A bipartisan Senate Aging Committee report on predatory drug pricing released on Wednesday highlights a now familiar rogue’s gallery of pharmaceutical companies –including Turing and Valeant –- that have shamelessly jacked up the prices of life-saving drugs that they exclusively control.
These companies engaged in marketing and pricing strategies worthy of the most cutthroat private equity firms, the committee found. They typically purchased decades-old, off-patent and previously affordable drugs and then abruptly raised the prices by staggering amounts. They have raked in billions in revenues at the expense of shocked consumers, insurers and government health agencies that purchase large quantities of drugs.
– The Fiscal Times