Good morning, everyone, and welcome to another working week. We hope the weekend respite was relaxing and invigorating, because that all-too-familiar routine of meetings, deadlines and what-not has returned. To cope, as you may guess, we are brewing several cups of needed stimulation and invite you to join us. And why not? A prescription is not required, after all. Meanwhile, here are some items of interest. Have a smashing day and do stay in touch…
Valeant Pharmaceuticals maintains its accounting practices for the Philidor Rx Services pharmacy are appropriate, but created a board committee to review the relationship. The move comes after the feds issued subpoenas into its patient assistance programs and a subsequent report by a prominent short seller focused on how Philidor books revenue for the drug maker. Valeant is holding an 8 a.m. conference call to discuss all this. You can listen here.
Meanwhile, ProPublica wrote how Philidor, in which Valeant has a 10 percent stake that was only recent disclosed, attempted to circumvent California law and distribute drugs in the state without a license. And The Wall Street Journal spoke with three former Philidor employees who explained how the companies are more closely intertwined than previously thought.
Woodford Investment is pushing for GlaxoSmithKline to break apart and separate its HIV business ViiV, its consumer healthcare division and Stiefel, its dermatology division, from its core medicines and vaccines arm, Sky News reports. And Neil Woodford has held private talks about the issue with Sir Philip Hampton, the drug makers’s new chairman.
The top executives of the largest Indian generic drug makers, including Dr Reddy’s Laboratories, Sun Pharma and Lupin Pharmaceuticals, met informally in Mumbai to discuss ways of coping with FDA warnings and bans, The Economic Times tells us. The move comes in response to a series of enforcement actions in recent years by the agency, which is trying to bolster quality control oversight.