Valeant faces PhRMA attack, will discuss fraud allegation

PhRMA posted an Valeant Pharmaceuticals International Inc. (TSX:VRX; NYSE:VRX), saying the company's "strategy is more reflective of a hedge fund than an innovative biopharmaceutical company." The article, by PhRMA SVP of Communications Robert Zirkelbach, contrasted Valeant's business model with those of the "vast majority of innovative biopharmaceutical companies that invest a significant share of their revenues into developing new treatments and cures for patients."

Zirkelbach wrote that while PhRMA member companies invest an average of 20% of total revenue on R&D, Valeant invests less than 3% on average. ...