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Drug Manufacturer Jacks Price Of Lifesaving Drug 1000 Percent

With behavior like this, we should be nationalizing pharmaceuticals.
Drug Manufacturer Jacks Price Of Lifesaving Drug 1000 Percent

J. Michael Pearson is the CEO of Valeant Pharmaceuticals International, a company known for buying up drug patents and then jacking up the prices. He made over $10 million in compensation last year, between his salary and stock options.

Under Pearson's leadership, a drug used to treat a rare liver disease has risen in price from $4,000 a month to $44,000 per month, which is not only immoral, it ought to be entirely illegal.

Valeant's cynical explanation for their reasons for jacking up the prices will make you sick.

Valeant defended itself, saying in a statement that it “prices its treatments based on a range of factors, including clinical benefits and the value they bring to patients, physicians, payers and society.” It says patients are largely shielded from price increases by insurance and financial assistance programs the company offers, so that virtually no one is denied a drug they need.

Here's one man's story:

(h/t Boing Boing)


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