House Committee Grills Valeant, Turing Execs Over Drug Pricing

Democrats and Republicans of the House Oversight Committee took executives of Valeant Pharmaceuticals and Turing Pharmaceuticals to task last week over what members called a strategy of buying old drugs with no generic competition and “jacking up” the prices for profits.

The hearing quickly turned into a circus-like atmosphere, with members taking turns grilling interim Valeant CEO Howard Schiller and Turing Chief Commercial Officer Nancy Retzladd — with phrases like “preposterous” and “despicable” — over the pricing practices of their companies.

Members repeatedly questioned Retzladd over the company’s decision to raise the price of Daraprim from $13.50 a tablet to $750 a tablet — a 5,000 percent increase — despite only “nominal” R&D costs, as the drug has been on the market for years.

Retzladd frequently stated that anyone who needs Daraprim can get it, regardless of his or her ability to pay. She noted the differences between the list and wholesale prices, claiming that two-thirds of the 3,000 patients taking the drug pay only “a penny a pill,” as a result of government assistance.