A group of American hospital systems including St. Louis-based SSM Health on Thursday announced the official launch of Civica Rx, a nonprofit drug company that will produce generic prescriptions in an effort to lower drug costs and eliminate shortages.
The venture is based in Salt Lake City and backed by a consortium of seven hospitals and three nonprofits.
First announced in January, Civica Rx will initially focus on price transparency and supply stability for 14 generic drugs commonly used in hospitals.
Officials say the initial governing members of the group have already committed $100 million to the effort.
Read more: St. Louis Post-Dispatch