The Senate Hearing on Valeant in 3 Minutes

The transcript discusses a company's response to drug pricing issues, including a proposed 30% price reduction to avoid individual negotiations. It highlights the challenges of due diligence in the pharmaceutical industry, especially regarding drug pricing. The speaker, a board member, emphasizes recent changes in the company, such as replacing the CEO and board members, to address these issues. The importance of balancing innovation with fair pricing is stressed, and the company's commitment to social responsibility and maintaining a social contract with patients and doctors is reiterated.

What actions were taken by the board member to address the issues at Valiant?

How does the speaker justify the need for profit in the pharmaceutical industry?