Valeant Pharmaceuticals International, the company whose enormous price increases on old drugs helped fuel public outrage over high drug costs, is changing its name, the company announced Tuesday. The new name will be Bausch Health Companies, to reflect the company’s better-known and more respected subsidiary, the eye-care company Bausch + Lomb, which it acquired in 2013. The company announced the change, which will take effect in July, as part of its first-quarter earnings. “These qualities form the foundation of who we are today as we continue to build an innovative company striving to improve the health of patients globally,” Papa said in a statement. The name change also comes as a former Valeant executive is on trial in federal court in Manhattan on charges that he defrauded the company through hidden ties to a mail-order company that Valeant used to get around insurers’ efforts to substitute cheap generics for the company’s expensive drugs.

Source: thestar May 08, 2018 16:52 UTC