An American drug company has raised the price of two of it’s cosmetic creams to nearly $10,000 a pop, according to a report by the Financial Times.
The two key ingredients in the cream (an antibiotic and aloe) cost $30 dollars and under $5 dollars, respectively.
The move by Novum Pharma is just another price gouge by pharmaceutical companies over the past year. Martin Shkreli raised the price of an AIDS drug from $13.50 to $750, creating mass public outrage that resulted in a congressional hearing. Heather Bresch, CEO of the drug company Mylan, raised the price of the EpiPen from $56.64 to $317.82 in under a decade. (RELATED: Senator’s Wife Used Education Position To Boost Daugher’s EpiPen Sales)
Novum also increased another one of its products, Alcortin A, by 128 percent, and increased a third salve, Novacort, from $4,186 for a 29g tube to $7,142, the FT reports. Novum ointments are prescription drugs only.
Novum is a privately-held corporation which means it does not have to disclose earnings because it does not have public shareholders. Companies that are privately-held are not required by the Securities and Exchange Commission to disclose full financial information, reports Inc.
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