Valeant, Turing boosted drug prices to fuel preset profits

Valeant Pharmaceuticals International and Turing Pharmaceuticals increased the prices of newly acquired drugs to meet preset profit targets, congressional investigators wrote in memos that summarized internal company documents they obtained. Executives from both companies are expected to testify Thursday at a hearing of the House Oversight and Government Reform Committee. From 2014 to 2015, Valeant raised the price of more than 20 prescription products by more than 200%, according to the memos. Going forward, Valeant says it expects growth to be driven more by volume than by price.