Martin Shkreli’s notorious mixture of contempt and bemusement was on full-display at a Congressional hearing over drug prices on Thursday.

The controversial pharmaceutical executive attended the hearing to which he had been subpoenaed but said almost nothing in response to questions about his business practices. Because Shkreli is facing criminal charges of defrauding investors, he invoked his Fifth Amendment right against self-incrimination.

Those charges are not related to his leadership of Turing Pharmaceuticals, the firm that is one of the subjects of a price gouging investigation by Congress, but it was apparently related enough that his attorney advised him to remain silent and Congress has not sought any legal remedy yet to force him to talk.

“I intend to follow the advice of my counsel, not yours,” he said in response to a suggestion from Rep. Trey Gowdy, R-S.C., that his testimony about drug prices would not jeopardize his defense against the criminal charges.

As a result, Shkreli on Thursday served as little more than a smirking target of disgust and derision from members of the House Committee on Oversight and Government Reform.

"Drug company executives are lining their pockets at the expense of some of the most vulnerable families in our nation," said Rep. Elijah Cummings, D-Maryland, the senior Democrat on the committee. "It's not funny, Mr. Shkreli. People are dying and they're getting sicker and sicker."

Cummings later added that he believed Shkreli was in a unique position to do good for Americans, and that he hoped he would seize that opportunity.

Valeant Pharmaceuticals, another company that has purchased the rights of medications and dramatically hiked their prices, expressed far more deference to its critics. CEO Howard Schiller touted the discounts the company has offered providers, insurers and pharmacies. He also called for Congress to change rules so that drug companies would be allowed to help Medicare patients directly with out-of-pocket costs, a practice that is currently prohibited as an illegal kickback.

Above all, Schiller said the company had “made mistakes” with its prices, and that it wouldn’t do so again.

“(W)e’re listening and we’re changing,” he said.

Instant Insights /

Shkreli scorns Congress, but Valeant pledges changes

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