The latest round of shock treatment medications could cost hundreds of millions of dollars and could lead to more cases of migraines, doctors and insurers are warning.
In a letter to congressional appropriators, Medicare said it is seeing more cases and deaths of people with COVID-19 since the medication was first approved last year, and that it’s seeing higher costs for those who use it as well.
The latest round is called Parenteral Hydroxychloroquine (HCHQ), which has been approved to treat COVID infections and is approved for use in children as young as six years old.
It has not been approved for adults.
According to the letter, the medications can cause seizures and hallucinations in people who are experiencing a seizure.
The FDA approved HCHQ in 2014 for use to treat people with severe epilepsy and autism spectrum disorders, and has yet to approve Parenters for use for COVID.HCHP is also being approved for people with COPD, and is the most commonly used of the medications.
Hemlock Pharmaceuticals is the second largest pharmaceutical company in the country, with $6.6 billion in annual revenue, according to Forbes.
The company’s CEO, Kevin Healey, told reporters Tuesday that the company is “committed to the development and implementation of innovative products and therapies that are proven to be effective and safe.”
Healey said that Parents are currently being tested in the US, and the company plans to roll out the first drug in 2018.
“I think it’s important to recognize that we are facing a very serious situation here in the United States,” Healey said.
“It’s really important to understand that there are serious concerns with this new drug.”
Hemlocks CEO, Dr. Brian Meehan, told CNN that the drug has “been approved for the treatment of COPD” and said that Hemlock would be working with the FDA to get approval for its own product.
“We’re not trying to get the approval that everybody else is, we’re not going to get that approval, and we’re going to be developing our own products, which are better, which will be proven to work,” Meeham said.
“But what we’re seeing is that it seems like people are having seizures.”HCHE is also used to treat some forms of cancer, which can cause cancerous tumors in the brain and lungs.
According the letter to Congress, there are more than 1,500 COVID treatments available, and more than 2.5 million people have received them in the U.S.
A spokesperson for Hemlocks Pharmaceuticals told Axios the company had not received the letter from the Congressional Budget Office.”HCHKP is being tested and approved by the FDA for the management of COVID patients with severe seizure disorders and for patients who are taking a combination of the Hemlock medications,” the spokesperson said in a statement.
“HCH has been in clinical trials and is in Phase 2 clinical trials for COPD patients.
HCH has not yet been approved.”
Hepburn Pharmaceuticals, which is also a major player in the COVID treatment business, told Axio it has seen more COVID cases than any other company in history, and it’s working with lawmakers to get COVID medications approved for those with COVI.
The spokesperson said that “HepBurn is actively working with Congress to secure the approval of the FDA-approved Parentheric Hydroxychloroquine, Hemlock Pharmaceutical products for patients with COPS and COPD.”
Hempburn CEO James Ehrlich, who also serves as CEO of Hemlock, told the Associated Press that he would not comment on whether the company was working on the new product or whether he would get approval to sell it in the coming months.
“That’s up to Congress.
They’ll have to make their decision,” he said.