As Valeant’s CEO Apologizes, the Rest of the Industry Keeps Hiking Drug Prices

The outgoing CEO of embattled Valeant Pharmaceutical delivered a mea culpa to members of Congress on Wednesday morning, saying that he and his company had been “too aggressive” in acquiring drugs and shamelessly jacking up their prices at the expense of consumers, insurers and government health care agencies.

“Let me state plainly that it was a mistake to pursue, and in hindsight I regret pursuing, transactions where a central premise was a planned increase in the prices of the medicines, such as our acquisition of Nitropress and Isuprel from Marathon Pharmaceuticals,” J. Michael Pearson told members of the Senate Special Committee on Aging, one of several congressional panels investigating price gouging by the drug industry.

– The Fiscal Times

Read the full article here.