Senators were dismayed at a recent report that found extraordinary price hikes for 300 generic drugs, saying the report highlights serious problems with the pharmaceutical industry.
The report, released by the federal watchdog Government Accountability Office, found that 300 of 1,441 generic drugs analyzed had at least one price hike of 100 percent or more from 2010 to the first quarter of 2015. However, generic drug prices overall fell 59 percent from 2010 to 2015.
While senators were happy with the overall decline, the spike for 300 drugs was troubling.
“I really struggle to understand the reasons a company would more than double the price of an older, generic drug beyond simply trying to bilk American consumers, many of whom are in desperate financial and medical situations,” said Sen. Claire McCaskill, D-Mo.
The report also highlights the importance of improving competition for generic drugs, added Sen. Susan Collins, R-Maine.
Collins is the chairwoman and McCaskill the top Democrat on the Senate Special Committee on Aging, which started an investigation into generic drug price hikes last year.
Other senators said the report shows the need for congressional action and can help pinpoint areas to target.
“We need to protect seniors by carefully examining the complex factors contributing to these increases and determine areas where congressional action is necessary,” said Sen. Mark Warner, D-Va.
The report shows that price increases go well beyond highly publicized instances that include the 400 percent hike of the allergy drug EpiPen.
The CEO of Mylan, the generic drug maker behind EpiPen, will testify before the House Oversight and Government Reform Committee next week to answer questions about the price hike.
