Nostrum Laboratories, a drugmaker based in Kansas City, Mo., raised the price of its prescription cold remedy by 326 percent at the end of April, according to the Financial Times.
The drugmaker raised the price of a 473mL bottle of promethazine and codeine to $170.55. The cold remedy contains an antihistamine that relieves itchiness and sneezing and codeine to suppress coughing and relieve pain.
Nostrum CEO Nirmal Mulye told the Financial Times that increasing the list price of a drug was "totally meaningless."
But often a rise in list price equates to more out-of-pocket costs for the patient.
Other drugmakers are selling the same dose of the drug at lower prices. Tris Pharma offers it for $27. and Hi-Tech Pharmacal sells it for $12.35.
"Hopefully, the price goes up, competitors raise prices, and we are able to sell some," Mr. Mulye told the Financial Times.
Read the full report here.