Valeant sets up special committee to oversee pricing

Canada’s battered drugmaker Valeant Pharmaceuticals International (TSX: VRX) has formed a new Patient Access and Pricing Committee that will be responsible for the pricing of the company's drugs.

The committee will be chaired initially by Joseph Papa, who only a couple of days ago took over as chairman and chief executive of Valeant, replacing Michael Pearson, and will include a multi-disciplinary team of Valeant employees, including doctors, scientists, and other executives.

The company's board of directors will oversee the Patient Access and Pricing Committee. Valeant has recently added new members to its board and announced the nomination of additional board members who together bring significant experience in physician and patient access, legal and regulatory affairs, and the pharmaceutical industry. Among other issues, the committee will review the pricing of Nitropress (nitroprusside), Isuprel (isoproterenol), Cuprimine (penicillamine) and Syprine (trientine hydrochloride).