The Association of the British Pharmaceutical Industry (ABPI) has responded to an in-depth investigation reported in The Times today (Friday 3 June), which reported price increases in out of patent medicines.
Dr Richard Torbett, Executive Director Commercial at the ABPI said:
"The sort of pricing behaviour described in the Times investigation today – over 12,000% price increase for an old out of patent product - is cynical and exploitative. It does not reflect the values of our members who are focussed on researching and developing new medicines to meet the medical needs of NHS patients.
Any inappropriate behaviour around the pricing of these old medicines should quite rightly be tackled. Thankfully, these examples are rare, and overall the UK has a highly competitive market where competition drives efficiency and low prices.
The government can step in and question pricing decisions and through the Competition and Markets Authority has wide powers to regulate and deal with market abuses. The ABPI supports this and is in discussion with Government about how best to ensure appropriate pricing throughout the system. Any future policy decisions in this area should rightly take into account the needs of the NHS, and also provide the flexibility that companies need in order to continue to supply medicines."
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The ABPI represents innovative research-based biopharmaceutical companies, large, medium and small, leading an exciting new era of biosciences in the UK.
Our industry, a major contributor to the economy of the UK, brings life-saving and life-enhancing medicines to patients. We represent companies supplying around 90 per cent of all medicines used by the NHS, and are researching and developing the majority of the current medicines pipeline, ensuring that the UK remains at the forefront of helping patients prevent and overcome diseases.
The ABPI is recognised by government as the industry body negotiating on behalf of the branded pharmaceutical industry, for statutory consultation requirements including the pricing scheme for medicines in the UK.