Tuesday, May 10, 2016

Buying old drugs and raising their price is a repugnant transaction on Capitol Hill

Valeant Chief, at Senate Hearing, Concedes Mistakes on Steep Drug Prices

"The chief executive of Valeant Pharmaceuticals International, which has been harshly criticized for its practice of raising prices on old drugs, said during a tense hearing on Capitol Hill on Wednesday that the company had made “mistakes,” while lawmakers accused him and others connected to Valeant of favoring profits over patients’ needs.

“Let me state plainly that it was a mistake to pursue, and in hindsight I regret pursuing, transactions where a central premise was a planned increase in the prices of the medicines,” J. Michael Pearson, the chief executive, said at the hearing."

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