This is the former or soon to be former Valeant Pharma chief, Pearson. At one point last year they changed his compensation package and based it completely on his companies bottom line profits. So if they made no money, Pearson wouldn’t either. I wonder who did that to him. How could he win with a payment scheme like that? Maybe it wasn’t all his fault. I learn more as I go along.
In the Senate Oversight committee and gov reform hearing last week, the guy they’re calling my favorite ‘bad boy,’ of big pharma, Martin Shkreli proved he is finally listening to someone other than his ego. He keeps taking the fifth when he is asked if he broke the law or did anything he thinks illegal. He’s listening to council. Then he goes home, goes on Twitter and tweets, and I quote ‘I can’t believe imbeciles like this represent us and run our government” He’s the one who bought exclusive rights to Duraprim, an ancient antiparasitic, got ‘Orphan’ reclassification and jacked the price 50 fold, to 750.00 a pill.
Why didn’t anyone mention the ‘Orphan’ protected status and how it is being used on old generics like the one I’m on for the Parkinson’s like side effect of psych meds called ‘Tardive Dyskinesia,’ considered and orphan disease? My med is 300 a month and all it is is a longer acting benzo like Klonopin that’s not rarely used. Now it’s out of reach and I’m shaking like a leaf from my disorder, trying to figure out for an article I’m writing whether or not pending ‘Orphan’ application are a matter of public record. I’m on more generics. Some of them may become ‘Orphan,’ now that older drugs with R&D well behind them are being afforded this protected status. So, FDA, Tim Conte, (who is the head of FDA’s Orphan Division and is on a viewable video claiming it’s only for NEW Drugs), here’s what I want to know: can consumers find out and have a ‘heads up’ on possible future price hikes on drugs they depend on or not?
Because if we knew in advance about possible future price hikes we could have a backup plan in place. I was caught offguard and it cost me several hundred dollars and in the meantime I’m going without. Allison
It’s been a tough year for Michael and Ackerman of Pershing, the hedge fund Valeant merged with. They both lost credibility, dignity and cold hard cash. Bummer.
The man at the helm of the embattled Valeant Pharmaceuticals, CEO Michael Pearson, has a case of pneumonia so severe that he’s temporarily (or is it permanent?) stepped down to recover.
What a tough year it’s been for him.
Is Valeant most famous for:
A. Raising the price on old generics by reclassifying them as ‘orphan,’ under the “Orphan Drug Act?”
B. The scandal that ensued when their price protecting relationship with a mail order dermatology pharmacy became public?
C. The ensuing media glare.
D. The subsequent 50% devaluation of Valeant stock since August.
E. All of the Above.
If you answered “All of The Above” you get 100%, which makes you a Winner unless you happen to be on one of the generics that got classified ‘orphan’ and repriced. But if you are on Medicaid, this won’t hurt you, as the taxpayer is known for picking up the tab.
But that doesn’t mean that we shouldn’t mobilize and write letters to our senators and congress people.
Young Wonderboy Martin Shkreli, out on a 5 million dollar bond has actually become more famous at the expense of the public, who assumes he’s the only one who is doing this. The rest of Big Pharma is publicly distancing themselves from him and pointing out, “He’s not representative of Us.”
What a laugh.
Lesson of the story? Look for an upcoming blog or article in IBPF on this, (High Pricing of Low Cost Generics and what we can do about it) and (Activism Made Easy) the followup.
The above pictures reflect a before and after. No Jenny Craig, no gimmicks. I’ve made the lifestyle changes, lost the weight and now am prediabetic. I’m going on a metabolic journey with the help of someone who has actually taken the time to read about metabolic challenges imposed by beneficial, life changing antipsychotics, in my case, used as mood stabilizers. They’ve saved my life. I just want to make sure they don’t take it!