Senate Testimony Highlights Increased Scrutiny of Drug Manufacturers and Drug Pricing
Amid the growing debate surround prescription drug pricing, healthcare practitioners and hospital executives testified this week before a U.S. Senate committee hearing relating to prescription drug pricing. The healthcare stakeholders recounted the ever-increasing prices for many critical generic drugs, and the impact it is having on patient care and access. In the wake of the media focus on Turing Pharmaceuticals, this hearing evidences a likely legislative and regulatory effort to be made, focusing on drug pricing and regulation in the generic drug space. The testimony highlighted instances where prescription drugs have come “off-patent” but where generic competition has not been introduced, enabling increasingly-consolidating pharmaceutical companies to raise generic drug prices. Among the takeaways from the testimony was the call for increased oversight of drug manufacturers, including a “watchlist” for certain generic drug manufacturers without generic competition. Healthcare and pharmaceutical companies must be cognizant of these upcoming changes, and prepared to adapt to new forms of scrutiny and regulation. Frier Levitt has assisted entities in formulating drug pricing strategies in compliance with applicable laws and regulations. Contact us today to speak to an attorney.