Pfizer Inc. (NYSE:PFE) recently filed a lawsuit against the Texas Health and Human Services Commission (HHSC) on accusations that the latter had revealed its confidential drug pricing information illegally.
According to Pfizer, the Texas HHSC has handed out the company’s private drug pricing information to the Texas Senate Health and Human Services Committee and the Texas Senate Finance Committee. Pfizer argues that the said action is a violation against governing laws.
Furthermore, the pharmaceutical giant claims that Texas HHSC has not asked its permission before releasing the company’s confidential drug pricing information publicly. In line with this, Pfizer hoped that action be taken in order to prevent the same thing from happening again in the future.
Texas HHSC has declined to comment on the matter with its spokesperson noting that it is aware of the lawsuit and will respond at a later time.
Pfizer Inc. (NYSE:PFE) has long been embattled by drug pricing issues. It has always kept drug pricing information secure even from most of its employees. The company believes that it is one of the best ways to maintain a strong position in a highly competitive industry with a number of leading players.
“Small differences in pricing and rebates can make the difference between success and failure,” reiterated Pfizer about the pharmaceutical industry.
Consequently, leaking of drug pricing information can adversely affect the strategy of the company and give its competitors an edge. Moreover, it can also affect low-cost drug deals with government agencies since competitive bidding can become useless with publicized drug pricing details.
Executive Management Announcement
In other news, Anthony Maddaluna, Pfizer Executive Vice President (EVP) and President of Global Supply, has revealed intentions on Monday to retire from Pfizer after more than four decades.
Maddaluna had started working at Pfizer in 1975, holding several key positions before becoming the President of Global Supply five years ago.
Kirsten Lund-Jurgensen, Pfizer VP of Innovative Health Product Portfolio Management and Consumer Operations, will succeed Maddaluna effective December 30. She has been with Pfizer since 1999, initially serving as Pfizer Pharmaceuticals VP of Global Supply Chain Management.
On Monday, Pfizer Inc. (NYSE:PFE) has closed at $31.57.
Note: This article is written by Adam Russell and originally published at Market Exclusive.