CEO of Pharma Company Raises Cost of Aids Medicine from $13.50 to $750 Per Pill

[Asgard]

http://www.rawstory.com/2015/09/ex-...-by-5500-percent-says-drug-still-underpriced/

Appearing on Bloomberg TV, the CEO of a pharmaceutical company that recently hiked the price of a drug used for critically ill infants and AIDS patients by 5,500 percent , defended the price increase by promising better things to come for future patients.


Martin Shkreli, 32, the founder and chief executive of Turing Pharmaceuticals, recently purchased the rights to Daraprim and immediate increased the cost from $13.50 to $750 per pill.
Asked why the huge increase in cost, Shkreli explained that the old companies who owned the drug were “practically giving it away almost,” and he needs to turn a profit.


Noting that the pill sold for $13.50 and the course of treatment “to save your life was only a $1,000,” Shrkeli said he had to make a change.
“We know, these days, in modern pharmaceuticals, cancer drugs can cost $100,000 or more, whereas these drugs can cost a half of a million dollars,” he explained. “Daraprim is still under-priced relative to its peers.”
Asked if the pill really only costs $1 to manufacture, Shkreli agreed and said, “It costs very little to make Daraprim.”


Shkreli then listed off manufacturing, distribution, and FDA costs as well as paying the people “who make it to specifications.”


Pressed even further on the $750 cost per pill, the CEO defended the price by noting how much it brought into the pharmaceutical company annually.
“This drug was making $5 million in revenue,” he said with a smile. “And I don’t think you can find a drug company on this planet that can make money on $5 million in revenue.”


Shkreli stated that the drug is made for a “very very tough disease.”
“It requires a lot of attention and focus. The drug company needs to partner with the patients and make sure that it’s a very cared for community. And that costs a lot of money too,” pointing out that the company also “gives away” the drug for $1 for those who can’t afford it.
Shkreli added: “Patients now have a powerful ally in our company.”

Its a pharmaceutical company so a profit first mentality is expected, but this is on a whole other level of greed.

 

[jaganar]

@ASGARD

you lost me when this PoS said this


"Shkreli added: “Patients now have a powerful ally in our company.”"

where is TYLER DURDEN when you need him >__>

#projectMAYHEM

 

[XtremelyBaneful]

 

[KevanG]

I read about this ass on FB. "It only costs a dollar to make it but we're going to BS you into thinking that as a proven drug on the market, it has to cost us billions just to keep it there and this isn't just a blatant money grab."

I hope they get sued.

 

[Pink Ranger]

Damn, what a photo to use of him too. The only way he could be *****ier is if he was wearing a Patriots jersey.

 

[Matt Mortem]

How the **** is that legal? Christ the medical and pharmaceutical world absolutely boggle my mind. If ever there was a criminal organization look no further than the pill pushers

 

[Morg]

http://www.forbes.com/sites/steveschaefer/2015/09/21/hillary-clinton-biotech-stocks-election/

 

[terry78]

You make more money easing symptoms than you do curing anything.

 

[KevanG]

Usually companies are less blatant about screwing people over like that.

 

[KRYPTON INC.]

Remember... The morality of the market is all there is. Stop whining hippies.

 

[BrollySupersj]

Go to hell Martin.

 

[Boom]

That's simply depraved.

 

[BLACKVULCAN]

heres hoping this smuck eats off the KARMA food truck real soon and theres no bathroom nearby!

 

[DJ_KiDDvIcIOUs]

I try not to ever wish physical harm upon anyone, but these a**hole is really testing me

 

[Teelie]

I saw that earlier. The Umbrella Corporation is less evil than these *******s (he's not the only one to pull this kind of profiteering).

 

[KRYPTON INC.]

heres hoping this smuck eats off the KARMA food truck real soon and theres no bathroom nearby!

That needs to be a T-shirt BV.

 

[Lead Cenobite]

http://www.rawstory.com/2015/09/ex-...-by-5500-percent-says-drug-still-underpriced/

Its a pharmaceutical company so a profit first mentality is expected, but this is on a whole other level of greed.

I don't quite follow. It costs $750 per pill, but the company gives it away for $1 per pill if patients can't afford it? Is that like if you're well off, you have to pay the normal price but if you're poor, you can get it for $1?

 

[BLACKVULCAN]

That needs to be a T-shirt BV.

Hahahahahaha!t:well its true kypton man! and i hope he orders the week old sushi!
and i usually dont hope that sorta thing on the worst of my arch foes!

 

[KevanG]

I don't quite follow. It costs $750 per pill, but the company gives it away for $1 per pill if patients can't afford it? Is that like if you're well off, you have to pay the normal price but if you're poor, you can get it for $1?

It costs the company to produce the pill around $1 each. They used to charge $13.50 per pill. They then jumped it up to $750 a pill just to **** with people. Basically forcing people to take out a mortgage to live.

 

[Black Narcissus]

Wow.

The one time I hope karma is real.

This is when even the loony conspiracy folks make sense. If the most powerful men in the world all of a sudden got aids, would a cure be found or whatever they spill?

 

[KevanG]

If the Koch brothers had gotten AIDS in the 80's then there'd be massive breakthroughs in months instead of years or decades.

 

[Blind_Lawyer]

It's gotta have to do with insurance. Bigcompanies are going to be footing the $750 bill, not the individual patient. So they can charge whatever they want. Kind of like how tuition rates skyrocketed due to student loans. Since government grants and bank loans, and not individual students, pony up the tuition money in a lot of cases, colleges and universities can charge outrages sums for tuition.

The result? People saddled with a ridiculous insurance premium and student loan debt they'll be paying off into their 80s.

It's almost like insurance and financial aid hurt more than they help.

 

[Teelie]

And if you have no insurance you're screwed.

 

[Reek]

wait is this for real?

the ****?

 

[DeadPresident]

"Capitalism".