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Sunpeaks Ventures Comments on Current U.S. Prescription Drug Shortage Crisis
Press Release: Sunpeaks Ventures, Inc. – Mon, Mar 12, 2012 4:05 PM EDT.. .
Companies:.Sunpeaks Ventures, Inc
RELATED QUOTES.
Symbol SNPK.OB
SILVER SPRING, Md., March 12, 2012 /PRNewswire/ -- Sunpeaks Ventures, Inc. (OTCBB: SNPK.OB - News) (PINKSHEETS: SNPK.OB - News) (the "Company" or "Sunpeaks Ventures") and its wholly owned subsidiary Healthcare Distribution Specialists, LLC ("HDS") are pleased to provide this commentary regarding the current prescription drug shortage crisis taking place across the United States.
According to both the U.S. Food and Drug Administration ("FDA") and the General Accounting Office ("GAO"), the United States is experiencing a record number of prescription drug shortages. The number of drug shortages has continued to grow substantially since 2006. Data collected by the University of Utah Hospital's Drug Information Service indicates that 1,190 prescription drug shortages were reported from January 1, 2001 through June 20, 2011. Of these, 64% of shortages involved drugs that were in short supply more than one prior time. On average, drug shortages lasted an astounding 286 days (over 9 months). Over half of all shortages reported from January 1, 2009, through June 20, 2011, were identified as critical, because, for example, alternative drugs were not available or involved older generic sterile injectable drugs. Certain therapeutic classes such as anesthetics, oncology (cancer), and anti-infective drugs (antivirals, anthelmintics, and vaccines) were among those most often in short supply.
The prescription drug shortage in the United States became mainstream news in late 2011, when President Obama signed an Executive Order directing the FDA to take action to help further prevent and reduce prescription drug shortages, protect consumers, and prevent price gouging. The President's order directed the FDA to broaden reporting of potential shortages of certain prescription drugs and to further expedite regulatory reviews that can help prevent or respond to shortages. Under the President's order, FDA will also work with to the Department of Justice, which will examine whether potential shortages have led to illegal price gouging or stockpiling of life-saving medications.
President Obama stated, "The shortage of prescription drugs drives up costs, leaves consumers vulnerable to price gouging, and threatens our health and safety. This is a problem we can't wait to fix. That's why today, I am directing my administration to take steps to protect consumers from drug shortages, and I'm committed to working with Congress and industry to keep tackling this problem going forward."
"The prescription drug shortage in America has reached near epidemic proportions and it's adversely affecting vulnerable patients and threatening families across the country. Many of these shortages involve cancer drugs, anesthetics used for patients undergoing surgery, as well as drugs needed for emergency medicine, and patients on IV," stated Mackie A. Barch, CEO of Sunpeaks. "We believe that a key element to any long-term solution to the shortage problem is a strong secondary wholesale market for prescription drugs. Our wholly-owned subsidiary, HDS, is positioned to become a potential leader in the secondary wholesale market for prescription drugs and intends to work closely with healthcare providers nationwide to identify and provide innovative solutions to prevent shortages for our growing list of clients."
About Sunpeaks Ventures, Inc.
Sunpeaks Ventures, Inc. and its wholly owned subsidiary Healthcare Distribution Specialists, LLC ("HDS"), is a nationally focused, value-added distributor of specialty drugs and over-the-counter ("OTC") branded multivitamins to the healthcare provider market. HDS also owns and markets Clotamin®, a specialized over-the-counter multivitamin product designed exclusively for use by patients also on Warfarin®, a popular blood thinner that has a long list of known adverse drug and food interactions.
For additional information, please visit www.sunpeaksventures.com.
Contact: Financial Insights 888-248-8491 or info@sunpeaksventures.com
Safe Harbor Statement
Information in this document constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "forecast", "anticipate", "estimate", "project", "intend", "expect", "should", "believe", and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve, and are subject to known and unknown risks, uncertainties and other factors which could cause Sunpeaks Ventures' actual results, performance (financial or operating) or achievements to differ from the future results, performance (financial or operating) or achievements expressed or implied by such forward-looking statements. The risks, uncertainties and other factors are more fully discussed in Sunpeaks Ventures' filings with the U.S. Securities and Exchange Commission. All forward-looking statements attributable to Sunpeaks Ventures herein are expressly qualified in their entirety by the above-mentioned cautionary statement. Sunpeaks Ventures disclaims any obligation to update forward-looking statements contained in this estimate, except as may be required by law.
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