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Senators say market for generic pharmaceuticals has failed
Modern Healthcare

Recent price spikes in generic prescription drugs are the result of market problems, including lack of competition and access, witnesses and lawmakers said Wednesday during a Senate hearing meant to find solutions to preventing sudden price hikes in off-patent medicines. The Senate Select Committee on Aging is focusing on four companies that recently acquired generic drugs and then immediately raised their prices by as much as 5,000%. The different drugs treat conditions such as kidney disease, cardiac arrest and parasitic infection.