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Martin Shkreli could not stop laughing during his testimony to Congress
Business Insider ^ | 02/04/2016 | Linette Lopez

Posted on 02/04/2016 11:02:34 AM PST by SeekAndFind

Infamous former Turing CEO Martin Shkreli and Howard Schiller, the interim chief executive of the pharmaceutical company Valeant, just faced Congress.

Legislators on Thursday wanted them to answer for dramatic drug-price increases that affect the lives of Americans.

Shkreli caught national attention when his company purchased a lifesaving drug called Daraprim and then raised the price by over 5,000%.

Wall Street was closely watching Schiller; Valeant's stock was a darling until accusations of malfeasance from a short seller and government scrutiny over pricing chopped off a quarter of its stock price last year.

At the hearing, Rep. Elijah Cummings (D-Maryland) opened by saying, "It's not funny -- people are dying" because drug companies "jacked up" prices.

"These tactics are not limited to a few 'bad apples,'" he said. "They are prominent throughout the entire industry. Lannett, Pfizer, Horizon, Teva, Amphastar, Allergan, Endo -- all of these companies have taken significant price increases on their drugs."

He also submitted letters from Human Rights Campaign, Consumer Union, the American Federation of Teachers, and more, expressing their concern about drug-pricing practices. Cummings also discussed regulation against what he called price gouging.

After Cummings spoke, Schiller took the hot seat. Schiller's prepared remarks are here.

Among his points were:

Valeant paid an outside consultant to determine prices. Valeant passes costs onto hospitals, not patients, and it actually lowers costs for patients through its assistance programs. The FDA should speed up the approval process for generic drugs. And then there's this interesting argument (emphasis ours):

"When these drugs are priced to reflect more closely their true clinical value, the more accurate price signals incentivize generic competition and innovation. Higher prices draw generic competitors into the market, which in turn tends to put significant downward pressure on prices."

(Excerpt) Read more at businessinsider.com ...


TOPICS: Crime/Corruption; Culture/Society; Government; News/Current Events
KEYWORDS: congress; genderdysphoria; herbalife; homosexualagenda; jcpenney; martinshkreli; pershingsquare; valeant; williamackman
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1 posted on 02/04/2016 11:02:34 AM PST by SeekAndFind
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To: SeekAndFind

Absolutely no excuse. Those goons on the podium know how to spend billions too. Birds of a feather.


2 posted on 02/04/2016 11:03:54 AM PST by cornelis
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To: SeekAndFind

I just read an article about him in Vanity Fair.

He’s very smart.but nuts IMHO.

.


3 posted on 02/04/2016 11:08:34 AM PST by Mears
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To: SeekAndFind

He looks disassociated and ridiculous. I’m sure he thinking he’s looking cool and nonchallant.


4 posted on 02/04/2016 11:13:02 AM PST by lee martell
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To: cornelis
During my wife's cancer treatments, she had to have injections of a immune booster drug called Neulasta. We were charged $9713.00 dollars per injection. She had about ten injections.

I questioned the price of this drug to the oncologist. The syringe only had a small amount in it. Can't remember how many milliliters now, but at the time I calculated to an ounce of this drug. I held up a one ounce vanilla extract bottle to my wife and told her that this one ounce of that drug would cost around a million bucks.

This is outrageous. The drug companies always tout...we must pay for the research. I don't believe them. Is it no wonder we now have the ACA.

Doctors over billing the insurance, the insurance bobbing and weaving, hospitals charging exorbitant rates. The whole system is broken. We pay more for Rx drugs in this country than anywhere in the world. Shameful.

5 posted on 02/04/2016 11:13:47 AM PST by servantboy777
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To: cornelis

He has a sure fire out.

Contribute to the Hillawench’s campaign.

After all, we know that the Just0Us Department and it’s Cretin-Clown show NEVER does anything to Democrats.

Resurrect the guillotine now.

And use it!


6 posted on 02/04/2016 11:16:42 AM PST by Da Coyote
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To: SeekAndFind

Slug that his is, laughing at those worthless asshats earns him a few redemption points in my book.


7 posted on 02/04/2016 11:17:52 AM PST by Wilderness Conservative
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To: SeekAndFind

This is a slippery slope. The cost to bring a drug to market is extremely expensive, primarily due to the restrictions placed on drug testing by Federal regulatory agencies. When the patent expires, generic producers move in. The statement that expensive drugs have a generic equivalent coming to the market before less expensive drugs is probably true.

The solution? I don’t know. You need high prices for new drugs to keep the R&D going. However, in a situation like this where a third party buys the company or its patent and jacks the price up by 5000%, I’d think the Sherman Antitrust Act might be used to alter monopolistic pricing practices. The reason being that the original producer of the drug had priced it to recoup the R&D expenses, so those are covered. The new price is predatory and would not prevail in a competitive market.


8 posted on 02/04/2016 11:19:20 AM PST by econjack (I'm not bossy...I just know what you should be doing.)
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To: SeekAndFind
Valeant passes costs onto hospitals, not patients, And just who does the hospital pass these on to? It is a shame a private person and private company is hassled by congress critters who have zero problem spending trillions of tax dollars on government waste and welfare. Regardless of how much he raised prices on these drugs he is still a private entity that can do what he wants.
9 posted on 02/04/2016 11:22:46 AM PST by Organic Panic
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To: SeekAndFind

Nuthin’ but a Balkans scamster running a game on the roobs.

There’s a reason that part of the world is a thug show.


10 posted on 02/04/2016 11:24:55 AM PST by Regulator
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To: Mears

It’s been my studied opinion that there’s a fine line between smart and nuts.

I’m thinkin’ either he’s:
,
1. On one of his own companies meds, or

2. He thinks he’s untouchable


11 posted on 02/04/2016 11:28:38 AM PST by V_TWIN
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To: cornelis

I’d laugh too. Pot, meet kettle.

It’s only legal if it’s the government that does the price gouging.

In the mean time, I have to go sell some $600 hammers and $1200 toilet seats to the military. Your tax dollars at work.


12 posted on 02/04/2016 11:29:05 AM PST by factoryrat (We are the producers, the creators. Grow it, mine it, build it.)
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To: servantboy777

Got one too. I sometimes take Colchrys for gout. $15 for 60 pills until one day I go in and it is $200+ for 30 pills. I didn’t need it so I complained and didn’t fill it. Later the price went back to $15 for 60 pills.


13 posted on 02/04/2016 11:30:10 AM PST by AppyPappy (If you really want to irritate someone, point out something obvious they are trying hard to ignore.)
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To: SeekAndFind

Sticker boy!


14 posted on 02/04/2016 11:30:38 AM PST by DungeonMaster (the devil walks about like a roaring lion, seeking whom he may devour.)
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To: SeekAndFind


15 posted on 02/04/2016 11:34:12 AM PST by JoeProBono (SOME IMAGES MAY BE DISTURBING ’VIEWER DISCRETION IS ADVISED;-{)
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To: SeekAndFind

I saw it. The whole thing was a political stunt and a kangaroo court designed get attention for grandstanding politicians.

If the man is being charged with crimes, let him have his day in court and let a trial by jury decide.


16 posted on 02/04/2016 11:44:02 AM PST by Trapped Behind Enemy Lines
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To: cornelis
At the hearing, Rep. Elijah Cummings (D-Maryland) opened by saying, "It's not funny -- people are dying" because drug companies "jacked up" prices.

I wonder if Rep. Cummings would like to rescind medicinal patents. Ending state approved monopolies would do more to increase production and reduce prices than anything else Congress could do...

17 posted on 02/04/2016 11:44:50 AM PST by Gunslingr3
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To: SeekAndFind

This guy should be Trump’s VP. He can stand up to Congress!!


18 posted on 02/04/2016 11:52:38 AM PST by nickcarraway
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To: servantboy777

i read another article on this that stated drugs are just 10% of the overall cost of healthcare. I know thats no consolation to you and i agree with your sentiment. Still i was stunned at that number. I was in hospital for a week. Bill was like 60k.


19 posted on 02/04/2016 11:54:49 AM PST by wiggen (#JeSuisCharlie)
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To: Wilderness Conservative

Agreed


20 posted on 02/04/2016 12:04:01 PM PST by Jagdgewehr (It will take blood.)
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