Some of the biggest customers of Philidor Rx, the consolidated specialty pharmacy tucked inside embattled drug giant Valeant Pharmaceuticals , are seeing red flags. Two of the nation’s biggest pharmacy benefits managers, CVS Health CVS +0.00% and Express Scripts ESRX +2.30%, both said on Thursday they are cutting ties with Philidor Rx after finding the noncompliance with provider agreements.
The terminations add a new headache to Valeant Pharmaceuticals as it tries to recover from an onslaught of scrutiny from lawmakers, regulators and investors into its business practices.
Valeant is under the spotlight for sharply increasing the prices of drugs it acquires, and it’s now subject to a litany of regulatory investigations into its sales techniques and drug distribution channels. Media probes, meanwhile, have uncovered a tangled web of onceundisclosed specialty pharmacies consolidated inside Valeant that raise questions about management’s forthrightness. For the full article click here
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