Valeant Pharmaceuticals isn’t a name you will hear that much these days when it comes to fleecing good people. That’s mostly because Martin Shkreli, otherwise known as “Pharma Bro,” is soaking up all the anti-pharmaceutical company behavior headlines. He’s even went so far as to challenge Bernie Sanders and Hillary Clinton to debates (how much attention does this guy really need anymore)?
— Martin Shkreli (@MartinShkreli) October 12, 2015
But while Shkreli is the most popular of the disingenious air wasters in this world, he actually isn’t the most ingenious when it comes to screwing us. That award could probably go to Valeant Pharmaceuticals. They know how to screw us. And screw us good. They increase drug prices on old drugs, unexpectedly, and unjustly. They of course claim “research,” but all the research seems to be done at publicly funded universities. And all the patent litigation, which allows these Pharmaceutical companies to operate in the devil’s underbelly, takes up tax payer court time. InvestCorrectly.com is a stock market website. In examining the fluctuating stock prices of Valeant Pharmaceuticals, check out their synopsis of the case.
Valeant Pharmaceuticals Intl Inc (NYSE:VRX) is accused of boosting a drug price of a rare condition repeatedly by as much as 2,253% in five year’s time. That meant a whopping compound annual growth rate (CAGR) of 88%. The disease was known as Wilson’s disease. A patientwho paid $510 in 2010 had to shell out over $12,000 in the year 2014. That ultimately forces patients to switch to a different drug from Syprine. The alternative drug has to be taken three times in a day. It was also a fact that though some patients get enrolled in an insurance plan, they were not able to afford it. The medicine is said to have the potential fatal build-up of copper in vital organs. However, it is reportedly creating pain, leg cramps, and numbness.
They later detail that 81% of their portfolio increased. Think about that for a second. I highly encourage everyone to read the full investors article so that you can absorb it all. It’s discouraging, of course, but something we should all know about. They’ve increased the price of 51 drugs in the current year! But hey, since 2010, they’ve seen a 500% rise in their stock prices, so everything is just fine. Remember folks, stay humble.