Colombia to Force Novartis to Lower Prices of Cancer Drug

[Eugene]

Source: Associated Press

Colombia's government is unilaterally forcing pharmaceutical giant Novartis to lower prices of a popular leukemia drug.

Health Minister Alejandro Gaviria told reporters Thursday that two weeks of negotiations with Novartis had ended without an agreement on lowering prices.

As a result he's drafting a resolution that in the coming days will declare the drug Gleevec in the public's interest. Gaviria said the resolution will most likely lower prices of the medicine but not throw open production to generic rivals.

Gleevec has been Novartis' top-selling drug since 2012. The drugmaker's increasingly public feud with Colombia over its patent has drawn attention because of fear in the pharmaceutical industry that U.S. ally Colombia's decision will set a precedent for middle-income countries grappling to contain rising prices for complex drugs.


Read more: http://abcnews.go.com/International/wireStory/colombia-force-novartis-lower-prices-cancer-drug-39736405

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By THE ASSOCIATED PRESS BOGOTA, Colombia — Jun 9, 2016, 4:31 PM ET

Short article. No more at link.

[DemMomma4Sanders]

1. Embarressing that the US isn't doing this already.

Go Columbia Go!

[Vinca]

2. They'll probably raise the price here to make up the difference.

Big pharma doesn't lose when it comes to profits.

[chapdrum]

3. American Exceptionalism would never

permit such a grotesque violation of the free market.

[Blues Heron]

4. "complex drugs. "

gleevec costs $200 to produce for a years worth for 1 person. It's not all that complex.