Vividas top-selling dermatology product is the second-most expensive in the world, but the drug has been on the rise.
The company’s annual report says the drug, called Vividum, was used by 4.4 million Australians in 2017-18.
Vividum costs $5,000 per day and is available over-the-counter at pharmacies.
The drug is the subject of a major $10 million class action lawsuit filed in NSW Supreme Court, which claims Vividums drug can cause serious side effects including severe allergic reactions and skin ulcers.
In Australia, Vividam is sold in the pharmacy, and is sold through the internet through drugstores and online pharmacies.
It has been the subject, for instance, of an anti-viral drug trial that was stopped last year.
However, in recent years, Vivitum’s price has risen significantly.
According to the latest annual report, the drug accounted for $4.8 billion of Australia’s total $10.2 billion annual drug sales in 2017.
“As the cost of Vivids drug has increased, we have seen our business take a big hit and we are losing sales,” Vividana president and CEO Tim Clements said.
“[We] have had a number of customers ask us to reconsider our pricing plans and to reconsider the use of Vividum.”
According a Vividata spokesperson, the company had a “substantial decline” in the drug’s share price from December 2018, when it was listed on the New York Stock Exchange.
While the company says it was aware of the suit, it said the drug had been the most-used drug in Australia since November 2016.
‘I can’t believe it’ A Vividia customer says the company has lost a lot of sales over the years.
Ms Clements says the decision to halt the trial had to do with the fact that Vividatum had been used by more than 100,000 people in Australia.
I can honestly say we have lost so much business over the last three years and I don’t know what else to do.
I can’t be sure that’s all a result of the drug and I just don’t want to think about it.
We are now the biggest drug retailer in Australia and in the US, so that’s huge.
But for Vividatas customers in Australia, the impact of the cost hike is even greater.
Sheila Kish, a 31-year-old nurse, has used the drug for five years.
“I’ve been using it since my 20s and I’ve never really had a bad reaction,” Ms Kish said.
“My skin is clear and I never get any allergic reactions.
I’ve had two or three bad reactions.”
If I can keep going, that’s the way I’ll stay.
As I look at my skin, I just feel like I’m losing a lot.
“But many others are still unsure about whether Vividamps drug is worth it.”
We all feel it’s not a drug that you can rely on and it’s probably not the one for you,” one Australian said.