Congress Unites In Scorn For Shkreli, But Gridlock Remains

WASHINGTON (AP) — A smirking Martin Shkreli briefly united Democrats and Republicans on Capitol Hill this week, as lawmakers took turns blasting the price-hiking former CEO who has become the new poster child for corporate greed. [...] the gridlocked state of Congress virtually assures federal efforts to lower drug prices will remain in limbo for years. [...] even then, experts warn that the options available to Congress would not stop companies like Turing Pharmaceuticals, where Shkreli engineered a 5000 percent price increase of a critical anti-infection drug. Concerns about sky-high drug prices have been building for years but boiled over this fall after stories about Turing and Canadian drugmaker, Valeant Pharmaceuticals, hiking prices for previously low-priced medicines given to patients with heart problems and other life-threatening conditions. [...] while congressional scrutiny has weighed on pharmaceutical stocks, including Valeant's, industry analysts have repeatedly reminded investors that the chances for real action to curb prices is low. "Congressional Republicans, the majority in both houses of Congress, oppose regulating drug pricing and will stop all attempts by congressional Democrats to do so," Evercore ISI analyst Terry Haines advised clients, in a recent note.

 

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