McGuff Pharmaceuticals, Inc. (“McGuff”) today learned, by press release, of the New York Department of Financial Services’ apparent commencement of an investigation regarding the pricing of McGuff’s ASCOR® pharmaceutical product. McGuff Pharmaceuticals has not been contacted by any government agency about the price of ASCOR prior to this press release.
The press release alleges that McGuff raised the price of ASCOR by 110% about a week after COVID-19 related clinical trials were announced. This statement is categorically false. McGuff has not increased the price of ASCOR since March, 2020 (and that was a routine annual price increase decided in February), before the impact of COVID -19 was known. Moreover, there has been no price increase of any kind after the announcement of any clinical trials. Indeed, the only increase McGuff made to the price of ASCOR was made in early March, and that increase was well within the historical annual price increases it has made in the past. The price increased from $192.00 per vial to $230.00 vial, which is an increase of less than 20%. McGuff Pharmaceuticals Inc. has, and continues to abide by all state and federal laws regarding pharmaceutical pricing and is committed to fair pricing practices.
If New York’s Department of Financial Services had contacted McGuff before issuing this press release, McGuff would have been in a position to provide evidence demonstrating that the allegations are completely without merit.
McGuff looks forward to cooperating with the New York Department of Financial Services to clear up this error.
Ron McGuff, the president of McGuff Pharmaceuticals, Inc. stated: “McGuff has always prided itself on ethical and legal practices including product pricing, and we are happy to cooperate as soon as possible with the New York Department of Financial Services to rectify these completely false allegations.”