Senator Dave Hansen (D-Green Bay) unveiled a plan he is introducing with State Representative Jimmy Anderson (D-Fitchburg) aimed at tackling the growing problem of predatory pricing by makers generic and off-patent drugs.
Hansen said we are seeing example after example of drug companies increasing prices on much-needed generic drugs by as much as 500%, 4000% and even 8,000%,”
Recent examples of drugs that saw exorbitant price increases include Pravastatin, used to treat heart conditions which jumped 573%. Albuterol, used to control asthma, increased 4,014%.
And Doxycycline which is used for bacterial infections skyrocketed 8,281%.
Under the bill the Attorney General would have the power to compel drug companies to provide information justifying the price increase and petition the court to provide remedies ranging from enjoining the drug’s maker from engaging in price gouging, requiring them to return excessive profits to consumers as well as require drug makers to pay civil forfeitures of up to $10,000 for each instance of price gouging.