Allergan's Remedy To Increasing Pharmaceutical Prices

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Allergan's Remedy To Increasing Pharmaceutical Prices

Allergan's Remedy To Increasing Pharmaceutical Prices

Since the EpiPen saga and even before, lawmakers and patients have fiercely scrutinized the pharmaceutical industry in regards to ever-increasing prices.  Many people cannot afford medications that improve or even save their lives.  Some players in the pharmaceutical industry claim that high prices on some medicines are essential for funding the scientific research and risks of launching a new drug.  Now Allergan, best known for manufacturing Botox, has announced the company will cease raising prices on medications prior to the expiration of patents, and limit annual price increases.

 
Brent Saunders, chief executive at Allergan, said in the announcement posted on the company's blog that price hikes would be limited to one time per year, and that increase percentages would be in the single digits.  Saunders also indicated that patient value will play a key role in pricing, as the company would monitor how well their products work in comparison to others, and to what extent the medications improve patients' quality of life.  
 
Allergan will be unique in that it will place the social contract with physicians and patients ahead of all other business decisions, according to Saunders who says the biopharmaceutical sector needs to regroup and learn how to self-police and discipline themselves in an effort to price medications in a way that is responsible while balancing how much is invested in R & D and innovation.
 
Will other pharmaceutical companies follow in Allergan's footsteps, pledging to keep price increases minimal while helping patients and the health care system save money?  
 
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