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Hedge fund manager raise price of drug to treat HIV 5000%



Hamilton

Well-known member
NSC Licker Extraordinaire
Jul 7, 2003
12,364
Brighton
Nice little worm...

http://www.bbc.co.uk/news/world-us-canada-34320413

and also this from an online reporter...

In a moment of candor no doubt brought on by some personal animosity, Martin Shkreli let down his guard on Sunday and told me exactly why he hiked the price of a 62-year-old drug by more than 5000%.

"It's a great business decision that also benefits all of our stakeholders," Shkreli told me on Twitter. "I don't expect the likes of you to process that." He then called me a moron, and later bragged about flipping off the media.

So there you have it. The unvarnished truth. It was a business decision. It was about money. And screw you.

http://www.fiercebiotech.com/story/should-martin-shkreli-be-allowed-play-good-samaritan/2015-09-22
 

TomandJerry

Well-known member
Oct 1, 2013
11,345
"After Turing's acquisition,*a dose of Daraprim in the US increased from $13.50 (£8.70) to $750.

The pill costs about $1 to produce"

What a ****
 

BHAFC_Pandapops

Citation Needed
Feb 16, 2011
2,844
It's absolutely obscene.
 

Westdene Seagull

aka Cap'n Carl Firecrotch
NSC Licker Extraordinaire
Oct 27, 2003
20,923
The arse end of Hangleton
You do find yourself hoping he gets some painful deadly incurable illness.
 


Frutos

.
Helpful Moderator
NSC Licker Extraordinaire
May 3, 2006
35,477
Northumberland
There is some sad irony in his company being called Turing Pharmaceuticals.

What a ****
 




The Rivet

Well-known member
Aug 9, 2011
4,512
Someday decisions like this, that affect people directly will end in death. One wonders if that death maybe this horrible little mans. In whatever way.........(cough)
 


Simster

"the man's an arse"
Jul 7, 2003
54,093
Surrey
In fairness, that is only part of the story as the whole of this interview will show:

http://www.bloomberg.com/news/videos/2015-09-21/why-turing-increased-price-of-daraprim-over-500-

1) The costs are far higher than the $13.50 price suggested. It does sound like that could never have made money.
2) Even with this markup, half of the drug is given away for $1.
3) If patients can't afford it, they'll give it away for free. Even while in dispute with insurers, they are committed to ensuring patients receive the drug.

It seems to me they are targeting insurers who they feel have been getting this drug on the cheap. Besides which, it won't be long before generic versions of this drug are on the market.


So it's still repugnant, but not quite as repugnant as simply saying they want 5000% more. And you can bet your arse that this commitment to giving half their drugs away for free doesn't extend to markets that can do little damage to his hedge fund.
 

beorhthelm

A. Virgo, Football Genius
Jul 21, 2003
35,238
the drug went off patent before the chap was even born, so theres a bit more to this story. as i can see it, he's brought the US marketing rights to a drug that doesnt have much market, but does have a market in the lucrative HIV area, so he's milking it. one should wonder why its $13 in the first place, this story says more about the wierdness of the pharma business and especially the US healthcare system than one overprice drug.
 


Acker79

Well-known member
NSC Licker Extraordinaire
Nov 15, 2008
31,743
Brighton
There's a west wing quote, I can't remember it word for word, but it goes along the lines of 'actually, the second drug costs a dollar to produce, the first one took millions of dollars and years of research to produce' that gives a bit more perspective to the "it costs a dollar to produce" argument. Not that it explains the larger mark up.


But it seems this isn't the only questionable thing this guy has done.

http://gawker.com/lawsuit-scumbag-pharma-price-gouger-stalked-and-harass-1732357240

Even before he earned national infamy for jacking up the price of life-saving cancer and HIV meds and then being a general shit about it on Twitter, Turing Pharmaceuticals CEO Martin Shkreli was working hard on a toxic reputation. Court documents show Shkreli’s disturbing history of tormenting the wife and daughters of a business foe.​
 

Peteinblack

Well-known member
NSC Licker Extraordinaire
Jun 3, 2004
3,571
Bath, Somerset.
Tut tut! What's with all this Leftie Corbynite politics of envy on this thread - shouldn't we be praising wealth-creating entrepreneurs like this as a role model to those with aspirations and ambition? :wink:
 

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