LAVAL, Quebec, Sept. 16, 2016 /PRNewswire/ -- Valeant
Pharmaceuticals International, Inc. (NYSE/TSX: VRX) ("Valeant" or
the "Company") seeks to clarify statements made in a media report
today. Pursuant to a recommendation from our Patient Access
and Pricing Committee, Valeant announced in May 2016 that an enhanced discount and rebate
program for Nitropress and Isuprel would be made available to all
hospitals in the United States. 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 receive these discounts primarily through their group
purchasing organization (GPO), and Valeant has communicated to
individual hospitals that we are working with GPOs to administer
the program. As of today, Valeant has contracted with 13 of
the 14 GPOs representing a diverse range of hospitals, health plans
and long-term care facilities. Valeant is working diligently to
finalize the remaining GPO. At that point, we expect over 90%
hospital groups will be covered under the discount and rebate
program.
Under the program, GPOs may provide hospital members with
upfront discounts and/or volume based rebates after the end of the
quarter in which the purchases were made. Hospital
representatives who were quoted in press reports that they are
"paying the same high price" are likely not taking end of quarter
rebates into account.
Joseph Papa, Valeant CEO, stated
"We have taken the concerns of the healthcare community very
seriously and we are committed to working with hospital groups to
ensure that purchasers of Nitropress and Isuprel have access to the
enhanced discount and rebate program. We are pleased that we
have successfully negotiated contracts with many of the purchasers
to date and expect to have virtually all covered in the near
future."
Mr. Papa added: "Our customer service representatives are
fielding calls from individual hospitals and are available to
answer questions about the enhanced rebate program. We have
also contacted hospital administrators who have said that their
calls were not returned. At this time, Valeant Customer Service is
unaware of any inbound inquiries by phone or email that have yet to
receive a response. The company is available to provide additional
support to any institution which feels it may not be receiving such
discounts via our customer service hotline: 1-800-321-4576 or via
email at: pharmcs@valeant.com."
More information regarding this program can be found on
Valeant's website at
http://www.valeant.com/about/us-assistance-programs
About Valeant
Valeant Pharmaceuticals International, Inc. (NYSE/TSX:VRX) is a
multinational specialty pharmaceutical company that develops,
manufactures and markets a broad range of pharmaceutical products
primarily in the areas of dermatology, gastrointestinal disorders,
eye health, neurology and branded generics. More information about
Valeant can be found at www.valeant.com.
Contact Information:
Investors:
Elif McDonald
elif.mcdonald@valeant.com
514-856-3855
877-281-6642 (toll free)
Media:
Renée Soto
or
Chris Kittredge/Jared Levy
Sard Verbinnen & Co.
212-687-8080
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SOURCE Valeant Pharmaceuticals International, Inc.