One of the world’s leading drug companies is facing a fine of up to £220 million for increasing the cost of cancer medicines after the EU launched an investigation into alleged price hiking. The European Commission yesterday opened a formal investigation into Aspen Pharmacare following information that the company had “imposed very significant and unjustified price increases” for five lifesaving drugs. The Europe-wide investigation marks the first time that the commission has investigated a drug company for excessive pricing. It comes after an investigation by The Times which revealed last month that Aspen had aggressively pursued price rises across Europe after buying the rights to the five cancer drugs from the British company Glaxosmithkline (GSK). After the deal the price of the leukaemia treatment busulfan
Aspen Pharmacare, one of the world’s major drug companies, is facing a possible $283m (£220m) fine after the European Commission yesterday began a formal investigation into the firm’s price increases on cancer medicines. The investigation, which is the first by the commission into excessive drug pricing, is considering accusations that Aspen “imposed very significant and unjustified price increases” on five medicines. Last month, The Times revealed that Aspen increased the costs of busulfan by 1,200% and chlorambucil by 400% after purchasing the rights to the drugs from Glaxosmithkline.