Pharma CEO: We’re in Business of Shareholder Profit, Not Helping the Sick

[LiberalArkie]

Last month, Martin Shkreli became a household name. The CEO of Turing Pharmaceuticals is now infamous for raising the price of a newly-acquired drug to $750 a pill. He also explained in an interview that his company was not alone in acquiring drugs currently on the market to raise their price and, in turn, rapidly drive up their stock price.

Enter J. Michael Pearson, The current CEO of Valeant Pharmaceuticals who recently said that his company’s responsibility is to its shareholders, while making no mention of his customers who rely on his drugs to live.

“If products are sort of mispriced and there’s an opportunity, we will act appropriately in terms of doing what I assume our shareholders would like us to do.”

Already this year, Valeant has increased the price of 56 of the drugs in its portfolio an average of 66 percent, highlighted by their recent acquisition, Zegerid, which they promptly raised 550 percent. Not only does this have the unfortunate side effect of placing the price of life-saving drugs out of reach for even moderately-insured people, but it has now begun to call into question the sustainability of this rapidly-spreading business model.

Snip

http://usuncut.com/class-war/valeant-ceo-shareholder-profit/

[ghostsinthemachine]

1. End Corporate Personhood! (Unless that changes...

NOTHING Changes!)

Make Corporations act morally.......

[Wilms]

4. "Stay the Course"

Hillary's positions have turned Bush and bush saying that into a nasty ear worm.

[Rex]

2. That is true, but we all have known since young age there is a class war going on.

The middle class mostly lost. The Owners made out like bandits, the total victors.

[cantbeserious]

3. And - HRC - Is Funded By CEOs That Think The Same Way - Cold And Heartless

eom

[ScreamingMeemie]

5. ...and that's commentary for a forum I have trashed thanks to the immature

antics of the weekend.

[Initech]

6. I am convinced that the pharmaceutical industry is making more money not having a cure for cancer.

[ohnoyoudidnt]

9. There's really no doubt about that.

The real question is how far are they going to prevent a cure from being available.

[safeinOhio]

7. Best argument ever..........

for strict regulation of an industry.

or when can just give those guys more rope and a taller tree.

[geomon666]

8. Thank you for being honest Mr. Pearson.

It's refreshing when people don't hurl bullshit.