Utah hospital chain creates generic drug making non-profit
SALT LAKE CITY – Intermountain Healthcare has formed its own non-profit to manufacture and market generic drugs in order to combat increasing drug prices and shortages.
The new company, Civica Rx, won’t report to shareholders because it doesn’t have any.
“There’s nobody that has equity in the company,” said new CEO Martin VanTrieste, retired from drug maker Amgen.
“Any profit that we make we will put back into the business and we keep the prices as low as possible.”
VanTrieste says the company will go after pharmaceutical patents that have already paid off for their originators.
He also accuses them of creating shortages for their profits.
“We have over 200 shortage drugs that we’re managing at Intermountain Healthcare every day,” said hospital Vice President Dan Liljenquist.
“These are essential medications. When we don’t have them, patients are injured,” said Liljenquist.
Civica will start with 14 generic drugs most vital to hospitals but won’t say which to protect its competitive advantage.
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