Valeant Pharma (VRX) Announces Pricing Changes to Neurology, GI and Urology Portfolios
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Valeant Pharmaceuticals International, Inc. (NYSE: VRX) announced that the company's Patient Access and Pricing Committee (the "Committee") has made decisions regarding price changes of products in the company's neurology, GI and urology portfolios.
These planned wholesale acquisition price changes, effective October 14th, range from 2.0% to 9.0%. The changes are aligned with the Committee's commitment that the average annual price increase for Valeant's prescription pharmaceutical products will be set at no greater than single digits and below the 5-year weighted average of the increases within the branded biopharmaceutical industry.
The company's 2016 pricing actions across its U.S. branded Rx portfolio, represent an increase of less than 2.0% within the calendar 2016 year. On a forward looking annualized basis, 2016 price actions are in line with 2016 Consumer Price Index of 2.3%.1
In 2016, net pricing of Valeant's Dermatology and Ophthalmology products, after taking into account the impact of rebates and other adjustments, will have decreased by greater than 10% on average. There will be no pricing adjustments this year on Dermatology and Ophthalmology products.
"We are committed to ensuring that past decisions with respect to product pricing are not repeated and that the investments we make in our R&D pipeline continue to result in innovative products that improve people's lives," said Joseph C. Papa, chief executive officer. "In reviewing product pricing, the Committee considers overall market dynamics along with the impact of any price increase on patients, doctors, and our health care industry partners. We believe the actions announced today are consistent with our commitment to ensure that patients continue to have access to the medicines they need at an affordable price and demonstrate that we are taking our approach to responsible pricing seriously."2
Formed in May 2016, the Committee includes a multi-disciplinary team of Valeant employees, including doctors, scientists, and other executives and is overseen by the company's Board of Directors.
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