NEW YORK, Oct. 13, 2015 /PRNewswire/ -- Seeger Weiss LLP is reporting on a potential subpoena of Valeant Pharmaceuticals International. After a drug price hike the company imposed earlier this year, Congressional Democrats are pushing to compel Valeant to furnish documents explaining the price surge and call for Valeant CEO Michael Pearson to testify. The congress members cited the instance when Valeant obtained heart Drugs Nitropress and Isuprel and subsequently increased the drugs' prices by 212 percent and 525 percent. Writing in a letter to the chair of the House's committee on oversight and government reform, representatives said—referencing Valeant Pharmaceuticals and Turing Pharmaceuticals, "Both appear to be engaging in the same business model of acquiring potentially life-saving drugs to maximize their own corporate profits."
The effects of these drug price increases were published by several researchers on April 24, 2015, in Neurology. One of the researchers, Daniel Hartung, discussed the findings in an interview stating that, "Drug companies are essentially given carte blanche to set prices at what they want."
The Democrats wrote they are also seeking the testimony of Turing Pharmaceutical CEO Martin Shkreli. As of now, neither Turing Pharmaceuticals nor Valeant Pharmaceuticals has responded to the letter. Valeant's stock has fallen by more than 15 percent since the letter was written. Currently, it is unclear whether Chairman Elijah Cummings will issue the subpoena.
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SOURCE Seeger Weiss LLP