Turing Pharmaceuticals CEO Pressed by Lawmakers on Drug Price

Sen. Bernie Sanders and Rep. Elijah Cummings write Turing Pharmaceuticals CEO Martin Shkreli to ask about co.’s price increase, limits on distribution for drug Daraprim, Bloomberg BNA’s Nathaniel Weixel reports.

  • “Dramatic price increase” will affect patients’ ability to buy medicine, lawmakers write in letter
  • Sanders, I-Vt., and Cummings, D-Md., ask for information by Oct. 9, incl. total gross revenues from sales of drug and identity of co. official or officials responsible for setting price
  • NOTE: Daraprim used to treat life-threatening parasitic infection; increase from $13.50 a tablet to $750 a tablet reported yday in New York Times
  • NOTE: Earlier, Democratic presidential candidate Hillary Clinton referred to NYT story when posting Tweet that she plans to lay out plan tmrw to fight “price gouging,” sending biotech stocks down; Sanders also seeking Democratic presidential nomination
  • NOTE: Shkreli is a former hedge fund manager
  • NOTE: Cummings is top Democrat on House Oversight Cmte; Sanders ranking opposition member on Senate subcmte on Primary Health and Aging