Monday, September 19, 2016 01:08 AM

GSK CEO TO DRUGMAKERS: STOP TRYING TO DEFEND HUGE PRICE HIKES

Drugmakers need to learn empathy and not try to defend price hikes that make drugs inaccessible, Andrew Witty, the chief executive of British pharmaceutical giant GSK, told CNBC.

"In all circumstance, we need to be realistic and empathetic, we need to demonstrate better that we understand people are concerned about [drug pricing]," Witty told CNBC on the sidelines of the Singapore Summit 2016.

"I'm not, for a second, going to sit here and defend any historical pricing position," he added.

Drug prices have come under scrutiny in recent months after Mylan[1] received public backlash for the sharp price increases the Epipen, an injection device to treat fatal anaphylactic shocks from food allergies or insect bites. The price of a two-pack Epipen has risen to nearly $600, from just $100 in 2007.

References^ Mylan (data.cnbc.com)

News source: CNBC

See also: Nashville ENT