Steep drug price hikes made to offset financial woes, Akorn says

Troubled Illinois-based pharmaceutical company Akorn steeply raised prices of at least a dozen drugs last month to try to offset several financial setbacks, according to STAT.

The drugmaker, which mainly develops generic medicines, raised the list price of several drugs by 19.4 percent to 285 percent. The largest increase was a pain relief gel,  Lidocaine HCI, which now costs $56.56 for a monthly supply.

Akorn also increased the list price of Paremyd ophthalmic solution by 202.5 percent. The drug, used for dilating the pupil to allow physicians to perform certain tests, costs $47.36 for a month’s supply.

In March, Akorn accounted for 12 of the 50 largest price increases made by U.S. drugmakers.

The jump in list prices comes after a series of financial setbacks for the drugmaker, including a failed merger, manufacturing woes, pricing pressure and stock dips.

An Akorn spokesperson told STAT that the drugmaker took “the necessary actions to return to profitability,” and that “select price adjustments enable us to continue to provide patients with the products they need, while continuing to invest in R&D and employ approximately 2,000 people around the globe.”

https://www.beckershospitalreview.com/pharmacy/steep-price-hikes-made-to-offset-financial-woes-akorn-says.html