The Senate just released a massive report on drug pricing – here’s what you need to know | Business Insider India

The Senate’s year-long investigation into drug pricing wrapped up in the form of a 131-page report released Wednesday.
The report details the instances of four drug companies that made headlines in September 2015 – including former pharmaceutical executive Martin Shkreli’s 5,000% price hike of the anti-parasitic drug Daraprim .

However, the committee was clear to make a distinction between these four companies and the business plans they followed and drug companies developing new drugs. Republican Senator Susan Collins told The New York Times that she didn’t think the solution would be for the government to set drug prices.

But at the same time,  “I don’t think we can ignore the market failures that have occurred. The answer is to figure out how we can revitalize the market so that generic drug producers have incentives to compete with companies that are buying up drugs and jacking up prices to make quick, exorbitant profits,”  she told The Times .

Here’s what you need to know about the report:
It looked at the four companies that made headlines in September 2015 for drug price hikes: Turing Pharmaceuticals, Retrophin, Valeant Pharmaceuticals, and Rodelis Therapeutics . The report came to the conclusion that the four companies essentially all had the same business model.

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The Senate just released a massive report on drug pricing – here’s what you need to know | Business Insider India.