Tags: martin shkreli | pharma | subpoenaed | congress

Martin Shkreli, Pharma Pinata, Subpoenaed by Congress

Image: Martin Shkreli, Pharma Pinata, Subpoenaed by Congress

Martin Shkreli leaves U.S. Federal Court after his arraignment on charges relating to his management of a hedge fund and a biopharmaceutical company. (REUTERS/Lucas Jackson)

By    |   Thursday, 21 Jan 2016 08:14 AM

Martin Shkreli, the pharmaceutical CEO who made unwanted headlines about price gouging on an HIV drug, has been subpoenaed by Congress to testify about "developments in the prescription drug market."

Shkreli, the former chief executive officer of Turing Pharmaceuticals and KaloBios, was asked to testify in front of the House Committee on Oversight and Reform on Tuesday, said CNN Money.

"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," said U.S. Rep. Elijah Cummings in a statement reported on by Market Watch.com. "He claims publicly that he wants to explain to Congress how drug pricing works. On Tuesday, he will get his chance."

Shkreli invoked the Fifth Amendment in declining to hand over documents subpoenaed by a Senate committee investigating drug-pricing practices, according to the panel's chairwoman Susan Collins, who tweeted about the refusal.


Shkreli posted Twitter messages about the subpoena Wednesday.


Shkreli was criticized in September when Turing Pharmaceuticals raised the price of the HIV drug Daraprim more than 5,000 percent, from $13.50 per pill to $750 per pill, reported CNBC.

He faces criminal and civil charges of fraud for actions he took as head of another firm, Retrophin, according to Market Watch.com. He was arrested in December but was able to get bail with a $45 million E Trade account, said CNN Money.

CNN Money said Shkreli has asked to replace his attorneys and for a two-week delay to prepare for the trial with his new lawyers.

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Martin Shkreli, the pharmaceutical CEO who made unwanted headlines about price gouging on an HIV drug, has been subpoenaed by Congress to testify about "developments in the prescription drug market."
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2016-14-21
Thursday, 21 Jan 2016 08:14 AM
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