State Comptroller Kevin Lembo, in testimony submitted to a Congressional committee, said a “runaway pharmaceutical drug marketplace” threatens to obstruct patient care and overwhelm healthcare budgets. He said it was a concern for both the public and private sectors.
Lembo, whose testimony was submitted to the Democratic Steering and Policy Committee, co-chaired by U.S. Rep. Rosa L. DeLauro (D-CT), said published reports that highlighted an extreme example of a price spike for the drug Daraprim after the rights to the drug were acquired by Turing Pharmaceuticals do not point to an isolated incident. The issues raised are not isolated or unique, Lembo said.
Despite recent efforts at the state level to manage healthcare costs, Lembo said pharmaceutical costs continue to skyrocket due to several factors in the market, including market consolidation, new pricing models and what he terms “outright profiteering.” He said projections indicate no future relief as pharmacy costs are expected to continue to rise what he characterized in his testimony at “an exorbitant rate” in the coming years.
