LAVAL, Quebec, Sept. 16, 2016 /CNW/ -- Valeant
Pharmaceuticals International, Inc. (NYSE/TSX: VRX) ("Valeant" or the "Company") seeks to clarify statements made in a media report
today. Pursuant to a recommendation from our Patient Access and Pricing Committee, Valeant announced in May 2016 that an enhanced discount and rebate program for Nitropress and Isuprel would be made available to all
hospitals in the United States. Under the enhanced program, all hospitals are eligible for a rebate of at least 10%, with
rebates totaling 20%, 30% or 40% based on volume purchased during a calendar quarter for hospitals that purchase large volumes of
the relevant drug.
Hospitals receive these discounts primarily through their group purchasing organization (GPO), and Valeant has communicated to
individual hospitals that we are working with GPOs to administer the program. As of today, Valeant has contracted with 13 of
the 14 GPOs representing a diverse range of hospitals, health plans and long-term care facilities. Valeant is working diligently to
finalize the remaining GPO. At that point, we expect over 90% hospital groups will be covered under the discount and rebate
program.
Under the program, GPOs may provide hospital members with upfront discounts and/or volume based rebates after the end of the
quarter in which the purchases were made. Hospital representatives who were quoted in press reports that they are "paying the
same high price" are likely not taking end of quarter rebates into account.
Joseph Papa, Valeant CEO, stated "We have taken the concerns of the healthcare community very
seriously and we are committed to working with hospital groups to ensure that purchasers of Nitropress and Isuprel have access to
the enhanced discount and rebate program. We are pleased that we have successfully negotiated contracts with many of the
purchasers to date and expect to have virtually all covered in the near future."
Mr. Papa added: "Our customer service representatives are fielding calls from individual hospitals and are available to
answer questions about the enhanced rebate program. We have also contacted hospital administrators who have said that their
calls were not returned. At this time, Valeant Customer Service is unaware of any inbound inquiries by phone or email that have yet
to receive a response. The company is available to provide additional support to any institution which feels it may not be
receiving such discounts via our customer service hotline: 1-800-321-4576 or via email at: pharmcs@valeant.com."
More information regarding this program can be found on Valeant's website at http://www.valeant.com/about/us-assistance-programs
About Valeant
Valeant Pharmaceuticals International, Inc. (NYSE/TSX:VRX) is a multinational specialty pharmaceutical company that develops,
manufactures and markets a broad range of pharmaceutical products primarily in the areas of dermatology, gastrointestinal
disorders, eye health, neurology and branded generics. More information about Valeant can be found at www.valeant.com.
Contact Information:
Investors:
Elif McDonald
elif.mcdonald@valeant.com
514-856-3855
877-281-6642 (toll free)
Media:
Renée Soto
or
Chris Kittredge/Jared Levy
Sard Verbinnen & Co.
212-687-8080
Logo - http://photos.prnewswire.com/prnh/20101025/LA87217LOGO
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/valeant-comments-on-discount-and-rebate-program-for-nitropress-and-isuprel-300329640.html
SOURCE Valeant Pharmaceuticals International, Inc.
