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Another drug company has joined the likes of the recently exposed Turing Pharmaceuticals by jacking up prices of life-sustaining meds on extremely short notice. Remember this name: Valeant Pharmaceuticals International.

Also worth a specific name-check is Valeant’s chairman and CEO, J. Michael Pearson. He’s a billionaire. Now take a look at what his company has been up to lately, as reported Sunday by The New York Times:

J. Michael Pearson has become a billionaire from his tough tactics as the head of the fast-growing Valeant Pharmaceuticals International.

And consumers like Bruce Mannes, a 68-year-old retired carpenter from Grandville, Mich., are facing the consequences.

Mr. Mannes has been taking the same drug, Cuprimine, for 55 years to treat Wilson disease, an inherited disorder that can cause severe liver and nerve damage. This summer, Valeant more than quadrupled its price overnight.

Medicare will now have to cover about $35,000 for the 120 capsules he takes each month, and Mr. Mannes will have to pay about $1,800 a month out of pocket, compared with about $366 he paid in May.

[…] Cuprimine is just one of many Valeant drugs whose prices have spiked as part of the company’s concerted strategy, which has richly rewarded its investors and made it one of Wall Street’s most popular health stocks.

–Posted by Kasia Anderson

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#big pharma#hillary clinton#house oversight committee#martin shkreli#medicare#pharmaceutical industry#turing pharmaceuticals