Congressional Memo Details Pricing Practices of Turing, Valeant

Turing Pharmaceuticals and Valeant Pharmaceuticals lined “their pockets at the expense of some of the most vulnerable families in our nation,” House Oversight Committee Ranking Member Elijah Cummings (D-Md.) says in a memo to committee members.

Cummings’ memo was unveiled after the companies submitted pricing information to the committee that revealed that former Turing CEO Martin Shkreli expected to increase revenues from Daraprim from less than $10 million to several hundred million per year. The memo came ahead of a House Oversight hearing on prescription drug prices.

Last year, Shkreli was reviled for raising the price of Daraprim from $13.50 a tablet to $750 a tablet. Cummings says that Shkreli “exploited [Turing’s] existing monopoly before any competitors could enter the market.”

Read the memo on Turing here: www.fdanews.com/02-02-16-TuringMemo.pdf and the memo on Valeant here: www.fdanews.com/02-02-16-ValeantMemo.pdf.