CHARLOTTE, N.C. — Action 9 investigator Jason Stoogenke is putting political ads through the truth test.
In one ad, Hillary Clinton is attacking a drug company with ties to North Carolina. The drug maker is called Valeant Pharmaceuticals. It recently bought the Raleigh company that made the "female Viagra." Clinton isn't the only one taking aim at the business. The federal government’s Securities and Exchange Commission is investigating its prices and bookkeeping, shareholders are suing the company, its stock prices have been falling, and the CEO recently stepped down.
The ad shows Clinton sharing at a town hall event. She's on stage and grabs a piece of paper. She said it's a letter someone in the crowd gave her. She paraphrases it to the audience, saying, "She has to take a brand name drug ... been taking it since the early 1980s. At that time, it cost approximately $180 for 10 shots. The latest refill was $14,700 for the same 10 vials. And the company is called Valeant Pharmaceuticals."
Is it true? Yes.
Stoogenke found the woman in the ad. Her name is Ellen Mayberry, and she lives in Iowa. She told Stoogenke the medicine is for migraines, and that the less expensive generic doesn't work for her so she takes Valeant's version, the brand name, D.H.E. 45. Mayberry told him the dollar figures mentioned in the ad are correct and even sent him her bill.
It is right. It's what they're charging," she said.
One thing the ad doesn't mention is that Mayberry's insurance picked up her entire tab. But she said that's not the point.
"There's nothing wrong with having a business and making a reasonable profit, but this is just outrageous," she said.
Valeant also confirms the numbers. So Stoogenke asked why the price jump. The company said "a generic version of D.H.E. 45 has been available since 2003. Due to that competition, Valeant's share of the overall market for D.H.E. 45 has declined significantly. In fact, we now have less than 1 percent of the market for this drug. We expect 2016 net revenues of approximately $1 million for D.H.E. 45, or approximately 200 units sold. Whenever the sales volume of a drug declines, manufacturers must consider pricing adjustments to keep production of the drug viable. Patients are able to choose generic versions of the drug, however, at significantly lower prices."
Valeant went on to say, "When we make decisions about the pricing of any one drug, we do so in the overall context of our portfolio of over 1,600 products, including more than 200 prescription drugs in the United States, and the need to fund our robust research and development programs, our expanding U.S. manufacturing base, and our patient assistance programs. In 2016, we expect to invest approximately $400 million on R&D and $1 billion in our patient assistance programs that seek to ensure that out-of-pocket expenses do no prevent eligible patients from receiving medicines they need."
In the ad, Clinton also vows, "I'm going after them. This is predatory pricing, and we're going to make sure it is stopped." It's not clear if she means Valeant or the industry. Either way, the public will have to wait and see if that claim passes the truth test.
Mayberry also reached out to the U.S. Senate Special Committee on Aging about the cost of medicines.
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