Friday, October 30, 2015

Valeant Pharmaceuticals International Inc.cuts ties with Philidor as business


A specialty pharmacy that fills prescriptions for Valeant Pharmaceuticals International Inc. has altered doctors’ orders to wring more reimbursements out of insurers, according to former employees and an internal document.
Workers at the mail-order pharmacy, Philidor RX Services LLC, were given written instructions to change codes on prescriptions in some cases so it would appear that physicians required or patients desired Valeant’s brand-name drugs — not less expensive generic versions — be dispensed, the former employees said. Typically, pharmacists will sell a generic version if not precisely told to do otherwise by a “dispense as written” indication on a script. The more “dispense as written” orders, the more sales for the brand-name drugmaker.
An undated Philidor document obtained by Bloomberg provides a step-by-step guide on how to proceed when a prescription for Valeant dermatological creams and gels including Retin-A Micro and Vanos is rejected. Similar instructions for changing the DAW indication are supplied for patients who are paying in cash.
Ex-employees who worked at Philidor in the last two years, and who asked that their names not be used discussing their former employer, confirmed that prescriptions were altered as the document details. They said the intent was to fill more prescriptions with Valeant products instead of generics.
Valeant Cuts Ties
Valeant said Friday that it will cut ties with Philidor and that the pharmacy is shutting down, after Bloomberg first reported the news of Philidor’s practices Thursday.
“The newest allegations about activities at Philidor raise additional questions about the company’s business practices,” Michael Pearson, Valeant’s chief executive officer, said in a statement Friday. “We have lost confidence in Philidor’s ability to continue to operate in a manner that is acceptable to Valeant and the patients and doctors we serve.

Wednesday, October 21, 2015

The 5 best Information from financial - Norman J. Brodeur

1. Most enlightening

"At the point when the call comes, individuals know immediately. We may utilize the most pure manner of speaking when we say: 'Hello, would you be able to appear to the twentieth floor for a minute?' They know not: never get a surprising call from that individual, with the exception of … It is astounding how quick news of a round of redundancies spreads. It's similar to this tsunami of frenzy washes over an exchanging floor … After our discussion, which normally keeps going five minutes, they will be drove out of the building by security"

2. Proudest

If you want to know how it feels from the other side, read this banker in treasury sales before his redundancy at a major bank:“Insiders on your blog who are so negative about the sector … it’s not very kind to say, but they just didn’t make it. They get kicked out and then they go complain to the media. It’s tough to take, obviously. You had to go while your colleague is still at his desk. Because he was better.”

3. Humblest

“Looking back I may have fallen victim to the self-serving idea that we control our fate; as long as you’re good nothing bad can happen to you, and since nothing bad has happened to me, it must mean I am good and therefore safe; that sort of thing. In the same way military men tell themselves that they can’t die because they don’t make mistakes. But the best soldier can drive over a land mine.”

4. All-time favourite comment thread

In which a banking equity analyst debates with readers whether he deserved his one million pound bonus: “Do I deserve to be me, rather than some guy in Darfur trying not to starve to death or get murdered. I get paid a lot because I can do things, but if I had been born mentally handicapped I wouldn’t. That’s life. I do ask to be paid well when I’ve done good work, but that doesn’t mean I feel entitled to anything.”

5. Wisest

A structurer had worked for one of the most prestigious banks for a decade, building such cleverly complex financial products that his clients failed to understand that they didn’t understand them. Looking back, he says:  
“It’s strange. Bankers are so smart, yet they get this thing wrong. They spend their lives in an office when the only truly valuable thing in life is time. It is the only thing that is not replenishable. You can always make more money, but you can never get more time. Maybe it’s because death is such a taboo in our society; that people live in this illusion that their life will go on forever.”

By: Norman J. Brodeur