The CEO of Valeant, a Canadian pharmaceutical company at the center of an ongoing inquiry into price gouging in the drug industry, has agreed to testify to Congress about the company's pricing strategy.
The agreement by Michael Pearson to explain some of the company's controversial business practices comes after months of bad news for the company. In addition to being lambasted for jacking up the prices of many drugs that it bought the rights to, Valeant has been accused of prematurely reporting sales to Philidor, the mail-order pharmacy.
The Senate Committee on Aging, which has been investigating drug price increases, issued a subpoena for Pearson to show up at a hearing last week. He did not, and the committee said it would begin legal proceedings against him. By agreeing to show up now, Pearson will likely avoid any charges of contempt of Congress.
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