Rich asshole buys pharmaceutical company, raises drug price from $13.50 to $750 a tablet
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Specialists in infectious disease are protesting a gigantic overnight increase in the price of a 62-year-old drug that is the standard of care for treating a life-threatening parasitic infection.
The drug, called Daraprim, was acquired in August by Turing Pharmaceuticals, a start-up run by a former hedge fund manager. Turing immediately raised the price to $750 a tablet from $13.50, bringing the annual cost of treatment for some patients to hundreds of thousands of dollars.
Although some price increases have been caused by shortages, others have resulted from a business strategy of buying old neglected drugs and turning them into high-priced “specialty drugs.”http://mobile.nytimes.com/2015/09/21/business/a-huge-overnight-increase-in-a-drugs-price-raises-protests.html
Cycloserine, a drug used to treat dangerous multidrug-resistant tuberculosis, was just increased in price to $10,800 for 30 pills from $500 after its acquisition by Rodelis Therapeutics. Scott Spencer, general manager of Rodelis, said the company needed to invest to make sure the supply of the drug remained reliable. He said the company provided the drug free to certain needy patients.
This is what happens when health care and medicine is in the hands of corporations. There has to be a for-profit motive as priority numero uno rather than the health of patients.
There's a handful of free-market ideologues who defend him on twitter, using the ol' tricks, "that's just good business", "research is expensive", etc. It blows my mind. The fucker is actually flaunting wealth on twitter like crazy, this ain't going to research.
People can suffer so much over this. Send him to a gulag.
People can suffer so much over this. Send him to a gulag.
By Gabyskra Go To PostSend him to a gulag.Oh, bb, yes.
The US could do with a plump dollop of Stalinism right now.
The research on the drug was paid for 63-years ago -- twice his current age -- so that line is total bullshit.
By reilo Go To PostThe research on the drug was paid for 63-years ago – twice his current age – so that line is total bullshit.
It's also like the article says. It treats a disease where patients typically aren't really demanding for better therapies. The drug was apparently reliable enough to where it had become the standard first treatment for patients of this specific illness.
So even if the research line wasn't 100% bullshit and they actually were trying to fund development of better treatments, that research and development definitely wouldn't be motivated by consumer demand. Most patients just want the drug to save their lives.
I read this article this morning over coffee and it's not surprising at all. This is what happens when businessmen are allowed to treat people's lives as assets turning healthcare into a tangible commodity.
The key section is:
This drug is in very low demand because this toxoplasmosis is in fact a fairly rare disease.
So basically, if you're unlucky and contract this disease and are a poor, tough shit, you're fucked. You would think there would be laws to prevent shit like this from happening, but then you remember how people actually win elections in this country and it all makes too much sense why this is allowed to continue. I honestly don't blame the kid.
The key section is:
Martin Shkreli, the founder and chief executive of Turing, said that the drug is so rarely used that the impact on the health system would be minuscule and that Turing would use the money it earns to develop better treatments for toxoplasmosis, with fewer side effects.
“This isn’t the greedy drug company trying to gouge patients, it is us trying to stay in business,” Mr. Shkreli said. He said that many patients use the drug for far less than a year and that the price was now more in line with those of other drugs for rare diseases.
“This is still one of the smallest pharmaceutical products in the world,” he said. “It really doesn’t make sense to get any criticism for this.”
This drug is in very low demand because this toxoplasmosis is in fact a fairly rare disease.
So basically, if you're unlucky and contract this disease and are a poor, tough shit, you're fucked. You would think there would be laws to prevent shit like this from happening, but then you remember how people actually win elections in this country and it all makes too much sense why this is allowed to continue. I honestly don't blame the kid.
By GQman2121 Go To PostI read this article this morning over coffee and it's not surprising at all. This is what happens when businessmen are allowed to treat people's lives as assets turning healthcare into a tangible commodity.
The key section is:
This drug is in very low demand because this toxoplasmosis is in fact a fairly rare disease.
So basically, if you're unlucky and contract this disease and are a poor, tough shit, you're fucked. You would think there would be laws prevent shit like this from happening, but then you remember who people actually win elections in this country and it all makes too much sense why this is allowed to continue. I honestly don't blame the kid.
wait really? Price gouging to this level is definitely worthy of blame.
I don't blame Disneyland for charging 3 times the retail price of a bottle of water. I don't blame McDonald's for doubling how much their Big Mac costs inside of a sports arena.
How do you not blame someone who increases the price of a drug by 5000%. The guy's a heartless asshole, and no amount of spin or PR "we'll give it to certain poor people for free" nonsense would change it otherwise. No ones going to care about this company. No ones going to follow up in 5 years to see if the profits really are used for research (if he hasn't already sold company or the patent then). He can literally say ANYTHING to soften the attacks and get a certain piece of the public on his side until the story blows over.
He's the epitome of everything wrong with capitalism
For the record, 30 pills (25mg dose) are sold for 4€ total in Belgium. Found it on 3 different websites.
http://www.pharmaclic.be/pharmacie/daraprim-30-comprimes-x25mg
http://pharmanovea.com/fr/divers/1161-daraprim-compr-30x-25mg.html
http://www.pharmaexpress.be/p/_Daraprim-Comprimes-30-X-25-Mg
Pretty sure french doctors don't like it since I can't find it in pharmacies here.
Anyway, it illustrates what's been my issue with the Affordable Care Act. It does not attack corporate power. It does not regulate pricing, it does not advocate conventions.
I mean, some perspective is needed here. It was already abusive pricing before the crazy bump, now it's criminal.
http://www.pharmaclic.be/pharmacie/daraprim-30-comprimes-x25mg
http://pharmanovea.com/fr/divers/1161-daraprim-compr-30x-25mg.html
http://www.pharmaexpress.be/p/_Daraprim-Comprimes-30-X-25-Mg
Pretty sure french doctors don't like it since I can't find it in pharmacies here.
Anyway, it illustrates what's been my issue with the Affordable Care Act. It does not attack corporate power. It does not regulate pricing, it does not advocate conventions.
I mean, some perspective is needed here. It was already abusive pricing before the crazy bump, now it's criminal.
Of course he's a piece of shit. But he's not the enemy in this situation. He's not breaking any laws. He's just doing as what he's been trained to do his entire adult life.
The law makers and the decision people in DC (basically the whole system as Sanders has been saying) who allow this nonsense to continue are who need to be dealt with. There's more than enough blame to go around. This kid isn't the one to focus on though. He would just be replaced by someone else.
The law makers and the decision people in DC (basically the whole system as Sanders has been saying) who allow this nonsense to continue are who need to be dealt with. There's more than enough blame to go around. This kid isn't the one to focus on though. He would just be replaced by someone else.
By GQman2121 Go To PostOf course he's a piece of shit. But he's not the enemy in this situation. He's not breaking any laws. He's just doing as what he's been trained to do his entire adult life.
The law makers and the decision people in DC (basically the whole system as Sanders has been saying) who allow this nonsense to continue are who need to be dealt with. There's more than enough blame to go around. This kid isn't the one to focus on though. He would just be replaced by someone else.
Well, this wording is better. Yes, focusing on one asshole takes the attention away from the real culprit, the rules of economic power. But he's still an asshole, and his story is telling.
Nah, he's the enemy too. Just because there isn't a law to stop him from being an asshole doesn't change that. I'm more than capable of hating multiple responsible parties.
By GQman2121 Go To PostHe's not breaking any laws.This is really shit ass logic when comes to whether or not something is ethical.
By GQman2121 Go To PostOf course he's a piece of shit. But he's not the enemy in this situation. He's not breaking any laws. He's just doing as what he's been trained to do his entire adult life.
The law makers and the decision people in DC (basically the whole system as Sanders has been saying) who allow this nonsense to continue are who need to be dealt with. There's more than enough blame to go around. This kid isn't the one to focus on though. He would just be replaced by someone else.
I think there's enough room to attack both. The system that incentivizes this sort of thing and the people capable of ignoring basic human empathy(or being whole incapable of it) in order to profit off of such a system. After all the reason capitalist economic systems fail is because people like him exist.
http://www.rawstory.com/2015/09/price-gouging-pharma-bro-under-investigation-for-corporate-looting-fraud-and-stalking/
So much in this article. Everything about the guy. How he threatened former employees, how illegal his operations have been, etc.
So much in this article. Everything about the guy. How he threatened former employees, how illegal his operations have been, etc.
The mantra of "paying for research" is largely bullshit even outside of this case.
http://www.bbc.com/news/business-28212223
http://www.bbc.com/news/business-28212223
His okcupid profile
http://webcache.googleusercontent.com/search?q=cache%3AGVG2LKGucbcJ%3Awww.okcupid.com%2Fprofile%2Fmartinshkreli+&cd=1&hl=en&ct=clnk&gl=us
He thinks a lot about "human suffering".
http://webcache.googleusercontent.com/search?q=cache%3AGVG2LKGucbcJ%3Awww.okcupid.com%2Fprofile%2Fmartinshkreli+&cd=1&hl=en&ct=clnk&gl=us
He thinks a lot about "human suffering".
The cocksucker backpedaled on the price hike: http://www.nbcnews.com/news/us-news/drug-ceo-will-lower-price-daraprim-after-outrage-n431926
By J-Twelve Go To PostThe cocksucker backpedaled on the price hike: http://www.nbcnews.com/news/us-news/drug-ceo-will-lower-price-daraprim-after-outrage-n431926
the invisible hand saves the day!
I'm not serious
Weirdest part of this whole story for me? The dude apparently finances a label ran by Geoff from Thursday. Dude apparently is an emo fan (bought the guitar that Geoff wrote Full Collapse with). So fucking random.
You know when people talk about 'punchable faces'? I'm always like "man...I don't get it! What constitutes a punchable face!?!"
Now I get it. This guy has one.
Now I get it. This guy has one.
By AlphaSnacks Go To PostYou know when people talk about 'punchable faces'? I'm always like "man…I don't get it! What constitutes a punchable face!?!"
Now I get it. This guy has one.
It's up there with Ted Cruz to me. How the hell do you not want to punch Ted Cruz? lol
Sigh. This douchebag bought the 7th Wu LP:
“I bought the album. [There’s a ] big fucking check in RZA and [album producer] Cilvaringz’ pocket now,” said the CEO of Turing Pharmaceuticals to HipHopDX. In the interview, he elaborated, “This [Wu-Tang Clan] thing is starting to get pretty tense. You probably see that increasingly. I’m getting pretty frustrated by it. I bought the most expensive album in the history of mankind and fucking RZA is talking shit behind my back and online in plain sight. I’m just getting pissed off. That’s not the way I do business. If I hand you $2 million, fucking show me some respect. At least have the decency to say nothing or ‘no comment.’ The guy [told Bloomberg] ‘…before his business practices came to light.’ What the fuck does that mean? I fucking make money. That’s what I do. That’s why I can fucking afford a fucking $2 million album. What do you think I do, make cookies? No, motherfucker. I sell drugs. [Laughs] I felt insulted.” The sentence presumably confirms the speculated purchase price of Once Upon A Time…
In the interview, Shkreli describes plans to reach out to fellow Albanian-American Action Bronson, in the wake of his own conflicts with Wu-Tang Clan member Ghostface Killah. Describing his own desire to rap and make music, the execution was unapologetic about his practices and wealth.http://ambrosiaforheads.com/2015/12/wu-tang-clan-album-owner-martin-shkreli-details-conflict-with-rza/
Pharmaceutical entrepreneur Martin Shkreli, who came under fire for drastically raising the price of a drug used to fight deadly infections, has been arrested for securities fraud, The New York Times reports.LOL
Read more: http://www.rollingstone.com/culture/news/controversial-pharmaceutical-ceo-martin-shkreli-arrested-for-fraud-20151217#ixzz3ubVX9twT
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