Valeant Pharmaceutical release their latest price increases
pharmafile | October 17, 2016 | News story | Sales and Marketing |
Valeant Pharmaceutical announced, on 14 October, that their Patient Access and Pricing Committee had decided on a price range increase of 2-9% across a range of products in their neurology, GI and urology portfolio. The decision appears to be a pragmatic decision in the face of the growing public scandal regarding drug pricing, brought to light by the Mylan EpiPen pricing scandal.
Valeant Pharmaceutical has a reputation within the pharmaceutical industry as being particularly aggressive in their price increases. Some of the largest price increases in recent years have been within Valeant’s portfolio, particularly of their lead-poisening treatment, CaEDTA, which has reportedly increased in price by as much as 7150% from its 2008 valuation. The more modest price increases between 2-9% then represent a modest increase in price compared with previous decisions.
“We are committed to ensuring that past decisions with respect to product pricing are not repeated and that the investments we make in our R&D pipeline continue to result in innovative products that improve people’s lives,” said Joseph C. Papa, chief executive officer of Valeant. “In reviewing product pricing, the Committee considers overall market dynamics along with the impact of any price increase on patients, doctors, and our health care industry partners. We believe the actions announced today are consistent with our commitment to ensure that patients continue to have access to the medicines they need at an affordable price and demonstrate that we are taking our approach to responsible pricing seriously.”
The pricing committee was set up in in May 2016 and is formed of Valeant employees, including doctors, scientists, and other executives and is overseen by the company’s Board of Directors. The committee was set up after Valeant overhauled their management, which also included the resignation of CEO Michael Pearson in March.
Ben Hargreaves
