US House Committee targeting Valeant for its price gouging

29 September 2015

Quebec, Canada-based pharma company Valeant Pharmaceutical International (TSX: VRX) is the target of US lawmakers seeking to take action over price increases of its cardiovascular drugs, sending the firm's shares sliding 20%.

Democratic members of the House Committee on Oversight and Government Reform are calling for a subpoena on Valeant’s pricing of Isuprel (isoproterenol) and Nitropress (nitroprusside), following Valeant’s price hikes of 212% for Isuprel and 525% for Nitropress. The company acquired the drugs in February, at which point the price hikes took place.

This comes only days after the backlash against Turing Pharmaceuticals for raising the cost of Daraprim (pyrimethamine) from $13.50 per tablet to $750 per tablets.

This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.

Try before you buy

Free

7 day trial access

Take a Free Trial

All the news that moves the needle in pharma and biotech
Exclusive features, podcasts, interviews, data analyses and commentary from our global network of life sciences reporters.
Receive The Pharma Letter daily news bulletin, free forever.

Become a subscriber

£820

Or £77 per month

Subscribe Now

Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
Daily roundup of key events in pharma and biotech.
Monthly in-depth briefings on Boardroom appointments and M&A news.
Choose from a cost-effective annual package or a flexible monthly subscription

The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed

Chairman, Sanofi Aventis UK