One can only hope karma eventually catches up with this creep...

[+ dutchmuch]

The pharmaceutical company boss under fire for increasing the price of the drug Daraprim by more than 5,000 percent said Tuesday he will lower the cost of the life-saving medication.

 

Martin Shkreli did not say what the new price would be, but expected a determination to be made over the next few weeks.

 

He told NBC News that the decision to lower the price was a reaction to outrage over the increase in the price of the drug from $13.50 to $750 per pill.

http://media4.s-nbcnews.com/j/newscms/2015_39/1233246/150922-martin-shkreli-jsw-309p_5ecab724533864dd68e5cc0307ffaae7.nbcnews-ux-320-320.jpg

Martin Shkreli, chief investment officer of MSMB Capital Management, sits for a photograph in his office in New York, U.S., on Wednesday, Aug. 10, 2011. MSMB made an unsolicited $378 million takeover bid for Amag Pharmaceuticals Inc. and said it will fire the drugmaker's top management if successful. Paul Taggart / Bloomberg via Getty Images file

 

"Yes it is absolutely a reaction — there were mistakes made with respect to helping people understand why we took this action, I think that it makes sense to lower the price in response to the anger that was felt by people," Shkreli said, 32.

 

Turing Pharmaceuticals of New York bought the drug from Impax Laboratories in August for $55 million and raised the price. Shkreli said Tuesday the price would be lowered to allow the company to break even or make a smaller profit.

 

RELATED: Drug That Fights Potentially Deadly Infection Goes From $13.50 to $750

 

Daraprim fights toxoplasmosis. The infection is particularly dangerous for people who have weakened immune systems, like AIDS patients, as well as for pregnant women, according to the Centers for Disease Control and Prevention.

http://www.nbcnews.com/news/us-news/drug-ceo-will-lower-price-daraprim-after-outrage-n431926

[+ purplekow]

Strange thing is, this drug is a generic so that theoretically any manufacturer could eventually produce the drug. It is sold in third world countries at a much lower price, so imports from pharmacies in other countries was also a possibility. This is just another example of corporate greed. This is a product sold in small numbers here in the US and usually only for people who have other major health problems. For some, there is no other choice but to buy this drug,

I agree, this is a loathsome individual and one can only hope he gets his comeuppance.

Edited September 23, 2015 by purplekow

[+ sync]

More is the pity: he couldn't have done this alone. Apparently, a majority of his fellow board members were okay with this cruel outrage.

[m.yi]

Perfect example of an inelastic demand. People will need it no matter how much the price increases.

 

I wonder if we have regulations to safeguard against monopolistic creeps like him.

[Vato Loco]

w h a t a p r i c k .

[gallahadesquire]

On a smaller scale: Unit doses of Narcan ® [naloxone USP], a universal opioid antidote (doesn't work on Valium etc.) has gone up to $60/dose. In the Operating ROom, we always had multiples of vials hanging around.

I'm not sure if this is the same monopolistic pricing schema that Daraprim has, but it got my goat. Many first-responders are looking to have it in their armamentarium for possible heroin / morphine / oxycode ODs.

 

Isn't there anti-trust legislation to prevent this kind of thing?

[Vato Loco]

Profit in healthcare is a death sentence for a lot of people GallahadESQ.

[+ glennnn]

We lost this battle when medical services in America became profit centers, because that's " the American Way'. Probably too late to stop it now, but we can at least scream over this kind of ghoulish behavior. Tell everyone you know

[Decatur Guy]

Seems like the guy could have gone up in price 50% and probably everyone would have paid up without balking at all. I'd love an easy way to increase my income 50%.

[Juan Vancouver]

We lost this battle when medical services in America became profit centers, because that's " the American Way'. Probably too late to stop it now, but we can at least scream over this kind of ghoulish behavior. Tell everyone you know

 

It's definitely not too late. It amazes me how many people see the government as something on which they can exert no power at all. You are the government. Experiencing outrage alone is not enough. People in your country have to start rallying against the pathological greed of the very few, which is making the lives of the rest untenable.

 

The first logical step right now would be to make sure positions of power are filled by men and women who speak against this kind of behaviour and are willing to stop it at its tracks. You are living in an unprecedented time when there is such a leader with a real chance to become your president.

 

Not too late. It's barely the time!

[bigvalboy]

I posted this in the Political Section, but it is apropos here as well....

 

You don't have to agree with Bernie, but his plan has substance.

https://berniesanders.com/issues/fighting-to-lower-prescription-drug-prices/

[+ dutchmuch]

 

"Only by allowing a free market will drug prices be reduced."

-RNC

 

And trickle down will save the middle class......

[Juan Vancouver]

You don't have to agree with Bernie, but his plan has substance.

 

Actually, from an outsider point of view, with the detachment distance lends, it is very clear that if you have a healthy moral compass and are interested in reality, as opposed to propaganda, you actually have to agree with Bernie.

[+ dutchmuch]

Wall Street sends its murderers and rapists here.

"That guy is nothing. He's zero. He's nothing," said Trump.

Donald Trump blasted Martin Shkreli — the now infamous pharmaceutical CEO — on Wednesday for raising the price of a drug used by AIDS patients from $13.50 to $750 per pill.

 

While stumping in South Carolina, Trump said, "This young guy raised the price to a level that’s absolutely ridiculous, and he looks like a spoiled brat to me."

The GOP front-runner called Shkreli a "hedge-fund guy," and added, "I thought it was a disgusting thing, what he did. I thought it was a disgrace."

http://www.hollywoodreporter.com/news/donald-trump-blasts-martin-shkreli-826848

[+ dutchmuch]

And Karma does catch-up!

NEW YORK, Dec 17 (Reuters) - Martin Shkreli, a lightning rod for growing outrage over soaring prescription drug prices, was arrested by the FBI on Thursday after a federal investigation involving his former hedge fund and a pharmaceutical company he previously headed.

 

The securities fraud probe of Shkreli, who is now chief executive officer of Turing Pharmaceuticals and KaloBios Pharmaceuticals Inc, stems from his time as manager of hedge fund MSMB Capital Management and CEO of biopharmaceutical company Retrophin Inc, a person familiar with the matter said.

 

Shares of KaloBios fell about 50 percent in premarket trading.

 

Lawyers for Retrophin and Shkreli, whose arrest was witnessed by Reuters, did not immediately respond to a request for comment. Turing and KaloBios declined to comment.

 

Turing sparked controversy earlier this year after news reports that it had raised the price of Daraprim, a 62-year-old treatment for a dangerous parasitic infection, to $750 a tablet from $13.50 after acquiring it.

 

Shkreli, 32, was expected to be charged on Thursday for illegally using Retrophin assets to pay off debts after MSMB lost millions of dollars, the source said.

[Guest countryboywny]

I'm a big believer in karma! What goes around, comes around.

[+ dutchmuch]

And just yesterday PharmaBro was trying to raise $2 million bail for Brooklyn rapper Bobby Shmurda.

Better save that bail money for himself!

The pharmaceutical mogul who paid millions at auction for Wu-Tang Clan’s one-of-a-kind album “Once Upon a Time in Shaolin” is hatching a plan to bail out imprisoned rapper BOBBY SHMURDA.

 

Controversial Turing Pharmaceuticals CEO Martin Shkreli recently told HipHopDX.com he’s a big fan of rap, and he’s planning to help Shmurda, the Brooklyn rapper currently locked up on weapons and gun charges on $2 million bond, get out of jail.

 

“We’re actually in discussion to try to bail out Bobby Shmurda,” Shkreli said. “Forget whether you think he’s guilty or not, the guy should not be sitting in jail right now. It’s insane.

 

http://blog.seattlepi.com/people/2015/12/16/martin-shkreli-plotting-to-get-rapper-bobby-shmurda-out-of-jail/

[bigvalboy]

Prayers answered...Look for Shkreli "GoFundMe" page, it should be a doozy, or...vote for Bernie.

[+ Truereview]

Prayers answered...Look for Shkreli "GoFundMe" page.

Now, that's a gofundme page worth bitching about.

[bigvalboy]

[Guest]

 

"Only by allowing a free market will drug prices be reduced."

-RNC

 

Well, the whole point is that it's NOT a free market. These companies have monopolies, and will gouge when a medication is a matter of life and death. I'm not against patents, but there should be some limits on pricing. The worst part is that the US consumer is expected to fund medical research which benefits every country on the planet. No other country is paying prices like this, because no other country has a Congress so stupid and bought-off by lobyists that they won't allow some reasonable price controls.

[caliguy]

Well, the whole point is that it's NOT a free market. These companies have monopolies, and will gouge when a medication is a matter of life and death. I'm not against patents, but there should be some limits on pricing. The worst part is that the US consumer is expected to fund medical research which benefits every country on the planet. No other country is paying prices like this, because no other country has a Congress so stupid and bought-off by lobyists that they won't allow some reasonable price controls.

Very well said.

[+ glutes]

Schadenfreude at its best.

 

Greasy and greedy.

[mike carey]

"Only by allowing a free market will drug prices be reduced."

-RNC

And there was I thinking that, after so many years of the war on drugs, the RNC was now advocating a free market.

because no other country has a Congress so stupid and bought-off by lobyists that they won't allow some reasonable price controls.

Yup and single payer pharmaceutical providers have bargaining power to get good prices from drug companies, to patients' benefit. Here all prescription drugs that are covered by the scheme cost the patient $37.70 ($6.10 concession holders), but drugs aren't automatically covered, rather drugs are evaluated for their benefit before being included. If they're not on the scheme, no subsidy so unless there is no alternative treatment no one will prescribe them.

[bigvalboy]

...... It's worth the 15 mins.