IncSmart New Jersey (Small Business and Startups) - Valeant Pharmaceuticals International Inc of Canada is being investigated for price gouging. Drug pricing is a key issue in the federal investigation frequent focus of federal prosecutions and whistleblower lawsuits in recent years. New Jersey drug companies are receiving subpoenas from U.S. attorneys’ offices in Manhattan and Boston. Drug companies are using a mysterious company called Philidor RX services. Philidor does not accept government insurance such as Medicaid, Medicare or Tricare. The BBB rates Philidor an F. Thy have been accused of helping drug companies in price gouging. Philidor Rx Services is Pennsylvania based pharmacy.
Merck & Co
Among the biggest settlements was the more than $650 million that Merck & Co. agreed in 2008 to pay to settle allegations that it, in part, failed to give the federal Medicaid health-insurance program the same levels of rebates it gave other customers for drugs
In 2010, Abbott Laboratories Inc., Roxane Laboratories Inc. and B. Braun Medical Inc. agreed to pay $421 million to settle U.S. government claims they each reported false prices for various drugs
There are several drug-pricing investigations now under way. Pfizer Inc. is fighting a Justice Department lawsuit accusing the company’s Wyeth unit of overcharging Medicaid by hundreds of millions of dollars for heartburn federal prosecutors allege in a complaint that Novartis AG paid kickbacks under the guise of performance rebates to a Missouri pharmacy
Two of the worst offenders, Valeant Pharmaceuticals International and Turing Pharmaceuticals, were presented with subpoenas or letters by prosecutors investigating their pricing practices and other aspects of how they do business.
Bernie Sanders has rejected a political donation from Martin Shkreli, the drug company boss who tried to rise the price of an Aids and cancer drug by 5,455%. poster boy for drug company greed. boy for drug company greed. Clinton accused him of price gouging Donald Trump reportedly said he looked like a “spoiled brat”.
Valeant Pharmaceuticals International
Two of the worst offenders, Valeant Pharmaceuticals International and Turing Pharmaceuticals,
Sovaldi and Harvoni, manufactured by Gilead Sciences, are in hot demand for treating the serious liver disease thanks to a success rates of well over 90 percent. pills can cost as much as $1,000 a day – or $84,000 for a 12-week course of treatment, before rebates. The surge in cost for treating the illness has shocked officials of Medicare and Medicaid, the Department of Veterans Affairs, the federal prison system and other government institutions that treat patients and inmates for the illness. In some cases, providers have been forced to ration the drugs and treat only the most seriously ill patients.
By Pat Turner
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