Morning Briefing
Summaries of health policy coverage from major news organizations
Pharma Company At Heart Of Price Gouging Outrage Shucks Old Name In Hopes For Fresh Start
The New York Times: Valeant, Distancing Itself From Its Past, Will Change Its Name To Bausch Health
Valeant Pharmaceuticals International, the company whose enormous price increases on old drugs helped fuel public outrage over high drug costs, is changing its name, the company announced Tuesday. The new name will be Bausch Health Companies, to reflect the company’s better-known and more respected subsidiary, the eye care company Bausch + Lomb, which it acquired in 2013. The company announced the change, which will take effect in July, as part of its first-quarter earnings. (Thomas, 5/8)
The Associated Press: Valeant, A New Business Model And Now, A New Name
CEO Joseph Papa said in a prepared statement that the name change is "a major step forward" in the company's transformation. Valeant Pharmaceuticals International Inc. fell into the crosshairs of Washington a couple years ago after an extended acquisition spree of other companies, followed by triple-digit price hikes on critical heart drugs and other medicines. (5/8)
The Wall Street Journal: Valeant Pharmaceuticals To Change Its Name To Bausch Health
Canada-based Valeant has been undergoing an overhaul since Mr. Papa took the helm two years ago, after the company faced scrutiny from investors, health insurers and lawmakers over its accounting and business practices, such as buying drugs and then increasing their prices. Mr. Papa, who has replaced much of management and now leads a largely new board of directors, said the company has paid down about $6.9 billion in debt, hired a comptroller who installed new financial-reporting processes, and limited price increases for branded prescription drugs to less than 10% a year. (Rockoff, 5/8)
