Mike Pearson, CEO of Valeant Pharmaceuticals, has declared that his company is not in business to help sick people. They exist for shareholder profit only.
No, that is not an exaggeration as you will see below.
Pearson might be an even worse douchebag than Martin Shkreli, who recently made headlines by buying the patent to an important drug for critically ill people, and price gouging it with a 5,500 percent markup. Pearson was quoted recently saying this to CNBC:
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.
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.
And there you have, in 4 sentences, literally everything that is wrong with the healthcare industry in America. I am sure the “free market” will just fix this right up if we only would allow this weasel to keep forcing poor people to die for his profit.
Since Pearson was made CEO in 2008, Valeant has acquired more than 100 drug patents, and seen their stock price rise by 1,000 percent. This year alone,Valeant has increased the price of 56 drugs by an average of 66 percent. One particularly outrageous example was Zegerid, which they promptly raised by 550 percent alone simply by buying the patent to it. There was literally NO reason to raise the price of this drug, other than because of this pig’s personal greed.
The media buzz over recent practices such as these, has caused both Hillary Clinton and Bernie Sanders to take a stance against this practice as a major plank in their presidential platforms. The patent trolling practice in Big Pharma has come under extremely heavy scrutiny recently as well by Congress, and the House Committee on Oversight and Government Reform is going to subpoena information on these price gouges by both Shkreli and Pearson.
This investigation that is pending has caused Valeant’s stock price to tumble more than 27 percent in the last month, which may end up causing concerned parties to give this disgusting CEO the boot, and hopefully put the fear of God into other similar characters.
Lets all hope for that.
Featured Image via Bloomberg Screen Capture Courtesy of Businessinsider.com