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Ascension, SSM and others plan to develop generic drug company

19 January 2018

Fed up with the perceived underhanded business tactics of drugmakers and growing costs of generic medications, four hospitals are coming together to form their own not-for-profit drug company. Surgeries are being delayed, and while it hasn't happened at Intermountain hospitals, Liljenquist said patients across the country are sometimes required to wait for needed treatment. The most notable example is that of Martin Shkreli's company Turing Pharmaceuticals, which dramatically raised the price of the old, cheap generic drug Daraprim by more than 5,000 percent-from $13.50 to $750 a pill.

Recently, generic drug manufacturers have been accused of creating shortages of lifesaving medications and charging a high price for medications, seemingly for no reason. If the only way to provide our communities with affordable drugs is to produce them ourselves, then that is what we will do. Endo International PLC's shares dropped more than 6 percent, Teva Pharmaceutical Industries Ltd's USA shares fell 2.3 percent and Mylan NV's shares were down around 1 percent after the hospitals' plans were announced. "We should not be in this situation". "Many large, highly resourced companies have not been successful at it", she said in a research note. "We witness, on a daily basis, how shortages of essential generic medication or egregious cost increases for those same drugs affect our patients".

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There will be no shareholders and no dividends in the action, the first of its kind in the industry, and the initial startup costs will be donated by the participating partners, who expect to recoup their costs.

The company will either become an FDA-approved manufacturer or subcontract the work out. Five systems oversee more than 450 hospitals.

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But Harrison said they hope to make around 20 different drugs as widely available as possible. "But health care systems are in the best position to fix the problems in the generic drug market".

"We as a team will do the opposite", he said. It will guide the development and execution of a business plan for the collaborative that will likely begin in early 2019. "We think that just maybe this could be something that could benefit society for a very long time, and we certainly intend to do our best to make that so".

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A two-hour meeting on Wednesday of negotiators on the issue at the United Nations in NY was a "valuable step", Stoltenberg said. Nimetz said he will travel to Greece and Macedonia soon to discuss the proposed solution, which was not made public.

The companies did not specify which drugs they plan to manufacture.

Ascension, SSM and others plan to develop generic drug company