Americans 'Hostages' To 'Ransom' Drug Prices, Senators Charge

Drug companies like Turing Pharmaceuticals AG and Valeant Pharmaceuticals International Inc., which have significantly raised the prices of their older, off-patent drugs, were accused on Dec. 9 by lawmakers of holding American patients hostage for ransom – a situation some members of Congress argued needs to be controlled through price regulations, like those used to rein in the railroad, electric utilities and telephone industries.

"This is a market failure, and when there's a market failure, the government has a role in addressing it," insisted...