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BIG PHARMA POLITICS: Consumers pressure politicians to do something about rising drug prices. Read More

Whoa! Prices of some generic drugs jump by more than 1,000 percent

health care spendingRemember being told that generic medications are just as effective as and far more affordable than name brands? Well, that might not be true for all.

A 500-page lawsuit filed by 43 U.S. states and Puerto Rico accuses 20 pharmaceutical companies of colluding to inflate generic drug prices. The suit says 20 drug companies engaged in illegal conspiracies to avoid competing and, in some cases, to raise prices or prevent prices from dropping.

The drugs include tablets, capsules, creams and ointments to treat conditions ranging from diabetes, high cholesterol, high blood pressure, cancer and epilepsy, reports Reuters. In some instances, the companies coordinated price spikes of more than 1,000 percent.

“The level of corporate greed alleged in this multistate lawsuit is heartless and unconscionable,” Nevada Gov. Steve Sisolak said in a statement.

The pharmaceutical companies named in the lawsuit say they will fight the charges. In the meantime, the rising cost of generic drugs has captured a lot of media attention, including a piece on CBS’s 60 Minutes.

What about you? Has the cost of your generic medication risen without explanation? Share your story with Voices for Affordable Health.