Valeant Pharmaceuticals Reveals Expanded Discounts For Its Nitropress And Isuprel

Valeant Pharmaceuticals International, Inc.

revealed that it would make available an enhanced rebate program to cut the prices of Nitropress, as well as, Isuprel. The move comes after a recommendation of Patient Access and Pricing Committee. The drug maker said that under the enhanced program, all hospitals were eligible for a rebate of a minimum of 10 percent. However, based on the volumes purchased, the rebates vary among 20%, 30% or 40% during a calendar quarter for hospitals, which buys big volumes of the relevant drug. Valeant said that hospitals would get these discounts through their group purchasing organization (GPO). The company added that hospitals, which don't buy drugs through a GPO, could access the program by contacting its customer service. The rebate program was effective immediately, with hospitals getting rebates after the end of the quarter in which the purchases were made. For its part, the Patient Access and Pricing Committee confirmed that there would be no further price increases for these products or reductions to the discount levels in the rebate program. Valeant's Chairman and CEO, Joseph Papa, commented, "Under this new program, the discounts we previously implemented for Nitropress and Isuprel will be simplified and more accessible. 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." Papa continued to add that "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. We are committed to getting this right." Shares of the company traded 0.68% on Monday.