Embattled drugmaker Valeant Pharmaceuticals has struck a deal to distribute some of its medicines at a discount through Walgreens pharmacies, six weeks after cutting ties with a specialty pharmacy accused of questionable business practices.
Valeant will cut prices by 10 percent for branded dermatology and ophthalmology products distributed by Walgreens retail pharmacies and plans to extend the model to independent retail pharmacies, the companies said Tuesday. The deal, which spans 20 years and more than 8,000 U.S. Walgreens pharmacies, starts in the first quarter and initially will cover medicines including the toenail fungus drug Jublia, acne products Solodyn and Retin-A Micro and eye drop Alrex. It will also cover Valeant's over-the-counter products.
The drugmaker, which has come under fire for raising the prices of old medicines, also said it agreed with Walgreens to distribute more than 30 branded products at "generic prices," reducing prices from 5 to 95 percent. Those reductions, specifically for drugs that have generic competition, are expected to take effect in the second half of next year, while the 10 percent cuts will be implemented over the next six to nine months, Valeant and Walgreens said.