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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: billackman; congress; covidstooges; genderdysphoria; greenmail; herbalife; homosexualagenda; jcpenney; martinshkreli; pershingsquare; valeant; williamackman
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To: cornelis

I think I’ll watch The Majestic again tonight.


21 posted on 02/04/2016 12:07:25 PM PST by cuban leaf (The US will not survive the obama presidency. The world may not either.)
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To: SeekAndFind

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

And Cummings has no responsibility for causing drug prices to rise. How about unreasonable regulations and Medicaid forcing pharmacies ( & drug companies) to accept less than what the drugs cost. Some of the Medicaid (WELFARE) recipients aren’t even willing to pay the 50 cents co-pay they are supposed to pay. They want if for FREE!


22 posted on 02/04/2016 12:10:37 PM PST by kcvl
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To: AppyPappy

I got your and discovered black cherry juice, then the same thing in concentrated pills. I no longer have any gout symptoms and haven’t for months. I only take the pills if I feel a bit of big toe pain coming on.$6 for a one years supply if I take them every day.

Drugs are mostly a scam.


23 posted on 02/04/2016 12:11:59 PM PST by cuban leaf (The US will not survive the obama presidency. The world may not either.)
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To: cornelis

Love it that he has the sack to laugh at the clowns that make his profit margin look like peanuts.


24 posted on 02/04/2016 12:22:03 PM PST by Cyman
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To: Wilderness Conservative

yah, I’m conflicted on this one. He is a real jerk, but I would love the chance to sit in front of congress and treat them with the contempt they deserve.


25 posted on 02/04/2016 12:58:30 PM PST by cbvanb
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To: SeekAndFind

While Congress is laughable, this guy is a self-glorifying sociopath with a whale-sized ego.


26 posted on 02/04/2016 2:12:01 PM PST by Pearls Before Swine
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To: SeekAndFind

He probably just earned nomination as Clinton’s Sec of HHS.


27 posted on 02/04/2016 8:06:20 PM PST by Some Fat Guy in L.A. (Still bitterly clinging to rational thought despite it's unfashionability)
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To: Mears

I pretty much agree. He can set any price he desires for drugs that the company owns. If they don’t like this method....they’d have to create some national board to control prices, and you’d just bribe members of the board to allow for more inflated prices.

I sat and watched the testimony episode for twenty minutes....just laughing over the guy and his act.


28 posted on 02/05/2016 1:23:06 AM PST by pepsionice
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To: SeekAndFind

The idiots in Congress need to change the absurd IP laws. Problem instantly solved. But they would rather grandstand in defense of the poor and dying and threaten communist price controls which would create real shortages.


29 posted on 02/05/2016 2:01:10 AM PST by Theophilus (The GOPe are dealers. The Marxist Democrats are duelists.)
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To: Trapped Behind Enemy Lines

More grandstanding as we head for single payer- you think healthcare is expensive now- wait until the govt runs it


30 posted on 02/05/2016 2:15:28 AM PST by Nailbiter
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