Calcium EDTA has been available for decades at a stable price.
But after Valeant Pharmaceuticals bought the drug three years ago, it hiked the price for one course of treatment from $950 to $27,000.
File photo of Rep. Kurt Schrader.
Alan Sylvestre / OPB
U.S. Rep. Kurt Schrader, D-Ore., said his bill to stop such price hikes has picked up 13 co-sponsors. “If this sort of thing continues, I think we have a good shot of getting this in some of the end-of-session bills," he said.
"This is a very critical and timely issue for the consumer and I think it’d be wildly popular.”
Schrader is running for re-election.
His bill would break monopolies on generic drugs, allowing other companies to speed similar products through the long FDA process.
Valeant Pharmaceuticals says its price increases are justified because the drug doesn’t have a long shelf life, and is not needed in large quantities.