Photo Courtesy of Wikimedia/Tom Varco
State officials noted that drugs are sometimes the difference between life and death, and an extreme price spike can be a real barrier to lifesaving treatment, particularly during this global health emergency.
By Forum Staff
The State Department of Financial Services’ newly formed Office of Pharmacy Benefits on Thursday announced it has initiated investigations into significant price spikes for six drugs that were connected to the COVID-19 pandemic by sending a demand pursuant to New York Insurance Law Section 111 requiring a statement from the manufacturer explaining the facts and circumstances surrounding the spikes.
The drugs are:
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New York State is launching an investigation into the rise of prescription drug prices during the COVID-19 pandemic.
Gov. Andrew Cuomo announced that the Department of Financial Services’ newly formed Office of Pharmacy Benefits has initiated investigations into significant price spikes for six drugs that were connected to the COVID-19 pandemic by sending a demand pursuant to New York Insurance Law Section 111 requiring a statement from the manufacturer explaining the facts and circumstances surrounding the spikes.
By Reuters Staff
2 Min Read
Jan 21 (Reuters) - New York Governor Andrew Cuomo said on Thursday the Department of Financial Services was investigating into a price jump of about 60% to 1,350% in six drugs during the COVID-19 pandemic.
New York has asked drug manufacturers to explain the large spike in prices of the drugs, which included dexamethasone, a treatment proven to decrease deaths in COVID-19 patients, and chloroquine phosphate, which was touted by former President Donald Trump as a cure, but turned out ineffective.
The price for Cipla USA Inc’s Budesonide soared by over 1,350% during the first wave of the pandemic in the United States and on the heels of an announcement of clinical trials for its use against COVID-19, according to a statement released by the governor.