Sanders and Cummings Denounce Continued Prescription Drug Price Gouging

[n2doc]

WASHINGTON, Oct. 9 – Sen. Bernie Sanders (I-Vt.) and Rep. Elijah Cummings (D-Md.) issued the following statement after failing to receive a response from Turing Pharmaceuticals explaining why the company dramatically hiked prices overnight on a lifesaving drug:

“Two months ago, former hedge fund manager and Turing CEO Martin Shkreli purchased Daraprim—a drug taken by cancer and AIDS patients—and increased the price 5,000 percent overnight, to $750 per pill.

“After we sent a letter condemning his blatant profiteering, Mr. Shkreli promised the American people that he would lower the price of this drug. However, instead of lowering the price as he promised, Mr. Shkreli hired an army of new Washington lobbyists and lawyers to stem the massive fallout from his actions and to stymie congressional oversight.

“On behalf of the American people, we are sickened by these actions. Mr. Shkreli is holding hostage the patients who rely on this lifesaving medication, as well as the hospitals that administer it, by charging unconscionable prices for a drug on which he has a monopoly—just because he can.”

http://www.sanders.senate.gov/newsroom/press-releases/sanders-and-cummings-denounce-continued-prescription-drug-price-gouging

[erronis]

1. It's pretty obvious that the government no longer has any teeth.

It really used to be that the last thing a businessman (perhaps -woman) wanted was a letter from a regulatory agency and especially not one from a legislator interested in a hearing.

Now it is just "business as usual". Snub your nose at those meddling bureaucrats, hire some good lawyers, engage in delays and obfuscation, buy a few more votes, wait it out, and in the end, pay a pittance on the rewards.

We (gov't) have gotten way too cozy with the slime that is the Romney-style business-thing. Time for a real good cleansing!