Morning Briefing
Summaries of health policy coverage from major news organizations
Weakness In Biotech Sector Spreads As Valeant Continues To Defend Itself
Reuters: Valeant Woes Underline Problems For Pharma
The pharma sector needs more than medicine to get over its latest malaise. Shock allegations this week concerning Valeant's business practices poured oil on the fire in the pharmaceuticals sector, which has gone from hero to zero in little more than the blink of an eye. (Carnegie, 10/23)
The Wall Street Journal: Valeant And Pharmacy More Intertwined Than Thought
Around the Phoenix-area offices of mail-order pharmacy Philidor Rx Services LLC, employees said they often ran into a friendly colleague named Bijal Patel who tracked prescriptions. But when the employees got an email from the colleague, they say he used a different name: Peter Parker, the alter ego of Spider-Man. He was among a few workers at Philidor offices who went by one name in person and another in emails during the past two years, according to three former employees. Mr. Patel and the other people weren’t employed by Philidor, though the emails used a Philidor address, these people said. They were employees of drug company Valeant Pharmaceuticals International Inc. (Rockoff and Whalen, 10/25)
The Wall Street Journal: Valeant Forms Board Committee To Review Philidor Arrangement
Valeant Pharmaceuticals International Inc. on Monday said it has formed a special committee to review the charges over its accounting and relationship with mail-order pharmacy Philidor Rx Services. Based on its review conducted to date, the company said, Valeant believes it is in compliance with applicable law. (Beilfuss, 10/26)
CNBC: Valeant CEO Asks SEC To Investigate Citron
Valeant Pharmaceuticals shares stumbled on Monday after it said it has formed a committee to review allegations against the company. Shares of Valeant were about 8 percent lower in premarket trading. "Based on its review conducted to date Valeant also believes that the company is in compliance with applicable law," the company said in a release. (10/26)
Reuters: Legal Tangle In California May Shed Light On Specialty Pharmacies
As Valeant Pharmaceuticals prepares to defend its drug sales practices to Wall Street on Monday, new details are emerging about the tangled relationships - and litigation - among Valeant’s specialty pharmacy partners. The court cases, which have drawn media attention in recent days, are expected to be addressed during Monday morning's investor call, a person familiar with the matter said. Valeant lost more than 30 percent of its market value this past week as the company disclosed details of its relationship to a Pennsylvania-based pharmacy called Philidor Rx Services. (10/25)
Reuters: As Biotech Selling Spreads, More Weakness Seen For U.S. Health Stocks
After a four-year love affair with healthcare shares, investors are moving on. Selling has spread from biotechs - shaken on Sept. 21 when Hillary Clinton first tweeted concerns about drug prices - to other areas of the healthcare sector. Investors have been dumping shares of everything from hospitals to traditional pharmaceutical companies and insurers in recent weeks. (Valetkevitch and Humer, 10/23)
