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Pharmaceutical Companies Manipulate Prices to Maximize Profits

Pharmaceutical Companies Manipulate Prices to Maximize Profits

It is a common practice in a business to think about maximizing profits. But when pharmaceutical companies like Valeant Pharmaceuticals are seen hiking their drug prices up to 6000% it raises a red flag on many ethical levels.  This activity is not new in the pharmaceutical industry.

Valeant is not the only company which increases their prices significantly; it is common for many large pharmaceutical companies to increase prices, as there are no legal ramifications to their actions. Recently, Valeant was placed in the spotlight because they were increasing the prices for many critical medications such as Nitropress, Isurpel, Syprine, and Cupermine. Furthermore, these medications were not innovative or new; this causes consumer outrage because the ridiculous price increases cannot be justified.

Therefore, the occurrence of cases like Valeant is indicative of manipulative strategies to earn the most out of vulnerable consumers. Find out more on the dialogue between Valeant and the Senate’s Special Committee on Aging and how they explained the price hikes on drug prices.