Philidor 2.0: Valeant Together With Stephen Rex Play Chess Amongst A Lot Of Pharmacies
Valeant (VRX:NYSE) has managed the improbable.
We are simply playing amongst i State here.
There are pharmacies inward other states. And they are all nosotros intend related to Valeant.
But hither is the gem. The registration of faux pharmacies continued AFTER Philidor was exposed together with subsequently Valeant said that they would halt doing work organisation amongst Philidor.
And the people on registration documents are also frequently on the pay ringlet of Valeant (not Philidor).
I promise the longs tin explicate that inconvenient fact away - because it is non obvious how yous create that.
John
It sells
(a). Generic drugs frequently amongst closed substitutes,
(b). It has raised their prices sometimes to absurd levels ($1000 acne antibiotics amongst total generic substitutes is an example)
(c). It claims to enhance volumes of these products.
I telephone cry upwards this the improbable trio. It seems improbable that a companionship could create this. Not impossible, simply improbable.
The flim-flam it appears is reliance on non-traditional distribution models.
The size of non-traditional channels
Valeant's non-traditional channels are rattling large. During the dispute betwixt Allergan together with Valeant Allergan noted that the IMS sales information for Valeant products was crappy.
Valeant responded that IMS information was unreliable for Valeant. To quote:
United States of America IMS information volition embrace less than 30% of Valeant’s work organisation and, for that part of Valeant’s work organisation IMS covers, the IMS information volition non properly collect sales through a numbers of channels (e.g., specialty pharmacy, physician dispensed sales, corporate accounts, together with choice fulfillment).
The non-traditional distribution methods are hugely of import inward Valeant.
The Philidor allegation
The Philidor allegation is that Valeant [through undisclosed proxies] established or owned pharmacies (such every bit R&O inward California) together with used their chemist's shop numbers to deceive insurance companies into believing that scripts for expensive drugs amongst generic substitutes were beingness presented at smaller suburban pharmacies rather than at a Valeant captive pharmacy.
Bloomberg has reported for representative that Philidor staff routinely wrote "dispense every bit written" on scripts to preclude generic substitution. [This is fraud.]
If yet they seat all those scripts through i Valeant associated chemist's shop the insurance companies would wise up.
So they seat the scripts through multiple pharmacies - deceiving the insurance companies into non checking for the fraud.
How many pharmacies?
One of the games nosotros receive got been playing is spot-the-Valeant proxy pharmacy.
We know pharmacies exterior the Philidor web: the proxy captive pharmacies extend beyond Philidor.
But the scale of Philidor problems is non widely understood together with has non been disclosed to the market. I dubiety Mr Ackman would receive got adopted his Martingale strategy had he fully understood.
So lets start.
All these pharmacies were registered inward Delaware. Many are named subsequently chess terms (as are many previously disclosed Philidor entities) but nosotros are also noting a distinct Stephen King theme.
We know pharmacies exterior the Philidor web: the proxy captive pharmacies extend beyond Philidor.
But the scale of Philidor problems is non widely understood together with has non been disclosed to the market. I dubiety Mr Ackman would receive got adopted his Martingale strategy had he fully understood.
So lets start.
All these pharmacies were registered inward Delaware. Many are named subsequently chess terms (as are many previously disclosed Philidor entities) but nosotros are also noting a distinct Stephen King theme.
This should maintain the fraud investigators for diverse insurance companies busy. I suspect this volition also boot the bucket added to the listing of things Congress is investigating.
Entity | State | Entity ID | Registered Agent | Notes |
Fifty Moves, LLC | DE | 5640758 | Corporation Service Company | Chess term: Fifty Move Rule |
ELO Pharmacy, LLC | DE | 5762328 | Corporation Trust Company | Chess term: ELO ranking system |
C-K Pharmacies, LLC | DE | 5762330 | Corporation Trust Company | Chess term: The Caro-Kahn defence |
Tarrasch Pharmacy Holdings, LLC | DE | 5762881 | Corporation Trust Company | Chess term: Tarrasch was a neat player |
NC3 Pharmacy, LLC | DE | 5770687 | Corporation Service Company | Chess term: The rarely used Dunst Opening |
Lasker Pharmacies, LLC | DE | 5770702 | Corporation Service Company | Chess term: After the neat part instrumentalist together with theorist Emmanuel Lasker. |
B&W Pharmacies, LLC | DE | 5770706 | Corporation Service Company | Black together with White: the green colours of chess pieces. |
NC3 Pharmacy Holdings, LLC | DE | 5770708 | Corporation Service Company | Another Dunst Opening reference |
Knight & Knight Pharmacies, LLC | DE | 5770718 | Corporation Service Company | Chess Knights I presume. |
First Rank Pharmacies, LLC | DE | 5770741 | Corporation Service Company | Another entity is called "Back Rank: to a greater extent than or less other chess term. |
Forsta, LLC | DE | 5774549 | A Registered Agent, Inc. | Entity yesteryear same advert sought wholesale chemist's shop registration inward AZ amongst Gary Tanner (Owner) together with Jacob Power (Pharmacist-in-Charge), both ex-Philidor/VRX |
Charmberlain Pharmacy, LLC | DE | 5775980 | Corporation Service Company | Named for a favourite Stephen King location... |
Mears Pharmacy, LLC | DE | 5775991 | Corporation Service Company | Named for a repeated Stephen King character... |
Marsten House Pharmacy, LLC | DE | 5775997 | Corporation Service Company | Named for a key place inward Salem's Lot. Notably a symbol of evil. |
Torrance Pharmacy, LLC | DE | 5776000 | Corporation Service Company | Named for key characters inward The Shining. |
Overlook Pharmacy, LLC | DE | 5776004 | Corporation Service Company | The Hotel inward The Shining. |
Topiary Pharmacy, LLC | DE | 5776008 | Corporation Service Company | Topiary animals inward The Shining. |
Hallorann Pharmacy, LLC | DE | 5776022 | Corporation Service Company | Named for the chef at the Overlook Hotel inward The Shining. |
Decker Pharmacy, LLC | DE | 5776025 | Corporation Service Company | Possibly named for another Stephen King character... |
Twinner's Pharmacy, LLC | DE | 5776026 | Corporation Service Company | Named for Stephen King's repeated doppleganger meme. |
Parkus Pharmacy, LLC | DE | 5776027 | Corporation Service Company | A Stephen King grapheme inward The Talisman. |
Halleck's Pharmacy, LLC | DE | 5776029 | Corporation Service Company | Named for to a greater extent than or less other major Stephen King Character. |
Flagg Pharmacy, LLC | DE | 5776032 | Corporation Service Company | Randall Flagg is a major Stephen King Character |
Derry Pharmacy, LLC | DE | 5776033 | Derry is a repeated place inward Stephen King novels. | |
Pennywise Pharmacy, LLC | DE | 5776037 | Corporation Service Company | Pennywise the Clown is a recurring Stephen King character. |
Plymouth Pharmacy, LLC | DE | 5776038 | Corporation Service Company | The iconic Stephen King car inward The Shining together with others was a Plymouth. |
Hanscom Pharmacy, LLC | DE | 5776039 | Corporation Service Company | From Ben Hanscom, a Stephen King character |
Trips Pharmacy, LLC | DE | 5776042 | Corporation Service Company | From Captain Trips, a virus that exterminates nigh the human population inward The Stand, a Stephen King novel. |
Delain Pharmacy, LLC | DE | 5776044 | Corporation Service Company | From Delain, a mythical Stephen King domain. |
Creed Pharmacy, LLC | DE | 5776045 | Corporation Service Company | From Louis Creed, the principal grapheme inward a Stephen King novel. |
Odetta Pharmacy, LLC | DE | 5776046 | Corporation Service Company | From Odetta Holmes, a recurring Stephen King character |
Hemingford Pharmacy, LLC | DE | 5776047 | Corporation Service Company | From Hemingford Home, a Stephen King location. |
Ludlow Pharmacy, LLC | DE | 5776048 | Corporation Service Company | From Ludlow Maine, a Stephen King location. |
Crandall Pharmacy, LLC | DE | 5776050 | Corporation Service Company | From Jud Crandall, a Stephen King character. |
Sheldon Pharmacy, LLC | DE | 5776053 | Corporation Service Company | From Paul Sheldon, a major Stephen King character. |
Freemantle Pharmacy, LLC | DE | 5776054 | Corporation Service Company | From Abagail Freemantle, a major Stephen King character. |
Revlowe Pharmacy, LLC | DE | 5776055 | Corporation Service Company | Presumably from the Reverend Lowe inward the Cycle of the Werewolf. |
French Landing Pharmacy, LLC | DE | 5776058 | Corporation Service Company | The place inward Black House, a Stephen King novel. |
Wilkes Pharmacy, LLC | DE | 5776059 | Corporation Service Company | From Annie Wilkes, a Stephen King character. |
Henreid Pharmacy, LLC | DE | 5776060 | Corporation Service Company | Possibly from Lloyd Henreid, a tike Stephen King character. |
Beaumont Pharmacy, LLC | DE | 5776062 | Corporation Service Company | From Thaddeus Beaumont, to a greater extent than or less other Stephen King character. |
Sawyer's Pharmacy, LLC | DE | 5776064 | Corporation Service Company | From Jack Sawyer, to a greater extent than or less other Stephen King character. |
DH Stark Pharmacy, LLC | DE | 5776065 | Corporation Service Company | Possibly brusk for Dark Half from the novel of the same title. George Stark is the major character. |
Shardik Pharmacy, LLC | DE | 5776066 | Corporation Service Company | Shardik is i of the twelve guardians of the Beams that agree upwards the Dark Tower (again a Stephen King reference). |
TCM Pharmacy, LLC | DE | 5776067 | Corporation Service Company | We are fairly certain this is associated - but receive got non worked out the link. |
Burlingame Pharmacy, LLC | DE | 5776070 | Corporation Service Company | Jessie Burlingame is a major Stephen King character. |
Lauder & Cross Pharmacy, LLC | DE | 5776071 | Corporation Service Company | Try these names... |
Claiborne Pharmacy, LLC | DE | 5776072 | Corporation Service Company | Dolores Claiborne is a Stephen King novel. |
Edgecombe Pharmacy, LLC | DE | 5776073 | Corporation Service Company | From Paul Edgecombe, who used to run Death Row inward a Stephen King novel. |
Georgia Pines Pharmacy, LLC | DE | 5776074 | Corporation Service Company | Georgia Pines is a retirement domicile inward Stephen King novels. |
Garraty Pharmacy, LLC | DE | 5776075 | Corporation Service Company | From Ray Garraty, to a greater extent than or less other Stephen King character. |
Cold Mountain Pharmacy, LLC | DE | 5776076 | Corporation Service Company | The Cold Mountain Penitentiary is where Paul Edgecomb ran expiry row. |
Coffey's Pharmacy, LLC | DE | 5776078 | Corporation Service Company | John Coffey is to a greater extent than or less other Stephen King character. |
Stillson Pharmacy, LLC | DE | 5776079 | Corporation Service Company | Steve Stillson is the President of the United States of America inward a Stephen King novel. |
Rainbird Pharmacy LLC | DE | 5776080 | Corporation Service Company | John Rainbird is a Vietnam Veteran inward a Stephen King novel. |
Longmont Pharmacy, LLC | DE | 5776083 | Corporation Service Company | Longmont VA is a place inward the Stephen King novel, The Shop. |
Dawes Pharmacy, LLC | DE | 5776086 | Corporation Service Company | Barton George Dawes is to a greater extent than or less other Stephen King character. |
Castle Rock Pharmacy, LLC | DE | 5776088 | Corporation Service Company | Castle Rock Maine is a place of paranormal activity. I approximate similar a Valeant pharmacy. |
The Shop Pharmacy, LLC | DE | 5776089 | Corporation Service Company | The Shop is a hugger-mugger Government Agency inward Stephen King novels. I approximate this is a hugger-mugger Valeant agency. |
Cambers Pharmacy, LLC | DE | 5776096 | Corporation Service Company | Joe Cambers, a Stephen King grapheme runs an auto-repair store inward Castle Rock. Probably to a greater extent than or less other paranormal shop. |
McGee's Pharmacy, LLC | DE | 5776099 | Corporation Service Company | Charlie McGee, a Stephen King character, has pyrokinetic powers - maybe they include ripping off insurance companies. |
Juco Pharmacy, LLC | DE | 5776103 | Corporation Service Company | A nickname for Joe Cambers rabid work solid unit of measurement dog. |
Roland's Pharmacy LLC | DE | 5776108 | Corporation Service Company | Roland Deschain, a major Stephen King character. |
Tower Pharmacy, LLC | DE | 5776110 | Corporation Service Company | Possibly a reference to The Dark Tower, a Stephen King novel. |
Hawkmarten Pharmacy, LLC | DE | 5776111 | Corporation Service Company | We intend this is i of the many aliases of Joe Flagg. Suggestions accepted. |
Carrietta Pharmacy, LLC | DE | 5776115 | Corporation Service Company | The total starting fourth dimension advert of Carrie, of the infamous Stephen King novel. |
PBG RX Pharmacy, LLC | DE | 5794828 | Corporation Service Company | We receive got non found the reference here. The registration details brand us intend it is related. |
Decker Pharmacies, LLC | DE | 5794834 | Corporation Service Company | Another reference to Decker. |
French Landing Pharmacies, LLC | DE | 5794836 | Corporation Service Company | Another reference to French Landing. |
NC3 Pharmacies, LLC | DE | 5794839 | Corporation Service Company | See the inward a higher house chess reference. |
C-K Pharmacy, LLC | DE | 5794840 | Corporation Service Company | See the inward a higher house chess reference. |
ELO Pharmacies, LLC | DE | 5794842 | Corporation Service Company | See the inward a higher house chess reference. |
Roland's Pharmacies, LLC | DE | 5794844 | Corporation Service Company | See the inward a higher house reference to Roland Deschain. |
Hemingford Pharmacies, LLC | DE | 5794849 | Corporation Service Company | See the inward a higher house reference to Hemingford Home |
Flagg Pharmacies, LLC | DE | 5794852 | Corporation Service Company | Joe Flagg again. |
Overlook Pharmacies, LLC | DE | 5794854 | Corporation Service Company | The hotel inward the Shining again. Do nosotros run across a recurring theme. |
Fischer Pharmacy Holdings LLC | DE | 5805160 | Corporation Service Company | Surely a reference to Bobby Fisher, footing Chess Champion |
We are simply playing amongst i State here.
There are pharmacies inward other states. And they are all nosotros intend related to Valeant.
But hither is the gem. The registration of faux pharmacies continued AFTER Philidor was exposed together with subsequently Valeant said that they would halt doing work organisation amongst Philidor.
And the people on registration documents are also frequently on the pay ringlet of Valeant (not Philidor).
I promise the longs tin explicate that inconvenient fact away - because it is non obvious how yous create that.
John
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