Outrage is growing this week amid revelations that the pharmaceutical company Valeant raised the price for its critical lead-poisoning treatment by more than 2,700 percent in a single year.
Before Valeant took control of the medication, known as Calcium EDTA, in 2013, the average price for a package of vials was stable at $950, the medical news outlet STAT reported. But once the notorious pharmaceutical company bought it out in a multi-billion dollar deal, it swiftly boosted the price to $7,116 in January 2014 and to $26,927 by December of that year.
“This is a drug that has long been a standard of care, and until recently it was widely accessible at an affordable price,” Dr. Michael Kosnett, an associate clinical professor, told STAT. He also contacted U.S. Congress. “There’s no justification for the astronomical price increases by Valeant, which limit availability of the drug to children with life-threatening lead poisoning.”