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Hospitals are going to try to start generic drug companies?

From the New York Times, some interesting news:

For years, hospital executives have expressed frustration when essential drugs like heart medicines have become scarce, or when prices have skyrocketed because investors manipulated the market. 

Now, some of the country’s largest hospital systems are taking an aggressive step to combat the problem: They plan to go into the drug business themselves, in a move that appears to be the first on this scale. 

“This is a shot across the bow of the bad guys,” said Dr. Marc Harrison, the chief executive of Intermountain Healthcare, the nonprofit Salt Lake City hospital group that is spearheading the effort. “We are not going to lay down. We are going to go ahead and try and fix it.” 

....Several major hospital systems, including Ascension, a Catholic system that is the nation’s largest nonprofit hospital group, plan to form a new nonprofit company, that will provide a number of generic drugs to the hospitals. The Department of Veterans Affairs is also expressing interest in participating....

Does anyone else think this is an absurd plan? It doesn't sound like they really want to be in the generic API business, so they will probably be buying generic APIs and making solid dosage formulations on their own. Will this save them any money? How will this company actually respond well to a shortage? If Whateverprim has a shortage of suppliers, won't the API go up in price? (I guess that the idea is that the spike in price will not be manipulated by speculators?)

As someone who works in chemical manufacturing, I found this final quote in the article to be quite amusing:

She added that the trick will be in selecting the right third-party manufacturer to ensure good quality.

Isn't it always? (Why will the third-party manufacturer decide that they want to cut these folks a break? (I guess the answer is 'guaranteed volume.' (Isn't it always?))

Readers, am I wrong here? Am I missing something? I must be. 

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