The CEO of Valeant, a Canadian pharmaceutical company at the center of an ongoing inquiry into price gouging in the drug industry, has agreed to testify to Congress about the company's pricing strategy.
The agreement by Michael Pearson to explain some of the company's controversial business practices comes after months of bad news for the company. In addition to being lambasted for jacking up the prices of many drugs that it bought the rights to, Valeant has been accused of prematurely reporting sales to Philidor, the mail-order pharmacy.
The Senate Committee on Aging, which has been investigating drug price increases, issued a subpoena for Pearson to show up at a hearing last week. He did not, and the committee said it would begin legal proceedings against him. By agreeing to show up now, Pearson will likely avoid any charges of contempt of Congress.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
