{"id":47460,"date":"2016-02-04T22:55:37","date_gmt":"2016-02-04T20:55:37","guid":{"rendered":"http:\/\/www.arabtelegraph.com\/?p=47460"},"modified":"2016-02-04T22:55:37","modified_gmt":"2016-02-04T20:55:37","slug":"pharma-ceo-shkreli-takes-5th-amendment-still-infuriates","status":"publish","type":"post","link":"https:\/\/www.arabtelegraph.com\/?p=47460","title":{"rendered":"Pharma CEO Shkreli takes 5th amendment, still infuriates"},"content":{"rendered":"

Pharmaceutical chief Martin Shkreli refused to testify Thursday in an appearance before U.S. lawmakers over severe hikes for a drug sold by a company that he acquired, yet even without answering questions, managed to leave them infuriated.<\/strong><\/p>\n

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Shkreli appeared to smirk throughout his hour-long appearance, and moments afterward, insulting tweets began to appear under his official account calling the lawmakers \u201cimbeciles.\u201d<\/p>\n

Shkreli, widely scorned for hiking the price of a long-established and potentially lifesaving drug by more than 5,000 percent, exercised his Fifth Amendment right against self-incrimination when he went before the House Oversight and Government Reform Committee.<\/p>\n

Four times the brash entrepreneur and former hedge fund manager \u2013 who has been unapologetic about the price hikes, intoned before the committee, \u201cOn the advice of counsel I invoke my Fifth amendment privilege against self-incrimination and respectfully decline to answer your question.\u201d<\/p>\n

Lawmakers erupted in fury. Rep. Elijah Cummings of Maryland, the top Democrat on the committee, told the 32-year-old Shkreli to wipe the smirk off his face.<\/p>\n

\u201cI call this money blood money \u2026 coming out of the pockets of hardworking Americans,\u201d he said, as Shkreli sat through the lecture. \u201cI know you are smiling, but I am very serious, sir,\u201d Cummings said. \u201cI truly believe you can become a force of tremendous good. All I ask is that you reflect on it. No, I don\u2019t ask, I beg that you reflect on it. \u201c<\/p>\n

Shkreli was dismissed less than an hour into the hearing, but not before Chairman Rep. Jason Chaffetz, R-Utah. shouted down a request by Shkreli\u2019s attorney to speak. Lawmakers, instead, took turns denouncing his conduct and attitude.<\/p>\n

Minutes after Shkreli walked out of the room on his official Twitter account appeared the message, \u201cHard to accept that these imbeciles represent the people in our government.\u201d<\/p>\n

It could not immediately be confirmed if those tweets were written by Shkreli.<\/p>\n

Cummings, attributing them to Shkreli, boiled over. \u201cThere are very real issues for people with compromised immune systems,\u201d he thundered as he asked Turing executive Nancy Retzlaff to interpret the messages on Shkreli\u2019s Twitter account.<\/p>\n

Shkreli faces separate criminal charges of securities fraud in connection with another drug company he owned<\/p>\n

The lawmakers had summoned him to answer for the decision that made him infamous: raising the price for Daraprim, the only approved drug for a rare and sometimes deadly parasitic infection.<\/p>\n

Shkreli, who pleaded not guilty after his arrest in December in New York, has been out on $5 million bail. He walked into the packed hearing room well before the session began and met the crush of cameras. Even a few members of the House panel were swept up in the curiosity and snapped Shkreli\u2019s photo on their cellphones.<\/p>\n

Also appearing before the lawmakers was Turing\u2019s chief commercial officer and the interim CEO of Canada\u2019s largest drugmaker, Valeant Pharmaceuticals. Documents from Valeant and Turing show they have made a practice of buying and then dramatically raising prices for, low-cost drugs given to patients with life-threatening conditions including heart disease, AIDS and cancer, according to excerpts released this week by the House panel.<\/p>\n

The two companies\u2019 executives insisted they were committed to ensuring that cost isn\u2019t a deterrent for patients who need the drugs.<\/p>\n

With Shkreli mum, it was up to Retzlaff to defend the Daraprim price rise. She said about 3,000 people are treated by Daraprim, and only 25 percent are covered by commercial insurance. She added that the overall impact of the drug on the budget of commercial health plans \u201cis very, very small.\u201d<\/p>\n

Documents show how executives at both companies planned to maximize profits while fending off negative publicity over the price hikes.<\/p>\n

Presentations by Turing executives, part of the trove of documents obtained by the panel., show that as early as last May, the company planned to turn Daraprim into a $200-million-a-year drug by dramatically increasing its price. Turing bought the 60-year-old drug from Impax Laboratories in August for $55 million and swiftly raised its price.<\/p>\n

Shkreli said in an email to one contact: \u201cWe raised the price from $1,700 per bottle to $75,000. Should be a very handsome investment for all of us.\u201d<\/p>\n

But anticipating a possible backlash, the company warned in an internal memo that advocates for HIV patients might react to the price hike.<\/p>\n

Valeant likewise identified revenue goals first and then used drug prices to reach them, committee staff said in a memo. It said Valeant believed it could repeatedly raise the prices of Nitropress and Isuprel without repercussions because they\u2019re administered by hospitals, which are less price-sensitive than consumers.<\/p>\n

Valeant used patient assistance programs to distrthat act attention and justify its price hikes, according to the memo.<\/p>\n

\nRead more here: http:\/\/www.star-telegram.com\/news\/nation-world\/national\/article58440763.html#storylink=cpy<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Pharmaceutical chief Martin Shkreli refused to testify Thursday in an appearance before U.S. lawmakers over severe hikes for a drug sold by a company that he acquired, yet even without answering questions, managed to leave them infuriated. Shkreli appeared to smirk throughout his hour-long appearance, and moments afterward, insulting tweets began to appear under his …<\/p>\n","protected":false},"author":3,"featured_media":47463,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[36],"tags":[],"class_list":["post-47460","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-te-public"],"yoast_head":"\nPharma CEO Shkreli takes 5th amendment, still infuriates - Arab Telegraph<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.arabtelegraph.com\/?p=47460\" \/>\n<meta property=\"og:locale\" content=\"ar_AR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pharma CEO Shkreli takes 5th amendment, still infuriates - Arab Telegraph\" \/>\n<meta property=\"og:description\" content=\"Pharmaceutical chief Martin Shkreli refused to testify Thursday in an appearance before U.S. lawmakers over severe hikes for a drug sold by a company that he acquired, yet even without answering questions, managed to leave them infuriated. 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