The unethical greed of pharmaceutical companies has recently taken center stage in public discourse following the decision of vulture capitalist Martin Shkreli’s decision to jack up the price of a vital AIDS drug by 5,000% (which he has still failed to rescind), but the problem extends much further than the widely reviled “pharma bro.” Democratic presidential candidate and Vermont Senator Bernie Sanders has spearheaded congressional investigations into the matter, targeting Valeant Pharmaceuticals for their shameless use of similar price hikes.
J. Michael Pearson, CEO of Valeant, readily admits that his company is in it solely for profits, even though they deal in life-saving medications. “[If] products are sort of mispriced and there’s an opportunity, we will act appropriately in terms of doing what I assume our shareholders would like us to do” said Pearson in an interview with CNBC. “My primary responsibility is to Valeant shareholders. We can do anything we want to do. We will continue to make acquisitions, we will continue to move forward.”
Since Pearson took over stewardship of the company, “Valeant has acquired more than 100 drugs and seen their stock price rise more than 1,000 percent with Pearson at the helm…Already this year, they have increased the price of 56 of the drugs in its portfolio an average of 66 percent, highlighted by their recent acquisition, Zegerid, which they promptly raised 550 percent.” reports US UNCUT.
