PhRMA Disowns Companies Like Valeant and Turing

CEO of Turing has more on his plate today than ever before, as Martin Shkreli was arrested for securities violations. Recently, PhRMA CEO and President, Stephen J. Ubi, wrote an editorial for The Hill's Congress Blog, where he once again reiterated that companies like Turing and Valeant do not represent the pharmaceutical industry as a whole. Ubi opened his op-ed by stating that PhRMA actually welcomes the conversation that is starting to develop over drug pricing, because he believes "that the longer and deeper the discussion goes, the better lawmakers and the general public will understand the true, profound value these new medicines deliver to America's patients." He continues on to remind readers that while many expressed outrage over companies like Turing and Valeant, PhRMA was also expressing outrage over the shameful actions taken by both companies when they purchased decades-old drugs and dramatically raised the prices. PhRMA does not believe all companies are the same and they also expressed outrage at Turing and Valeant in part because "we have a responsibility to come to the table with solutions, and in order to do that, we must first diagnose the problem correctly." According to Ubi, Turing and Valeant are nothing more "hedge funds masquerading as pharmaceutical companies," citing Valeant's CEO, who stated that Valeant's "strategy is quite different from traditional pharmaceutical companies" and that it has "consistently pursued profitable growth through divers...
Source: Policy and Medicine - Category: American Health Authors: Source Type: blogs