Fed up with drug companies, hospitals to start their own

VA Teams Up with Hospitals to Manufacture Drugs iStock

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The Intermountain Healthcare has faced drug shortages or sudden price hikes on off patent products. Further, the analyst believes it's more about "targeting "certain" drugs that have traditionally seen shortages or are at risk of shortages" rather than a broad play on the generics market. Together they total around 450 hospitals nationwide.

In an effort to help patients suffering from this, the group of hospitals have come together and are creating a new not-for-profit generic drug company. "As an organization which must have an affordable and stable supply of generic pharmaceuticals to fulfill its healthcare mission, the Department of Veterans Affairs looks forward to the value this new company will bring to healthcare in the United States", she said.

"These activities have resulted in some generic drugs increasing in cost by more than 1000% in just a few months, "Officials with Intermountain Healthcare said". "It's an ambitious plan, but healthcare systems are in the best position to fix the problems in the generic drug market".

Rupert Murdoch Recovering From Back Injury During Sailing Accident
Still, Murdoch by all reports is still firmly in charge of his empire, despite frequent questions about a plan of succession. Murdoch is selling 21st Century Fox's film and television assets to Disney in a $52.4 billion deal.

The group is not disclosing what specific medicines it will make out of fear that generic competitors could block them from the market by lowering prices temporarily.

And Richard J. Gilfillan, M.D., CEO of Trinity Health, said in a prepared statement, "For people in the United States, there is a risky gap today between the demand and supply of affordable prescription drugs".

"We're not looking to make an exclusive club here". They'll have details of what drugs they're making in 2019. Intermountain is leading the plan along with the U.S. Department of Veterans Affairs, Trinity Health, SSM Health and Ascension.

Dr. Carolyn M. Clancy, executive in charge of the Veterans Health Administration, applauded the effort. Drug-makers have responded by citing manufacturing upgrades to improve quality and supply. It includes two retired Amgen executives and former Centers for Medicare and Medicaid Services administrator Don Berwick.

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