PRESIDENT’S UPDATE FEBRUARY 2020
As we do every year, we have just completed a rebid and review of each our products and we’re sure that you’ll be pleased with the results. You’ll find many new items and literally hundreds of price decreases. This is a time when manufacturers also review their pricing and many cases pass on both increases and decreases. You’ll see that in most cases where there was an adjustment it resulted in lower pricing.
If there are any generics that you use and we don’t carry be sure to give you Auburn Account Manager the details and we can probably help you out.
Lower generic pricing is certainly good news for many but not necessarily the manufacturers. Though we continue to hear a lot about increased drug costs the facts show that this isn’t the case with generics over the last few years. Everyone notices when a price goes up significantly but don’t remember just over a year ago when generic Viagra was selling for over $30 per pill, considerably more than the .30 per pill that it currently sells for.
With overall generic prices declining over the last few years, it is no surprise that many generic manufacturers have been struggling or worse. Aceto Corporation filed bankruptcy last year which resulted in their sale of Rising Pharmaceutical.
Pricing problems were one of the big issues faced by Akorn whose stock was trading over $50/share five (5) years ago and is recently trading at less $1.50.
Even Wall Street favorite Teva has been making significant changes to deal with issues, including pricing pressure. Their stock was trading over $60 share and is now in the $10 range.
It looks like this year is going create many changes in the generic industry through acquisitions, mergers, and bankruptcies.
While this may be a difficult time for many manufacturers it has created some opportunities for others. Our list of short-dated and close-out merchandise has never been better. This is a great chance for you to pick up some fantastic specials with GenericBid.com. GenericBid is our weekly auction of these deals and it is very easy to use. You can sign in with your AuburnGenerics.com username and password. It’s a fun and easy way to save a lot! Ask your Auburn Account Manager for the simple details.