Scrutinized drug company launches panel to review pricing

Valeant Pharmaceuticals, a company that has drawn ire from Washington over its price hikes, says it is launching a new committee to oversee its pricing. 

{mosads}The company, which has become a poster company for rising drug prices, said the committee would help it avoid its past mistakes. 

“Valeant has made mistakes in how it priced its drugs in the past, and we are committed to ensuring those mistakes are not repeated,” Joseph Papa, chairman and CEO, said in a statement. “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.”

The Senate Aging Committee last week held a hearing during which lawmakers pounded the company for price hikes. 

“Valeant is the company that perfected this model of strategy acquisitions and price hikes, that made it Wall Street’s dream come true,” said Sen. Claire McCaskill (D-Mo.) “It’s using patients as hostages. It’s immoral. It hurts real people. It makes Americans very, very angry.” 

Drug prices have also been a top issue on the campaign trail. Hillary Clinton, for example, has called out Valeant for its pricing. 

Valeant’s new committee will be chaired by Papa and will include doctors, scientists and other executives, the company said.