19 May The Hill: When drug prices threaten patient care
The debate over high drug prices has raged for decades, thanks to the inherent tension between delivering innovative and cost-effective patient care. But recently something has changed, and it’s one that may have major ramifications for how we take care of patients– hyperinflation in drug pricing.
This good news is that this new wave of hyperinflation in the pharmaceutical industry has been receiving attention on Capitol Hill. As chief clinical officer for St. Vincent Health in Indianapolis, a faith-based health system that is a member of Ascension, the largest non-profit health system in the U.S. with 2,000 sites of care, I was privileged to testify recently at a hearing before the Senate Special Committee on Aging. Of particular interest to the committee was the action of Valeant Pharmaceuticals International, a company that has been exceptionally aggressive in raising its prices.