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Home 🌿 Medical Cannabis News 🌿 Pharma CEO Admits To Price-Gouging The Sick So Shareholders Can Get Richer: That’s Capitalism! 🌿Pharma CEO Admits To Price-Gouging The Sick So Shareholders Can Get Richer: That’s Capitalism!
The unethical greed of pharmaceutical companies has recently taken center stage in public discourse following the decision of vulture capitalist Martin Shkreli’s decision to jack up the price of a vital AIDS drug by 5,000% (which he has still failed to rescind), but the problem extends much further than the widely reviled “pharma bro.” Democratic presidential candidate and Vermont Senator Bernie Sanders has spearheaded congressional investigations into the matter, targeting Valeant Pharmaceuticals for their shameless use of similar price hikes.
J. Michael Pearson, CEO of Valeant, readily admits that his company is in it solely for profits, even though they deal in life-saving medications. “[If] products are sort of mispriced and there’s an opportunity, we will act appropriately in terms of doing what I assume our shareholders would like us to do” said Pearson in an interview with CNBC. “My primary responsibility is to Valeant shareholders. We can do anything we want to do....
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