Remember Daraprim? How about “pharma-bro”? Those were the good ole’ days when you could increase the price of a drug from $13.50 per pill (actually, it started under $1 when Turing acquired it) to $750 per pill and call yourself “Robin Hood.” We all know how this story ended. Martin Shkreli is now serving a seven-year prison term for securities fraud. His appeal to be released from prison to help research a COVID-19 cure was recently denied. The end? Not so fast! Generic Daraprim hit the market in March. meaning competition should bring “bad news” to the legacy brand manufacturer, right? Cheap prices for all, right? Wrong. In our latest Flash Finding, we started digging into the facts. Here’s what you need to know – in under 500 words.
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It’s NADAC survey results week, which means it’s time for our next installment of “what happened to generic drug prices last month.” We saw more price increases than decreases this past month, and for the first time in eight months, an increase in annualized spending based on typical utilization trends. As always, the details matter, and we’re here to provide them for you. Check out our latest drug pricing report for important updates on the latest generic drug price changes, plus an updated NADAC Packed Bubble Chart.
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Last week, the FDA dropped the big news that they had given the greenlight for generic manufacturers to officially enter the market to begin competing with Pfizer's blockbuster nerve pain medication, Lyrica. Not only was Lyrica going generic, but a whopping 10 manufacturers were approved to immediately begin releasing copycat versions into the prescription drug supply chain. With all the pricing criticism that Pfizer faced in years past over the drug, we knew that this would be a big moment for those who were unhappy with the brand-version's price. And we knew that with 10 different generic manufacturers, the price would likely drop pretty quickly. So, now that the generic has officially hit pharmacy shelves, we called some pharmacies to see just how low the price had gone, and we were stunned by the numbers.
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