Senators condemn soaring drug prices

Democrat and Republican senators criticized pharmaceutical companies Wednesday that have drastically hiked up the prices of life-saving medicines.

They voiced their disapproval during a hearing of the Senate's Special Committee on Aging. The hearing is the first in a series exploring how price increases affect stakeholders in the health care industry, including patients and doctors.

Senators particularly condemned Turing Pharmaceuticals and Valeant Pharmaceuticals International. Turing Pharmaceuticals recently increased the price of a 62-year-old drug known as Daraprim from $13.50 to $750 per pill.

The drug is used to treat toxoplasmosis, a parasitic infection that can cause serious problems such as brain damage and be fatal in individuals with weakened immune systems and women who are pregnant.

Valeant Pharmaceuticals has raised the price of two drugs that treat serious heart conditions: for example, drug Isuprel's price has increased from $440 to $2,700 a dose. In 2013, it was available to hospitals for $50 a dose.

Those who spoke at the hearing said these price hikes have lead to difficult situations, with hospitals struggling to provide treatment to sick babies and having to remove drugs from emergency crash carts. Speakers explained that the reason behind these skyrocketing drug prices is due to decreased competition among the generic drug market.

Solutions to address the pricing issue included expediting FDA approval of generic drugs and offering compounded drugs; however, the latter suggestion could also create problems as they can be unsafe.

Executives from Turing and Valeant weren't present at the hearing.