‘Most hated man in America’ smirks during Congressional hearing on drug costs

Martin Shkreli, the pharmaceutical boss dubbed “the most hated man in America” for increasing the price of an HIV drug by 5,000%, refused to testify on Thursday in an appearance before USA lawmakers who excoriated him over severe hikes for a drug sold by a company that he acquired.

Utah’s Republican Representative Jason Chaffetz asked Shkreli on Thursday.

Rep. Elijah Cummings, a Maryland Democrat, pleaded with Shkreli to reconsider his attitudes toward drug pricing.

As the hearing began, members of Congress launched into fiery lectures directed at Shkreli, whose previous company, Turing Pharmaceuticals, came under scrutiny when it raised the price of Daraprim. “You’re trashing the pharma industry that’s developing a lot of great drugs and researchers that are doing great work”.

Martin Shkreli appeared before Congress to talk about his role in raising the price of a life-saving drug, but he didn’t end up speaking much at all.

In fact, his new lawyer has said he agreed to represent Shkreli on one condition: The 32-year-old had to stop granting interviews with the press.

Gowdy told Shkreli that he’s welcome to wave the Fifth Amendment and answer some questions. To the consternation of lawmakers, Shkreli invoked a U.S. Constitutional clause to avoid self-incrimination called the 5th amendment privilege.Shkreli resigned as CEO of Turing Pharmaceuticals in December, after being arrested and charged with running his former companies like Ponzi schemes, but he denies the securities fraud allegations.

“When all of the facts about Daraprim and Turing are ultimately disclosed, I think everyone will recognize that Mr. Shkreli is not a villain”.

“See there? You can answer some questions”, Gowdy said.

Also testifying at the hearing was Howard Schiller, interim CEO of Valeant Pharmaceuticals; his company raised the prices of nitroprusside (Nitropress) and isoproterenol (Isuprel), two cardiac drugs, by 212% and 525%, respectively.

Brafman, Shkreli’s personal counsel, said that the hearing was “a show” meant to publicly embarrass Shkreli when he could have just sent in a written statement.

Mr Cummings added a few minutes later: “You can go down as the poster boy for greedy drug company executives, or you can change the system”.

Turing’s Nancy Retzlaff defended the Daraprim price rise at the hearing, saying that about 3000 people are treated with Daraprim, and only 25 per cent were covered by commercial insurance. He also revealed that the drug maker would freeze prices on most of its medications.

– AJ+ (@ajplus) February 4, 2016 I had prior counsel produce a memo on facial expressions during congressional testimony if anyone wants to see it. Interesting precedence.

“Martin Shkreli is a very interesting person”, Brafman said.