other lawmakers have the pharmaceutical behemoth Valeant in their sights because of business practices that have resulted in the skyrocketing prices of many much needed medications.
Speaking at a recent Senate Special Committee on Aging’s investigation into pharmaceutical drug pricing, the Missouri Democrat berated the company’s practice of buying up smaller pharmaceutical companies, gutting their development and research departments, laying off scientists, then jacking up medication prices and making them unaffordable for many patients. The Senate Special Committee has also been looking into the monopolistic business models of the drug manufacturing conglomerations of Turing Pharmaceuticals and Retrophin.
This year, it is expected that Americans will spend over $328 billion on prescription medications, and pay approximately $50 billion in out of pocket expenses. Federal programs like Medicaid, Medicare, and Veterans Affairs are expected to pay around $110 billion for prescription drugs during the same time period. With an aging population, these numbers are only expected to rise in the coming decades. Reining in prescription medication costs is considered vital to our country’s economic future.
Senator McCaskill called Valeant Pharmaceuticals’ practices immoral and likened them to using patients as hostages. While pharmaceutical manufacturers like to portray themselves as altruistic entities that want to cure people of diseases, in truth, they are most concerned with making the largest profit possible. Don’t let the pharmaceutical industry get away with this.
If you or a family member cannot afford their medication, you need to contact an aggressive and tenacious pharmaceutical litigation attorney. To learn more about your legal rights and options, contact the legal team at the law offices of Farah & Farah. We are currently investigating pharmaceutical related injury claims nationwide.
Call Farah & Farah today for a free consultation at (800) 533-3555.