House Democrats target Gilead for high price of Sovaldi

|About: Gilead Sciences, Inc. (GILD)|By:, SA News Editor

Democrat Representative Henry Waxman, long a bete noire of the pharmaceuticals industry, has his sites trained on Gilead (GILD) for charging $84,000 for a course of the company's new Hepatitis C drug Sovaldi.

"Our concern is that a treatment will not cure patients if they cannot afford it," Waxman co-writes in a letter to Gilead CEO John Milligan. Waxman signed the letter along with fellow Democrats Frank Pallone and Diana DeGette.

The problem for Waxman et al is that other than trying to shame Gilead into lowering the price, they have no mechanism for forcing the company to do so.

The best bet for the congressmen, insurers and patients is competition, with a number of rivals also working on Hepatitis C drugs.