releases: https://www.mccaskill.senate.gov/media-center/news-releases/mccaskill-statement-on-arrest-of-valeant-and-philidor-employees
Data license: MIT · Data source: dwillis/congress-press
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| https://www.mccaskill.senate.gov/media-center/news-releases/mccaskill-statement-on-arrest-of-valeant-and-philidor-employees | McCaskill Statement on Arrest of Valeant and Philidor Employees | 2016-11-18 | 2016 | 2016-11 | Democrat | House | MO | Claire McCaskill | M001170 | www.mccaskill.senate.gov | legacy | McCaskill Statement on Arrest of Valeant and Philidor Employees Senator: Valeant’s actions represent a culture of corruption Friday, November 18, 2016 WASHINGTON — U.S. Senator Claire McCaskill issued the following statement after Federal prosecutors in New York announced the arrest of a former executive of Valeant Pharmaceuticals and the former chief executive of the mail-order pharmacy Philidor: “It’s been obvious for some time that Valeant’s business model relied on corporate acquisitions followed by egregious price hikes, but it’s also becoming increasingly certain that there was a culture of corruption surrounding the company. I hope anyone found to have committed crimes in this industry is prosecuted to the full extent of the law.” Valeant consistently acquired pharmaceutical companies with drug portfolios that had captive patient populations, often then slashing the research and development spending for those companies and raising the prices on their recently-acquired drugs by hundreds or thousands of percentage points without making any therapeutic changes to the drugs. Valeant’s entire research and development budget was consistently below 5 percent of their total sales—dramatically lower than most other companies in the pharmaceutical industry. Earlier this year McCaskill helped lead the Senate Special Committee on Aging’s investigation into pharmaceutical drug pricing with a series of hearings examining the effect dramatic and sudden price increases of prescription drugs has on patients and providers. This year alone, Americans are expected to spend more than $328 billion on prescription drugs. Of this amount, individuals will pay about $50 billion out-of-pocket. The federal government will pick up another $110 billion in payments through Medicare, Medicaid, Veterans Affairs, and other programs. Visit mccaskill.senate.gov/consumers to learn more about McCaskill's fight to protect consumers. ### Print Email Tweet | 1 | 2026-03-30T12:14:52Z | 2026-03-30T12:14:52Z |