There has no doubt been problems in the pharmaceutical business for years. Rising costs, limited supplies, but now Intermountain Healthcare will be leading alongside several healthcare organizations to help combat these issues.
A new not-for-profit drug company has been announced by Intermountain, Ascension, SSM Health and Trinity Health, and will focus on making essential generic medications more available and affordable. The U.S. Department of Veterans Affairs will also be in consultation with the company.
The New York Times featured the new company “Fed Up With Drug Companies, Hospitals Decide to Start Their Own” as it talked about several of the problems currently seen through healthcare.
“The idea is to directly challenge the host of industry players who have capitalized on certain markets, buying up monopolies of old, off-patent drugs and then sharply raising prices, stoking public outrage and prompting a series of Congressional hearings and federal investigations,” from the New York Times article.
Dr. Marc Harrison, Intermountain’s president and CEO, said in the article, “There are individual places where there are problems. We are not indicting an entire industry.”
The company is working to be a FDA approved manufacturer to either directly manufacture certain generic drugs or sub-contract with reputable drug companies. The overall goal is to stabilize the generic drug market by increasing supply and lowering costs.For more information about the new project, visit the Intermountain Newsroom