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Drug price hearing drama

Thursday, February 04, 2016 - 01:22

Former drug executive Martin Shkreli laughed off questions at a congressional hearing on drug price increases, then mocked lawmakers on Twitter. Bobbi Rebell reports.

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Former Turing Pharmaceuticals CEO Martin Shkreli repeatedly declined to answer questions at a congressional hearing on skyrocketing drug prices. He invoked his Fifth Amendment right against self-incrimination when questioned about hiking the price of 62-year-old drug Daraprim by 5,000 percent. After leaving the hearing, he tweeted: "Hard to accept that these imbeciles represent the people in our government." Shkreli's testimony took the spotlight away from Howard Schiller, the interim CEO of another company that has hiked prices, Valeant. SOUNDBITE: HOWARD SCHILLER, INTERIM CEO, VALEANT, (ENGLISH) SAYING: "We made a lot of mistakes. In the past, we have looked for situations with older drugs where there wasn't generic competition where we could increase revenue by increasing price. You should not expect that those are opportunities that we would be looking for in the future. " While it's not illegal to raise prices, lawmakers' outrage could bring change. Yevgeniy Feyman, deputy director of the Manhattan Institute: SOUNDBITE: YEVGENIY FEYMAN DEPUTY DIRECTOR, MANHATTAN INSTITUTE, (ENGLISH) SAYING; "We are likely going to see some kind of legislation, hopefully, one that focuses specifically on single source generic drugs, like Daraprim, that have this small market, and are generic, that does something to make it a little harder to raise the price." Shkreli will likely face more questions in the future. The Federal Trade Commission and the New York attorney general are investigating Turing for possible antitrust violations.

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Drug price hearing drama

Thursday, February 04, 2016 - 01:22