Specialty chemical company Albemarle Corp. said Tuesday that it will increase global prices for generic active pharmaceutical ingredients by 8 percent to 12 percent, depending on the product.
The increases will take effect Oct. 15, or as contracts allow, the company said.
Albemarle said the price increase will ensure that it will be able to maintain its quality, regulatory status and services through tough economic times.
Albemarle's generic active pharmaceutical ingredients are part of the Baton Rouge, La., company's fine chemistry services division, which makes and markets bulk and niche active pharmaceutical ingredients for over-the-counter and prescription drugs.
In afternoon trading, Albemarle shares rose $1.47, or 3.3 percent, to $46.