Those doubts did not deter robert and cindy whitehead, a husband-and-wife team who formed sprout pharmaceuticals and bought the drug in 2012. The valeant spokeswoman said the company intended to fulfill its obligations under the deal. But valeant then announced it was severing ties with philidor, leaving the drug without a distributor.
Former sprout employees say that the changes in marketing strategy complicated their efforts to sell doctors on the pill. Ackman also bought a personal stake in sprout in june 2015, two months before its drug was approved by the f. Schiller, who represents the sprout shareholders, said in a statement that valeant was not meeting the obligations it agreed to with sprout, to the detriment of sprout shareholders, valeants own shareholders, its debt holders and the millions of women who would benefit from addyi.
Ackman suggested the company needed management changes, valeant said it would replace mr. The food and drug administration had just approved its drug addyi to treat low sex drive in women. The companys dealings with the pharmacy are now under federal investigation, as are its drug-pricing policies, which have been described by lawmakers as predatory.
But when valeant took over, it ended this arrangement, former employees said, handing over that crucial job to philidor, which was out of business. Insurers would have difficulty denying coverage, company executives reasoned, if their product was the same price as the mens pills. Addyi would have to carry a black box warning, the most serious kind, stating that taking the drug with alcohol can cause dangerous drops in blood pressure or fainting.
They also say they did not have access to many of their standard sales tools, including basic promotional materials like wall posters and brochures. That didnt work, but some early clinical trials did show an increase in sex drive among women. Wood, an associate professor of health policy at george washington university, who opposed the drugs approval.
Addyi, known to scientists as flibanserin, is thought to work by changing the balance of certain brain neurotransmitters like dopamine and serotonin. Insurance companies, she said, would most likely receive discounts to make the drug cost less than 800. Streicher, the chicago gynecologist, said she had prescribed the drug to only about 10 patients, to mixed reviews. To help pay for it, they found some wealthy backers, including two wall street titans with ties to valeant. Still, even with the roadblocks, some analysts predicted that millions of women would take the drug.
Ackman suggested the company needed management changes, valeant said it would replace mr. Michael pearson, valeant pharmaceuticals former chief executive, who resigned as pressure on the company mounted. Valeant also halted a planned speakers program, in which doctors explained the drug to their colleagues. And a vocal investment research firm that had bet against valeants shares published a report criticizing the companys accounting. Six former sprout employees said the money helped pay for two national sales directors, including one who had sold viagra when it went on sale in 1998.
Little of valeant said distribution of the materials had been delayed while they were being reviewed by the f. At the same time, decisions made by valeant were undermining addyi, the former employees said. The valeant spokeswoman said the company intended to fulfill its obligations under the deal. And he joked that valeant had overpaid for addyi, according to several of the former employees who had attended the meeting. Insurance companies, she said, would most likely receive discounts to make the drug cost less than 800.
. They also say they did not have access to many of their standard sales tools, including basic promotional materials like wall posters and brochures. Once valeant owned the drug, for example, it doubled the price, to 800. Valeant pharmaceuticals international, a drug company whose deal-making acumen had made it a stock-market darling, bought sprout for an astonishing 1 billion twice its value just two months earlier. She said the limits of the drug were inappropriate and scared women off. Simon, a member of valeants scientific advisory board for addyi, said the company seemed out of its depth. The companys experience was in selling older products with a well-established market, not new drugs. Soon after valeant took over, it doubled addyis price and planned to sell it to patients through a mail-order pharmacy, philidor rx services. Women, for instance, would need to take it every day and abstain from alcohol. Pearson, valeants chief executive, looked distracted when he took the stage in mid-october at a party meant to energize the addyi sales team, a description the company denies.Apr 9, 2016 ... Late-night comedians joked about “female Viagra.” Wall Street analysts conjectured about blockbuster sales. In clinical trials, women reported a ...