Valeant announces new patient access and pricing committee; vows to correct past “mistakes”
Valeant (NYSE: VRX) has announced the establishment of a new patient access and pricing committee that will be responsible for the pricing of the company’s drugs, and will be chaired by the new CEO of the company, Joseph Papa.
The committee will be made up of Valeant employees, doctors, scientists and other executives, but will be overseen by the board of directors, of which there are several new members.
The strategy of buying the rights to drugs and raising their prices was one which backfired heavily for Valeant, with their now-ex CEO, Michael Pearson, admitting that he “regrets” the rises at a recent US Senate committee hearing.
The committee will evaluate some of the drugs at the centre of these price gouging controversies, including Nitropress, Isuprel, Cuprimine, and Syprine.
Papa comments: “Valeant has made mistakes in how it priced its drugs in the past, and we are committed to ensuring those mistakes are not repeated. This new committee will take a disciplined approach to reviewing the company’s pricing of drugs, and will consider the impact on patients, doctors, and our health care industry partners.
“Valeant’s number one priority is ensuring patients can access the medicines they need.”
The Senate Finance Committee has introduced a bipartisan bill that aimed at lowering the prices …
President Donald Trump has said that the White House is working on a ‘favoured nation …