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Pharma CEO: We’re in Business of Shareholder Profit, Not Helping the Sick

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anonymous

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OWell Well Kenn just found Merck's new strategy! FU** You patients All we want is your money!


J. Michael Pearson, The current CEO of Valeant Pharmaceuticals who recently said that his company’s responsibility is to it’s shareholders, while making no mention of his customers who rely on his drugs to live.

“If products are sort of mispriced and there’s an opportunity, we will act appropriately in terms of doing what I assume our shareholders would like us to do.”

Already this year, Valeant has increased the price of 56 of the drugs in its portfolio an average of 66 percent, highlighted by their recent acquisition, Zegerid, which they promptly raised 550 percent. Not only does this have the unfortunate side effect of placing the price of life-saving drugs out of reach for even moderately-insured people, but it has now begun to call into question the sustainability of this rapidly-spreading business model.

http://usuncut.com/class-war/valeant-ceo-shareholder-profit/
 
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anonymous said:
OWell Well Kenn just found Merck's new strategy! FU** You patients All we want is your money!


J. Michael Pearson, The current CEO of Valeant Pharmaceuticals who recently said that his company’s responsibility is to it’s shareholders, while making no mention of his customers who rely on his drugs to live.

“If products are sort of mispriced and there’s an opportunity, we will act appropriately in terms of doing what I assume our shareholders would like us to do.”

Already this year, Valeant has increased the price of 56 of the drugs in its portfolio an average of 66 percent, highlighted by their recent acquisition, Zegerid, which they promptly raised 550 percent. Not only does this have the unfortunate side effect of placing the price of life-saving drugs out of reach for even moderately-insured people, but it has now begun to call into question the sustainability of this rapidly-spreading business model.

http://usuncut.com/class-war/valeant-ceo-shareholder-profit/
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The profit will determine pricing as it should. My investment funds have an expected return. Few obamacare/medicaid patients invest in anything but how to game the system and leech, begone!
 












anonymous said:
If I'm not mistaken, a corporation's responsibility IS to its shareholders. That is the fiduciary responsibility in corporate law.
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While company's are responsible to shareholders, it's not the whole story.
Take your smugness to the late George Merck, that silly loser who helped to build a once great corporation:

“We try never to forget that medicine is for the people. It is not for profits. The profits follow, and if we have remembered that, they never fail to appear.” – George Merck II
 












anonymous said:
Foolish little boy
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Foolish? Do you really think Januvia costs $10 per pill to manufacture? Or one dose of some Hep C therapy costs $1000 per dose to make? Nope, the price is dictated by the market's valuation of said product. Whatever the market will bear. Profits are only (and hopefully) along for the ride.
 








anonymous said:
If I'm not mistaken, a corporation's responsibility IS to its shareholders. That is the fiduciary responsibility in corporate law.
Click to expand...

For those of you who can read:

While companies are responsible to shareholders, it's not the whole story.

Recall the late George Merck, that silly loser who helped to build a once great corporation? No serious clinical research equals no exceptional product line. Patient needs drive the discovery of new and better medicine, and that's why today's Merck is merely treading water.

“We try never to forget that medicine is for the people. It is not for profits. The profits follow, and if we have remembered that, they never fail to appear.” – George Merck II
 




anonymous said:
Foolish? Do you really think Januvia costs $10 per pill to manufacture? Or one dose of some Hep C therapy costs $1000 per dose to make? Nope, the price is dictated by the market's valuation of said product. Whatever the market will bear. Profits are only (and hopefully) along for the ride.
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Silly deluded little boy!
 




























This shouldn't be shocking to anyone..News Flash...most of your docs you call on are in it for the money..sure they may sound like a bleeding heart liberal about the evils of big money..but then ask them to cut their $200 K salary at the hospital owned practice then you'll hear crickets..Best of all is the "non profit" Big Hospital (part of the Bigger Hospital group that now controls 200 mile radius of patients)..we're serving the indigent pts...blah, blah, that accounts for less than 5% of their overhead..

Ol' George is right about doing right by the customer , now that well is dry, we're just going to eat the customers till they are no more.
 




anonymous said:
"...Ol' George is right about doing right by the customer , now that well is dry, we're just going to eat the customers till they are no more.
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The well is dry because CEOs who followed Roy Vagelos cared more about padding their nests than about seriously investing in more research and development. No vision, no future.
 




The quote is

“We try never to forget that medicine is for the people. It is not for profits. The profits follow, and if we have remembered that, they never fail to appear.”​

George Merck was no socialist. Profits are key, but they only follow from a long-term approach to people's health, now and in the future.

If the CEO's head is full of "maximize shareholder return", "2015 4Q foreign exchange gains", and "risk minimization", then we get the Merck we deserve. And the failures we have earned.
 




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