Valeant Pharmaceuticals International, Inc. (NYSE: VRX) (TSX: VRX) (“Valeant” or the “Company”) has announced that, pursuant to a recommendation by its Patient Access and Pricing Committee, the company will make available to all hospitals in the United States an enhanced rebate program to reduce the price of Nitropress and Isuprel.
Under the enhanced program, all hospitals are eligible for a rebate of at least 10%, with rebates totaling 20%, 30% or 40% based on volume purchased during a calendar quarter for hospitals that purchase large volumes of the relevant drug. Hospitals will receive these discounts primarily through their group purchasing organization (GPO). Hospitals that don’t buy drugs through a GPO can access the program by contacting Valeant customer service. The rebate program is effective immediately, with hospitals receiving rebates after the end of the quarter in which the purchases were made. The Patient Access and Pricing Committee also confirmed that there would be no further price increases for these products or reductions to the discount levels in the rebate program.
“Under this new program, the discounts we previously implemented for Nitropress and Isuprel will be simplified and more accessible,” said Joseph Papa, Chairman and Chief Executive Officer of Valeant. “I understand the concerns our partners in the health care community have had about the pricing of these drugs, and we want to ensure hospitals and patients can get the drugs they need.
“I also want to thank the Senate Committee on Aging and the House Committee on Oversight and Government Reform for the attention they have brought to this issue, and specifically to gaps they identified in the previous program,” Papa continued. “We are committed to getting this right.”
More information regarding this program can be found on Valeant’s website at http://www.valeant.com/about/us-assistance-programs.