• September 17, 2021

Exclusive: UK Pharmaceutical Firm Fined For Hiking Drug Price 6,000%

 Exclusive: UK Pharmaceutical Firm Fined For Hiking Drug Price 6,000%

Slashdot reader Bruce66423 shares a report from the Guardian:
The UK’s competition watchdog has imposed fines of more than £100m on the pharmaceutical company Advanz and its former private equity owners after it was found to have inflated the price of its thyroid tablets by up to 6,000%. An investigation by the Competition and Markets Authority (CMA) found that the private-equity backed pharmaceutical company charged “excessive and unfair prices” for liothyronine tablets, which are used to treat thyroid hormone deficiency.

Advanz took advantage of limited competition in the market from 2007 to bring in sustained price hikes for the drug, often used by patients with depression and fatigue, of more than 6,000% in the space of 10 years, according to the investigation. The CMA said that between 2007 and 2017, the price paid by the National Health Service for liothyronine tablets rose from £4.46 to £258.19, a rise of almost 6,000%, while production costs remained broadly stable… Dr Andrea Coscelli, the CMA’s chief executive, said: “Advanz’s decision to ratchet up the price of liothyronine tablets and impose excessive and unfair prices for over eight years came at a huge cost to the NHS, and ultimately to UK taxpayers.

“But that wasn’t all. It also meant that people dealing with depression and extreme fatigue, as a result of their thyroid conditions, were told they could not continue to receive the most effective treatment for them due its increased price.”

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