Jeremy Hunt has called for drug companies to face an inquiry, after an investigation by The Times claimed that they are exploiting a loophole in the NHS pricing structure.
Caption: Jeremy Hunt has asked the competition watchdog to investigate claims that drug companies hiked their prices
Credit: PA Images
The Health Secretary has called on the Competition and Markets Authority (CMA) to look into evidence that suggests some companies profited by raising the cost of more than 50 drugs by up to 12,500%.
The drugs in question are off-patent drugs, which have lost their brand names, allowing the companies to massively increase prices, due to a lack of competition.
The price of a packet of one drug singled out in the investigation rose from £9.57 to £353.06 and price hikes on 50 drugs cost the UK £262m last year, the report said.
A spokesperson for the Department of Health said: “These are serious allegations and no pharmaceutical company should be exploiting the NHS.
“The secretary of state has asked the CMA to urgently look at the evidence uncovered by The Times as part of their continuing investigations into excessive drugs pricing.”
A petition hosted by 38 degrees which calls for the government to close the loophole has recieved more than 49,000 signatures in less than one day.
Written by: Will Heilpern
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