Valeant’s Steinbach operations ‘unaffected’ amidst controversy

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This article was published 19/12/2015 (3514 days ago), so information in it may no longer be current.

The president of Valeant Canada said it is business as usual at their Steinbach plant in the wake of a scandal over allegations of price gouging that has seen the company’s stock plummet.

Jacques Dessureault, president and general manager of Valeant Canada, said operations in Steinbach—the only pharmaceutical manufacturing facility of its kind in western Canada—has been “unaffected” following the fierce scrutiny Valeant has faced in recent months.

The Quebec-based company has vowed to restore public confidence in the midst of accusations Valeant purchased smaller drug companies manufacturing specialized niche drugs and then dramatically jacked the prices. Two examples saw Valeant hike the cost of cardiac-care drugs Nitropress and Isuprel 525 percent and 212 percent, respectively, shortly after the company bought rights to them.

Valeant has also severed its relationship with Philidor, an American mail-order pharmacy Valeant has been accused of using to inflate its revenue. The drug giant has denied these accusations.

The company says they are cooperating with an American Senate committee’s probe into its practices.

The Carillon reached out to Valeant to seek a local representative for an interview. A national public relations firm responded and said only Valeant’s head office is authorized to speak to the media.

In an emailed statement issued by the firm, which said all comments are attributable to Dessureault, the company’s Canadian president replied they are committed to being a “valued, respected corporate citizen” when asked if they are concerned if Valeant’s brand has been tarnished locally.

“As our chief executive officer, Mike Pearson, said recently, we are proud of this company and we are dedicated to listening to our patients, our partners and our critics. And when we think they are right we’re going to make the appropriate changes in how we do things, and we will be stronger for it,” said Dessureault.

“We have a plan to continue delivering excellent products for patients and doctors, and many of those will be produced in Steinbach,” he added.

Valeant develops more than 100 products in Steinbach, one of the company’s key global production facilities for prescription medication.

The company’s shares, as of late last week, have plunged 63 percent since this August when it peaked at $346.32 (Canadian).

Dessureault said Valeant employs about 450 people in Steinbach—a number that fluctuates depending on productivity and demand for products, said Dessureault in a statement. Company officials said in late 2014 the Steinbach plant would have more than 500 employees after a public event was held to celebrate the addition of a new line of natural products it acquired, which included popular cold and flu remedy Cold-FX.