Congress Already Impacting Industry Drug Pricing Abuses, Valeant Says

Valeant investor, board member Ackman, outgoing CEO Pearson suggest congressional hearings have made a significant impression on biopharma industry.

Congressional hearings that put Valeant Pharmaceuticals International Inc. on the hot seat for implementing dramatic price increases on older drugs have already gone a long way toward discouraging other companies from adopting the business model, leaders of the company told the Senate Special Committee on Aging at an April 27 hearing.

Valeant investor and recently named board member William Ackman pointed out that congressional hearings have contributed to the significant decline in Valeant’s stock in recent months and also have impacted the market cap of other companies that have acquired older drugs without competition and then

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