Yet another sign of trouble for Valeant Pharmaceuticals has emerged. The beleaguered drug maker already faces congressional hearings into its pricing practices. Now, one of its bread-and-butter product lines may not ring the register as often as before.
Fewer dermatologists are prescribing Valeant medicines, according to a survey conducted last week by Deutsche Bank analysts. The change constitutes more fallout from a scandal involving the drug maker’s relationship with a mail-order pharmacy known as Philidor Rx Services. Valeant reportedly hid its ties to the pharmacy in order to inappropriately boost prescriptions and insurance reimbursements.
Specifically, 68 percent are writing fewer prescriptions for Valeant’s dermatology products and a similar percentage expect they will not prescribe Valeant drugs in coming months. The survey queried 25 dermatologists who write 10 or more prescriptions for Valeant drugs in a typical week, and have prescribed Valeant drugs through Philidor.