Valeant Pharmaceuticals on Monday said it will offer hospitals deeper discounts for the heart drugs Nitropress and Isuprel, with hospitals now eligible for rebates between 10 and 40 percent based on the volume of the drugs purchased over the course of one quarter.
Following a recommendation from its internal Patient Access and Pricing Committee, Valeant promised that there would be no further price increases for the drugs, nor cuts to the discounts being offered.
The pricing committee was formed due to pressure from politicians, vexed that Valeant hiked the price of the two drugs shortly after acquiring them in February 2015. Prices for Isuprel and Nitropress swelled 525 and 212 percent, respectively, according to a Wall Street Journal report.
[Also: Valeant executives asked to explain drug spike hikes to Special Senate Committee on Aging]
Hospitals that don't buy drugs through a group purchasing organization can access the rebate program by contacting Valeant customer service.
In a statement, Valeant Chairman and CEO Joseph Papa thanked the Senate Committee on Aging and the House Committee on Oversight and Government Reform for identifying gaps in the previous program, adding, "We are committed to getting this right."
Valeant shares have fallen this year by about 89 percent amid heavy criticism over the Canadian firm's history of price increases.
The rebate program is one of the first moves by new CEO Joseph Papa to reform the pharmaceutical company's image. Earlier this year, the company board ousted CEO J. Michael Pearson.
Twitter: @JELagasse