Citing Recent Outrageous Examples, Durbin Calls on FTC to Review Sharp Spikes in Drug Pricing

Statement

In a meeting today with the Chairwoman of the Federal Trade Commission (FTC), U.S. Senator Dick Durbin (D-IL) called on the agency to make a timely review of any reported sharp spike in drug pricing -- such as a 100% or more manufacturer price increase within a short time period -- to determine if any anticompetitive actions have taken place. Citing FTC's authority to review and block pharmaceutical mergers if there is risk of diminished competition, Durbin also urged Chairwoman Edith Ramirez to carefully scrutinize mergers and acquisitions for their potential impact on drug pricing decisions.

"Access to prescription drugs is a life or death matter for many Americans," said Durbin. "Sudden, unexplained price spikes could put people at risk of losing access to these essential medications. Pharmaceutical companies have a right to make a reasonable profit, but they also have a responsibility to play by the rules and be responsible market participants. If they are not, the federal government should step in and investigate."

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