- CMA slapped fines of over £260 million on drug makers after investigations revealed NHS was overcharged close to a decade for hydrocortisone tablets.
- Prices of hydrocortisone increased by over 10,000 per cent over the years.
- Several citizens depend on hydrocortisone tablets for the treatment of adrenal insufficiency.
The Competition and Markets Authority (CMA) slapped fines over of £260 million on drug makers following investigations that revealed the NHS was overcharged for a period close to a decade for life-saving hydrocortisone tablets.
The competition watchdog has also found that the prices of hydrocortisone increased by over 10,000 per cent. Investigations revealed that potential rivals were bought off by pharmaceutical companies to avoid competition with drugs made by these companies, thus retaining the ability to increase prices.
Accord-UK and Auden Mckenzie took advantage of being the sole makers of hydrocortisone and increased its price, according to the CMA. Several citizens depend on hydrocortisone tablets for the treatment of adrenal insufficiency, including life-threatening conditions like Addison’s disease.
For one pack of 10 mg tablets, the price NHS had to pay increased from 70p in 2008 to £88 in 2016. In the same period, for the 20mg tablets, prices increased to £102.74 from £1.07 per pack. By 2016, NHS’ spend on hydrocortisone tablets rose to more than £80 million from £500,000 in 2008.
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Hutchmed (China) Limited (LON: HCM)
The shares of the drug manufacturing and selling company ended up by 0.55 per cent at GBX 544 on 15 July.
The shares of the company have a one-year return of 23.64 per cent with a market capitalisation of £4,590.47 million.
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MaxCyte Inc (LON: MXCT)
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Clinigen Group Plc (LON: CLIN)
The shares of the global pharmaceutical company ended lower by 1.82 per cent at GBX 594 on 15 July. The shares have a market capitalisation of £804.82 million.
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Silence Therapeutics Plc (LON:SLN)
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Ergomed Plc (LON: ERGO)
Shares of the drug developer closed higher by 5.86 per cent at GBX 1,175 on 15 July.
The shares have a market capitalisation of £541.89 million and have a one-year return of 134.67 per cent.
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