Valeant Forms Committee To Oversee Pricing Of Drugs

(RTTNews) - Valeant Pharmaceuticals International Inc. (VRX, VRX.TO) announced the formation of a new Patient Access and Pricing Committee that will be responsible for the pricing of the company's drugs.

The committee will be chaired initially by Joseph Papa, Chairman and Chief Executive Officer of Valeant, and will include a multi-disciplinary team of Valeant employees, including doctors, scientists, and other executives.

The Company's Board of Directors will oversee the Patient Access and Pricing Committee. Among other issues, the committee will review the pricing of Nitropress, Isuprel, Cuprimine, and Syprine.

"Valeant has made mistakes in how it priced its drugs in the past, and we are committed to ensuring those mistakes are not repeated," said Joseph Papa, chairman and chief executive officer. "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."

Since last week's hearing before the Senate Aging Committee, Valeant has reached out to hospitals to follow up on concerns raised that they had not received expected discounts on Nitropress and Isuprel. The company said it will continue to work with hospitals to ensure they have access to the two drugs.