Three Foundations Commit 30 Million Dollars to Nonprofit Generic Drug Company

On September 6, the Laura and John Arnold Foundation, Peterson Center on Healthcare, and Gary and Mary West Foundation announced that they have committed $30 million to help establish Civica Rx, a new nonprofit generic drug company. The foundations join hospital groups representing more than 450 hospitals in the creation of the company.

Civica Rx has identified 14 hospital-administered generic drugs as its initial focus, seeking to stabilize the supply of essential medications, many of which have fallen into chronic shortage situations. The company expects its first products to be released in early 2019.

Read the full press release here.

Posted 9/6/2018