Valeant Pharmaceutical's Pricing Draws Attention of U.S. Congress

The U.S. Congress and Canadian physicians have criticized Valeant Pharmaceutical’s (TSE:VRX) pricing of off patent drugs.
According to an article on CBC News:

Democrats on the House of Representatives committee on oversight and government reform sent a letter Monday to the committee’s Republican chairman seeking a subpoena that would force Valeant to turn over documents tied to the U.S. price hikes of two heart drugs.

U.S. lawmakers attacked massive price increases of two heart drugs by Canada’s Valeant Pharmaceuticals.

In the U.S., the price of Isuprel or Isoprenaline increased 2,500 per cent and Nitropress went up 1,700 per cent in three years, as the drug changed hands. Not all of those price increases were Valeant’s doing, but a significant part of them were. Valeant purchased the rights to both heart drugs from Marathon Pharmaceuticals in February, and then further boosted the price of Isuprel almost six-fold and Nitropress almost four-fold, according to the Democrats.

Click here to read the full article on CBC News.