New Non-Profit Drug Company

1 min read

by Abigail Mullen

Last week, a plan to create a non-profit drug company to fight drug shortages and high prices on generic drugs was announced. These problems increase hospital costs and sometimes result in patients not getting the best medicine for their needs. According to the Associated Press, this company, which has not yet been named, is supported by four hospitals groups, Intermountain Health, Ascension and two Catholic health systems, Trinity Health and SSM Health, as well as the Veterans Administration health system. These groups run more than 450 hospitals in addition to clinics, nursing homes and hospice. The main goal of this new company is to counter the few generic drug manufacturers that created shortages and drove prices up. The low cost of making generic drugs will save the hospital groups millions of dollars annually. As reported by The Associated Press, the company will be led by a board of professionals from the government, the pharmaceutical industry and Harvard Business School.

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