Hospitals to launch generic drug company
Four not-for-profit hospital systems that own 10% of U.S. hospitals — Intermountain Healthcare, Ascension, SSM Health and Trinity Health — are banding together to create a new generic drug company. The Department of Veterans Affairs also is helping and has expressed interest as a purchaser.
Why it matters: Generic drug makers will have a new competitive threat with this first-of-its-kind hospital venture. Marc Harrison, a doctor and the CEO of Intermountain, said drug shortages and high drug prices spurred this action.