Pershing Square Activist Presentation Deck
Valeant's Specialty Pharmacy Strategy Cuts Out
the Wholesaler & Improves Patient Access
► Payors/PBMs attempt to influence drug utilization to their benefit (tiered formulary co-pays, prior-
authorizations, exclusion lists, etc.)
► Drug companies attempt to maintain patient access to physician-prescribed branded drugs
►Specialty pharmacies offer services to improve patient access, including drug dispensing, claims
adjudication, coverage status determination, therapy monitoring/adherence, co-pay assistance, etc...
Specialty pharmacies bring the manufacturer closer to the patient:
Standard US Drug Supply Chain
VRX's Specialty Pharmacy Supply Chain
Co-Pay
Support(¹)
Pharmaceutical
Company
Wholesale /
Distributor
Retail
Pharmacy
Patient/
Consumer
Pharmacy Benefits
Manager (PBM)
Employer Plan /
Health Insurer
Pharmaceutical
Company
Co-Pay
Support (1)
Product
Payment
Source: Wall Street research.
(1): This is explicitly prohibited for patients seeking reimbursement from any federal or state health care programs.
Commercial
Agreement
Specialty
Pharmacy
↓↑
Patient /
Consumer
Claims Adjudication
Reimbursement Risk
Pharmacy Benefits
Manager (PBM)
Employer Plan /
Health Insurer
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