WASHINGTON — A Senate committee has launched an investigation into exorbitant drug price hikes by Turing Pharmaceuticals and three other companies, responding to public anxiety over rising prices for critical medicines.
The Senate’s special committee on aging requested documents and information Wednesday from Turing, Valeant Pharmaceuticals and two other drugmakers already under scrutiny for recent price spikes.
Notably, the senators called for a face-to-face meeting with Turing Pharmaceuticals CEO Martin Shkreli, “as soon as it is practicable.” A former hedge fund manager, Shkreli has become the face of the pricing controversy, after his company raised the price of the anti-infection drug Daraprim by more than 5,000 percent. The drug, which Turing acquired in August, is the only U.S.-approved treatment for a parasitic infection that can affect pregnant women and HIV patients.
Turing said in a statement: “We are reviewing the committee’s request and, as we have and continue to do with similar congressional inquiries, we look forward to having an open and honest dialogue about drug pricing.”
Sens. Susan Collins, R-Maine, and Claire McCaskill, D-Missouri, said a hearing on the issue is tentatively set for Dec. 9. Collins chairs the aging committee and McCaskill is its top Democrat.
“We need to get to the bottom of why we’re seeing huge spikes in drug prices that seemingly have no relationship to research and development costs,” said McCaskill, in a statement.
The Senate aging committee was initially formed to oversee Social Security, Medicare and other programs for seniors. It has no authority to write laws but often investigates industries that prey on seniors.
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