THURSDAY, Sept. 6, 2018 (HealthDay News) -- Three U.S. health care foundations and seven hospital groups have formed a generic drug company to combat high prices and chronic shortages of medicines.
The company, Civica Rx, will start with 14 widely used hospital drugs, including generic pills, patches, and injectable drugs for treating infections, pain, and heart conditions, board chairman Dan Liljenquist said, the Associated Press reported. "The mission of Civica is to make sure these drugs remain in the public domain, that they're available and affordable to everyone," Liljenquist added.
The Salt Lake City area-based company will make some of the medicines itself and hire companies to produce others, Liljenquist said. It plans to have its first medicines on the market by mid- to late 2019, the AP reported.
Along with creating a stable supply of medicines for its 500 hospitals, Civica seeks to cut drug prices by about 20 percent. The drugs will also be available to non-member hospitals, but at slightly higher prices, Liljenquist said.