{"id":942,"date":"2015-12-04T15:58:07","date_gmt":"2015-12-04T20:58:07","guid":{"rendered":"https:\/\/digital.hbs.edu\/platform-rctom\/submission\/valeant-pharmaceuticals-disruption-or-destruction\/"},"modified":"2015-12-04T15:58:32","modified_gmt":"2015-12-04T20:58:32","slug":"valeant-pharmaceuticals-disruption-or-destruction","status":"publish","type":"hck-submission","link":"https:\/\/d3.harvard.edu\/platform-rctom\/submission\/valeant-pharmaceuticals-disruption-or-destruction\/","title":{"rendered":"Valeant Pharmaceuticals: Disruption or Destruction?"},"content":{"rendered":"

Valeant Pharmaceuticals is a global pharmaceutical and medical devices company with diversified offerings in branded and generic drugs, spanning fields from ophthalmology to podiatry. [1] Ostensibly focused on service of patients and physicians, Valeant\u2019s business model is consistent with competitive big pharma companies. The company\u2019s operating model, however, diverges significantly from its peers. By focusing on acquisition, cost-cutting, and price optimization, Valeant has enjoyed exponential growth and established a radical concept for success in pharma.\u00a0 At the same time, the sustainability of their operation model is questionable, exploits those in need, and is ultimately not aligned with the core of their business model.<\/p>\n

Business Model<\/em><\/strong><\/p>\n

Valeant Pharmaceuticals International develops, manufactures, and distributes drugs and devices worldwide in developed and emerging markets, to serve patients and physicians. \u00a0[3] \u00a0The company provides a wide array of products in multiple therapeutic fields, including branded drugs, generic drugs, and medical devices.\u00a0[1]\u00a0[2] Valeant creates value through the sale of these products through healthcare systems and direct to consumers. Valeant has a robust pipeline, planning 20+ drug launches in 2014.\u00a0[4]<\/p>\n

Operational Model<\/em><\/strong><\/p>\n

Valeant has implemented this business model through an organizational structure and processes based on development of new products through acquisition and premium pricing.\u00a0 The company\u2019s pipeline of products has been established exclusively through acquiring companies with marketed or approved drugs (Exhibit 1 details Valeant\u2019s largest acquisitions).\u00a0[5]\u00a0 They conducted over 100 deals since the firm implemented the current operational strategy in 2008.\u00a0[6]\u00a0 Next, Valeant has sought to extract value from these purchases by charging premium prices for the acquired drugs. For instance, under Valeant the price of Edecrin, a diuretic drug, increased from $470 to $4,600 per vial. The blood vessel-dilating nitropress price was immediately increased by 525% following Valeant\u2019s acquisition. Drugs acquired by Valeant and the change in price is shown in Table 2. The average price increase this year across all branded drugs was 66%.\u00a0[7]\u00a0[8]\u00a0[9]<\/p>\n

For several years large pharmaceutical companies have sought to augment growth through mergers and acquisitions.\u00a0 Valeant took this process to the extreme by eliminating or vastly scaling down R&D. \u00a0Whereas typical R&D spend is 15-20% of revenue, Valeant spends approximately 3%.\u00a0[8] Valeant states that R&D spending does not correlate with innovation and performance, and believes that their pipeline is best built externally. They conduct limited internal work in dermatology and aesthetics.\u00a0[10] Critics believe that this strategy is not sustainable: that by removing more and more R&D from the system, the ability to buy profitable drugs declines.\u00a0[11]<\/p>\n

Alignment Between Business and Operational Models<\/em><\/strong><\/p>\n

Reaction to Valeant\u2019s business model has been mixed. The market has rewarded their operational strategy with outstanding returns from 2008 to 2015, before falling by 60% over the past three months.\u00a0[12] The firm attracted capital from activist investor Bill Ackman.\u00a0[13] The 性视界 Business Review honored CEO Michael Pearson as one of the top 10 CEOs in the world in 2014 and his reputation was ranked in the top 100 by The Reputation Institute.\u00a0[14] Others have criticized Valeant\u2019s aggressive pricing and R&D-slashing practices.\u00a0 The sustainability of this operational practice is highly questionable.<\/p>\n

In September of 2015, The House of Representatives subpoenaed records related to pricing of two heart drugs, bringing the threat of government scrutiny,\u00a0[15] and the impact of a high profile accounting controversy is still playing out.\u00a0[16] Despite some short selling over Valeant\u2019s position, analysts remain bullish on the stock: 64% rate as a \u201cstrong buy\u201d or \u201cbuy,\u201d 32% suggest holding, and less than 5% suggest selling.\u00a0[17]\u00a0[18]<\/p>\n

Ultimately, Valeant\u2019s operational model fails to align with the business model in the service of critically ill patients.\u00a0 Some may see price increases in drugs as capturing value from an underpriced asset.\u00a0 However, this profit exploits the willingness to pay of those with few alternative options.\u00a0 Thus, Valeant places shareholders above patients in their hierarchy of their business model.\u00a0 Are recent financial results, as well as legal and legislative inquiries, a short-term obstacle for a disruptive innovator?\u00a0 Or a harbinger of impending failure? An assessment of alignment between the business and operating models would suggest that Valeant loses in the long run.<\/p>\n

 <\/p>\n

References Cited<\/p>\n

\"Table<\/a>
Table 2: Price increases following drug acquisition by Valeant.<\/figcaption><\/figure>\n
\"Table<\/a>
Table 1: Summary of Valeant mergers and acquisition activities<\/figcaption><\/figure>\n

:<\/p>\n

[1] \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 “Valeant Pharmaceuticals International,” 1 December 2015. [Online]. Available: http:\/\/www.valeant.com.<\/p>\n

[2] \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 “Valeant Pharmaceuticals International,” 1 December 2015. [Online]. Available: www.ir.valeant.com.<\/p>\n

[3] \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Valeant Pharmaceuticals, “Valeant: An Enduring Engine for Growth,” 4 December 2015. [Online]. Available: http:\/\/s1.q4cdn.com\/484041954\/files\/doc_presentations\/2014\/20140528_Valeant%20story%20draft%20deckv87.pdf.<\/p>\n

[4] \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Valeant Pharmaceuticals, “2014 Annual Report,” 2014.<\/p>\n

[5] \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 R. Pierson, “TIMELINE-Deals, and doubts, mark Valeant’s acquisition history,” 30 November 2015. [Online]. Available: http:\/\/www.reuters.com\/article\/2015\/10\/26\/valeant-pharmacies-timeline-idUSL1N12N1PL20151026#3cBSKEqM2r1Wg0fY.97.<\/p>\n

[6] \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 J. Nocera, “Is Valeant Pharmaceuticals the Next Enron,” 30 November 2015. [Online]. Available: http:\/\/www.nytimes.com\/2015\/10\/27\/opinion\/is-valeant-pharmaceuticals-the-next-enron.html.<\/p>\n

[7] \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 “Pharmaceutical Companies Buy Rival Drugs, Then Jack up Prices,” 2 December 2015. [Online].<\/p>\n

[8] \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 A. a. T. S. Pollack, “Valeant\u2019s Drug Price Strategy Enriches It, but Infuriates Patients and Lawmakers,” 2 December 2015. [Online]. Available: http:\/\/www.nytimes.com\/2015\/10\/05\/business\/valeants-drug-price-strategy-enriches-it-but-infuriates-patients-and-lawmakers.html?_r=0.<\/p>\n

[9] \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Citron Research, “Why a congressional supoena to Valeant about price gouging on drugs should be granted,” [Online]. Available: http:\/\/www.citronresearch.com\/wp-content\/uploads\/sites\/4\/2015\/09\/valeant-part-1-final.pdf.<\/p>\n

[10] \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Valeant Pharmaceuticals International, “Valeant’s Perspectives on R&D,” 4 December 2015. [Online]. Available: http:\/\/www.valeant.com\/Portals\/25\/PDF\/Valeant’s-Perspectives-on-RandD.pdf.<\/p>\n

[11] \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 E. Silverman, “The Valeant Strategy: A Sustainable Model or a Shell Game?,” The Wall Street Journal, 4 December 2015. [Online]. Available: http:\/\/blogs.wsj.com\/pharmalot\/2014\/06\/11\/the-valeant-strategy-a-sustainable-model-or-a-shell-game\/.<\/p>\n

[12] \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Google Finance, “VRX,” 4 December 2015. [Online]. Available: www.finance.google.com.<\/p>\n

[13] \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 A. R. Sorkin, “Bill Ackman’s Enigmatic Approach to Valeant Pharmaceutical,” 2 December 2015. [Online]. Available: http:\/\/www.nytimes.com\/2015\/11\/10\/business\/dealbook\/ackmans-enigmatic-investment-philosophy.html.<\/p>\n

[14] \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 性视界 Business Review, “The Best-Performing CEOs in the World,” 30 November 2015. [Online]. Available: https:\/\/hbr.org\/2014\/11\/the-best-performing-ceos-in-the-world.<\/p>\n

[15] \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 J. Rockoff, “Law Makers Seek Answers on Valeant’s Price Increases,” 1 December 2015. [Online]. Available: http:\/\/www.wsj.com\/articles\/congressional-democrats-seek-subpoena-of-valeant-over-drug-prices-1443468385.<\/p>\n

[16] \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 C. Harrison, “Valeant Plummets on Allegation of Enron-Like Accounting,” Bloomberg Business, 4 December 2015. [Online]. Available: http:\/\/www.bloomberg.com\/news\/articles\/2015-10-21\/valeant-shares-plummet-as-citron-examines-specialty-pharmacy.<\/p>\n

[17] \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Thompson One, “VRX: Valeant Pharmaceuticals,” 2 December 2015. [Online]. Available: https:\/\/www.thomsonone.com\/.<\/p>\n

[18] \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 J. Ratner, “Debunking six concerns about Valeant Pharmaceuticals International Inc.,” 5 December 2015. [Online]. Available: http:\/\/business.financialpost.com\/investing\/trading-desk\/debunking-6-concerns-about-valeant-pharmaceuticals-international-inc.<\/p>\n

[19] \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 H. a. K. A. Schiller, “Valeant Pharmaceutical International, Inc.,” in JP Morgan Healthcare Conference, 2015.<\/p>\n","protected":false},"excerpt":{"rendered":"

Valeant Pharmaceuticals has introduced a new operating model in R&amp;D based on mergers and premium pricing. 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