Why a Congressional Subpoena to Valeant About Price Gouging on Drugs Should be Granted
Courtesy of Citron Reports (originally posted Sept. 28, 2015)
The Real Risk to the US Healthcare System is when Health Care Costs are controlled by Hedge Fund Billionaires
How Pharmaceutical Pricing Runs Amok While U.S. Taxpayers Are Looted
As well as a major threat to the integrity of our entire healthcare system, Valeant (NYSE:VRX) is now the most devious three-cornered tax avoidance scheme we've ever seen.
Excerpt:
How Pharmaceutical Pricing Runs Amok While U.S. Taxpayers Are Looted
For the last 14 years Citron Research has specialized in stories fighting against the abuse of ordinary investors in the stock market. Of course, we have never been shy to expose the greed of the Wall Street establishment. The story we share today has the farthest-reaching social implications of any that we have ever exposed.
While the whole country is in an uproar about Turing Pharmaceuticals, a one-drug startup pharma company attempting to raise prices on a single AIDS drug, the real issue is a 100-billion monster only Wall Street could love — an extremely leveraged company that set the standard for this type of abuse, while being cheered on by a cadre of Wall Street high-rollers too wealthy to fret over their own personal health care costs, and its posse of hedge fund operators.
The real problem with drug pricing in America is forged in a single word: Valeant
Don’t Hate The Player – Hate the Game
In the Twitter-storm furor over Turing’s recent one-drug price gouge attempt, the media has overlooked the reality that Martin Shkreli was created by the system. Shkreli is merely a rogue trying to play the gambit that Valeant has perfected. This article is not for you hedge fund managers who believe that this quarter's performance is more important than human decency or longterm viability; this article is for the millions of Americans who together can be strong enough to mandate change. Wall Street will understand in time.
While Citron Research analyzes the future viability of Valeant based on their highly levered portfolio of drugs, the main takeaway of this article is
the danger that Valeant’s corporate strategy jeopardizes the entire US pharmaceutical industry, and its status as a leader in the development of drugs for the entire medical system.
Read also: Citron Research Exposes the Information that Congress Will Find if it Subpoenas Valeant
