To address the critical risks posed to patients from chronic shortages and rising prices of life-saving generic medications, the Peterson Center on Healthcare has committed $15 million to help support Civica Rx, a not-for-profit generic drug company.
The Center has joined with Arnold Ventures, the Gary and Mary West Foundation, and over 55 U.S. health systems—representing more than 1,500 U.S. hospitals—to stabilize the supply of essential medications by ensuring affordability and availability.
As members of the Civica Board of Directors, the three foundations will work to further support and safeguard the company’s non-profit, social welfare mission to provide affordable, essential generic drugs to ensure a predictable supply and competitive marketplace.
To date, Civica has provided over 70 million vials or syringes of 60 essential generic medications to hospitals, which have been used to treat more than 28 million patients.
Civica has expanded its mission to reach individuals and families buying generic prescriptions in pharmacies. Through a partnership with the Blue Cross Blue Shield Association and 18 independent and locally-operated Blue Cross and Blue Shield companies, Civica launched a subsidiary dedicated to lowering the cost of select generic drugs. The subsidiary is being formed in response to the impact of high drug costs on the health of Americans and the overall affordability of healthcare. Other health plans, employers, retail partners and healthcare innovators who share the belief that patients and their needs come first are invited to join the initiative.
The Peterson Center on Healthcare, a founding partner and governing member of Civica Rx, announced today $5 million of new funding to support an innovative effort to create low-cost insulin, aimed at ensuring that millions of Americans can afford and access the life-saving drug.READ MORE
The Laura and John Arnold Foundation, Peterson Center on Healthcare and Gary and Mary West Foundation each commit $10 million to a new, not-for-profit generic drug company.READ MORE