Allergan CEO vows to limit exorbitant drug price increases

The chief executive of Ireland-headquartered Allergan (NYSE: AGN) has vowed to limit price increases of its medicines and said it will not engage in ‘price gouging actions’ or ‘predatory pricing’.

In a blog post on the company’s website, Brent Saunders, condemned those ‘outliers’ who have imposed dramatic price increases on their products, accusing them of violating their social contract with patients.

He insisted that Allergan had made a formal commitment, as part of a 'social contract' to abide by ‘responsible pricing ideals’ and called on other companies in the industry to do the same.