The CEO of the Philidor, the pharmacy at the center of fraud allegations surrounding Valeant, did this five minute video interview with one of his local Pennsylvania state senators earlier this year.
The interview, posted on Facebook on April 6, is the only interview with Andrew Davenport we can find.
No one had really heard of Philidor before Monday. Valeant then came under fire for its pricing practices and journalists at the New York Times and SIRF started asking questions. Valeant then disclosed its relationship with Philidor to the public.
Then on Wednesday, when a short-selling firm accused Valeant of fraud and the stock really started getting pounded, everyone started trying to understand the connection between Valeant, Philidor and a series of other specialty pharmacies.
Philidor is a “specialty pharmacy,” which sells Valeant’s drugs directly to patients while handling insurance claims on the customers’ behalf. Valeant has also disclosed that it has an option to buy Philidor.
National mail order pharmacy
In this interview, Davenport describes his company as a “national or almost national mail-order pharmacy that provides prescription dispensing services to patients across the country and in addition we provide reimbursement services and help interface with their insurance companies to make sure the cost to them is as little as possible.”
He also said it works with pharmaceutical companies to bring products to market as cheaply as possible and makes it sound like he has a bunch of suppliers. We now know his only supplier is Valeant.
Davenport also sheds light on how fast Philidor has grown. In two years it has gone from nothing to a 600 plus person firm with plans to grow even more.
We don’t know much about Davenport aside from the fact that before he ran Philidor, he designed logos for pharmaceutical companies.
Here is the video: