Valeant introduces drug-pricing committee

Valeant Pharmaceuticals has announced the formation of a new Patient Access and Pricing Committee that will be responsible for the pricing of the company's drugs

This move comes after the company has been under the spotlight for its drug buying and price-hiking activities.

Last year Valeant’s former CEO, Michael Pearson, said: “My primary responsibility is to Valeant shareholders. We can do anything we want to do. We will continue to make acquisitions, we will continue to move forward”.

However, Reuters reported that William Ackman, a major Valeant shareholder, recently told the Senate Special Committee on Aging that he was going to recommend reducing the prices of four life-saving drugs that are now at the heart of two congressional probes.

The new Valeant committee will be responsible for the pricing of the company’s drugs and is to be be chaired initially by Joseph Papa, chairman and CEO of Valeant. The committee will also include a multi-disciplinary team of Valeant employees, including doctors, scientists and other executives.

Among other issues, the committee will review the pricing of the four drugs Ackman highlighted to the Sentate Special Committee on Ageing; Nitropress, Isuprel, Cuprimine, and Syprine.

Papa said: "Valeant has made mistakes in how it priced its drugs in the past and we are committed to ensuring those mistakes are not repeated.

"This new committee will take a disciplined approach to reviewing the company's pricing of drugs and will consider the impact on patients, doctors and our health care industry partners.

“Valeant's number one priority is ensuring patients can access the medicines they need."