Martin Shkreli subpoenaed over drug price hikes

Martin Shkreli, Turing Pharmaceutical, Daraprim, Arrested, Fraud
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The House Oversight Committee has issued a subpoena to the price-hiking former pharmaceutical executive Martin Shkreli, who has fueled a national firestorm over drug costs.

{mosads}The 32-year-old entrepreneur, who lit up social media as the much-hated “Pharma Bro,” has been ordered to appear at a hearing next Tuesday, a committee spokeswoman confirmed Wednesday.

Shkreli rose to national prominence after he was featured in a front-page New York Times story for raising up the cost of a life-saving drug by more than 5,000 percent overnight. The same outlet first reported on Wednesday that he received the subpoena. 

“I have been trying for the better part of a year to get information from Martin Shkreli about his outrageous price increases, and he has obstructed our investigation at every turn,” the committee’s top Democrat, Rep. Elijah Cummings (Md.), wrote in a statement. 

The ex-CEO will appear at the hearing alongside a former colleague, Nancy Retzlaff, the chief commercial officer at Turing Pharmaceuticals. Shkreli was forced to step down from his company last month after he was arrested on securities fraud charges.

The committee will also hear from Howard Schiller, the interim CEO of Valeant Pharmaceuticals, another company that has been accusing of price-gouging, according to a Democratic aide.

Janet Woodcock, director of the Food and Drug Administration’s Center for Drug Evaluation and Research, will also testify, along with Mark Merritt, president of the Pharmaceutical Care Management Association.

The committee, led by Chairman Jason Chaffetz (R-Utah), wrote to Shkreli last week demanding a slew of financial data, including the profits that he earned from the drug.

Cummings, a longtime critic of the pharmaceutical industry, wrote in a statement that he promises to demand answers from Shkreli at the hearing.

“He claims publicly that he wants to explain to Congress how drug pricing works,” Cummings said. “On Tuesday, he will get his chance.”

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