Allergan, the pharmaceutical company best known for making Botox, pledged Tuesday morning to limit annual price increases on its drugs and to stop hiking prices on medicines right before their patents expire.
In the announcement published on the company's website, Allergan chief executive Brent Saunders said the company will limit price hikes to once a year and each increase will be no more than a single-digit percentage.
Saunders said Allergan will price its products based at or below their value to patients, based on how much the drugs improve their quality of life and how well they work compared to other drugs. He added that the company will also disclose how prices are affecting the growth of its business at least once a year.
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