Valeant Pharmaceuticals and Turing Pharmaceuticals said to have put profits ahead of patients

Valeant Pharmaceuticals International and Turing Pharmaceuticals AG, both under congressional investigation in the US over drug price increases, were focused on making money before helping patients, according to members of Congress.

“Very good. Nice work as usual. $1bn here we come,” said former Turing chief executive Martin Shkreli in an email to the chairman of Turing’s board of directors on May 27, after the firm had made progress toward acquiring Daraprim, according to a memo from House Oversight and Government Reform Committee Democrats, led by Representative Elijah Cummings.

Turing Pharmaceuticals raised the price of a lifesaving drug by 5,000% and drove up some patient payments to as high as $16,000,