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Monday, May 29, 2017

Big Pharma CEO: ‘We’re in Business of Shareholder Profit, Not Helping The Sick’

[Source] Last July, Turing Pharmaceuticals’ CEO Martin Shkreli became a lightning rod for growing outrage over soaring prescription drug prices after he raised the price of a newly-acquired drug from $13.50 to $750. But Shkreli, who earned the title ‘the most hated man in America,’ is not the only one acquiring drugs currently on the market to raise their price and, in turn, rapidly drive up their stock price.

J. Michael Pearson, the CEO of Valeant Pharmaceuticals has enraged the internet after saying in a recent interview with MSNBC that “his company’s responsibility is to its shareholders, not the customers who rely on his drugs to live.”

“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,” Pearson said.

He added: “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.”

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