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Pharmaceuticals Executives Face Harsh Words During Senate Hearing on Drug Prices
Source: ABC News
Pharmaceuticals Executives Face Harsh Words During Senate Hearing on Drug Prices
By GILLIAN MOHNEY
Apr 27, 2016, 3:47 PM ET
The CEO of a pharmaceutical company testified today that officials there were "too aggressive" in raising the price of medications as company officials faced harsh words during a senate hearing today.
J. Michael Pearson of Valeant Pharmaceuticals testified today in front of the U.S. Senate Special Committee on Aging in Washington, D.C. on the significant price increase in multiple drugs at the company.
The company has come under fire for significantly raising prices on at least four drugs for cardiac arrest and a rare genetic disease that they recently acquired. Health care officials and one patient also spoke at the hearing about the burdens these price increases have had on patients and hospitals.
The senators leading the committee had harsh words for Pearson along with Valeant board member William Ackman and former Chief Financial Officer Howard Schiller.
Senator Susan Collins, the chairman of the committee, called the price hikes “unwarranted.”
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By GILLIAN MOHNEY
Apr 27, 2016, 3:47 PM ET
The CEO of a pharmaceutical company testified today that officials there were "too aggressive" in raising the price of medications as company officials faced harsh words during a senate hearing today.
J. Michael Pearson of Valeant Pharmaceuticals testified today in front of the U.S. Senate Special Committee on Aging in Washington, D.C. on the significant price increase in multiple drugs at the company.
The company has come under fire for significantly raising prices on at least four drugs for cardiac arrest and a rare genetic disease that they recently acquired. Health care officials and one patient also spoke at the hearing about the burdens these price increases have had on patients and hospitals.
The senators leading the committee had harsh words for Pearson along with Valeant board member William Ackman and former Chief Financial Officer Howard Schiller.
Senator Susan Collins, the chairman of the committee, called the price hikes “unwarranted.”
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Read more: http://abcnews.go.com/Health/ceo-valeant-pharmaceuticals-calls-large-price-increases-mistake/story?id=38704220
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