Chicago pharma company draws scrutiny for raising drug prices thousands of dollars
Novum Pharma as of
Consumers typically are charged more than a manufacturer's wholesale price, before insurance and/or cost-saving programs kick in.
The Tribune confirmed that Alcortin A is selling at some
Novum bought the three drugs from
Novum said in an emailed statement Thursday that many of the prices, first quoted by the
Novum, which was founded last year, describes itself as a small "specialty pharmaceutical company focused on acquiring and licensing under promoted/mature products."
"The prices cited in the (
Novum also said that through its patient access programs, most patients with private insurance pay no co-pay for Novum products. Those paying for the products without insurance never have to pay more than
The company said it reinvests "virtually all of its pricing directly and immediately into its patient support program, which severely limits cost to insurers and to the health care system in general."
He said the price of Alcortin A is mind-boggling.
"I would never have thought in all my years that we would have a topical medication that would be that expensive," Reynolds said.
Over the past year, a number of pharmaceutical companies and executives have come under fire for what many see as unreasonably high drug prices.
"Companies are raising the prices because they can," said
A congressional committee grilled Mylan CEO
EpiPens contain epinephrine, that when injected into a person's thigh, can counter often life-threatening allergic reactions. Mylan has raised the price of EpiPens more than 500 percent since early 2008, charging pharmacies a wholesale price of more than
In recent weeks, Mylan has tried to quell the outrage by offering
She also said Mylan makes only about a
Savings cards and co-pay assistance programs also draw criticism from many who say they do little to reduce costs for the overall health care system.
"Ultimately this always trickles down to the consumer," said
___
(c)2016 the Chicago Tribune
Visit the Chicago Tribune at www.chicagotribune.com
Distributed by Tribune Content Agency, LLC.
Insurance company sues over Bellefonte fire
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News