ROCHESTER, Minn. – Mayo Clinic is joining a coalition of seven hospitals to launch a not-for-profit generic drug company.
Mayo says the company, named Civica Rx, will address shortages and high prices of lifesaving medications.
“This endeavor demonstrates the need for collaboration to solve the most complex health care challenges of today. I am pleased to see our collective commitment to improving the health and well-being of millions of patients come alive through this mission-driven initiative,” says John Noseworthy, M.D., president and CEO, Mayo Clinic.
Other members of the coalition are Catholic Health Initiatives, Hospital Corporation of America, Intermountain Healthcare, Providence St. Joseph Health, SSM Health, and Trinity Health. Along with Mayo, they represent about 500 health service locations in the United States. Mercy Medical Center - North Iowa is part of Trinity Health.
Mayo says Civica Rx will directly manufacture generic drugs or subcontract manufacturing to reputable organizations, providing medications to both the hospital and retail market.
“We are creating a public asset whose mission is to ensure that essential generic medications are accessible and affordable,” says Civica Rx CEO Martin VanTrieste. “The fact that a third of the country’s hospitals have either expressed interest or committed to participate with Civica Rx shows a great need for this initiative. This will improve the situation for patients by bringing much-needed competition to the generic drug market.”