‘Aspen Pharmacare discussed destruction of life-saving drugs to drive up prices'

Aspen Pharmacare had discussed destroying its stockpile of life-saving cancer drugs in order to drive up prices by 4000%, according to a report by The Times of London.

This comes after the JSE-listed pharmaceutical company bought the rights to five cancer drugs from GlaxoSmithKline.

The company [Aspen Pharmacare] would have enjoyed a monopoly in the marketplace and was no doubt tempted to use its newly gained power to exploit its customers and reap fabulous returns for its shareholders...

Rob Worthington-Smith, FarSightFirms

FarSightFirms rates the maturity of a company’s leadership based on how it responds to material non-financial issues (material to the medium- to long-term financial sustainability of the company).

It did extensive research into Aspen Pharmacare.

The drug maker also failed to disclose its 2016 €5.2-million Italian competition authority fine for price gouging.

Is Aspen Pharmacare morally bankrupt?

The Money Show’s Bruce Whitfield interviewed Worthington-Smith.

Although Aspen Pharmacare Chairperson Kuseni Dlamini was scheduled to talk to Whitfield he decided not to come on the show when he heard what the topic of conversation was.

Listen to the interview in the audio below (and/or scroll down for quotes from it).

They [Aspen Pharmacare] make fluffy statements about caring for customers…

Rob Worthington-Smith, FarSightFirms

You can’t be cheating the marketplace.

Rob Worthington-Smith, FarSightFirms

There isn’t evidence of a moral code.

Rob Worthington-Smith, FarSightFirms

It’s important that companies stand for something.

Rob Worthington-Smith, FarSightFirms

I’d love to think Aspen Pharmacare has a communication problem [instead of an ethics one].

Rob Worthington-Smith, FarSightFirms

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Article brought to us by Old Mutual.

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