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Americans 'Hostages' To 'Ransom' Drug Prices, Senators Charge

 
• By Donna Young

Drug companies like Turing Pharmaceuticals AG and Valeant Pharmaceuticals International Inc., which have significantly raised the prices of their older, off-patent drugs, were accused on Dec. 9 by lawmakers of holding American patients hostage for ransom – a situation some members of Congress argued needs to be controlled through price regulations, like those used to rein in the railroad, electric utilities and telephone industries.

Drug companies like Turing Pharmaceuticals AG and Valeant Pharmaceuticals International Inc., which have significantly raised the prices of their older, off-patent drugs, were accused on Dec. 9 by lawmakers of holding American patients hostage for ransom – a situation some members of Congress argued needs to be controlled through price regulations, like those used to rein in the railroad, electric utilities and telephone industries.

"This is a market failure, and when there's a market failure, the government has a role in addressing it," insisted...

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