Drugmakers Mum on Huge Price Hikes – Legislation Filed to Save Taxpayers $500 Million
WASHINGTON, Nov. 20 – Sharp increases in prices for many generic drugs were examined today at a Senate hearing where three pharmaceutical companies refused to testify.
Generic drugs, copies of drugs no longer protected by patents, historically have cost much less than brand-name prescription medicines. But federal records made public at the hearing show the price for 1,215 generic drugs increased 448 percent on average from July, 2013 to July, 2014. During that period, nearly 10 percent of all generic drugs more than doubled in price, according to the analysis of data from the Centers for Medicare and Medicaid Services.