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

[PЯOVOSҬ]

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

They're paid up with the right people.

 

[dude stannis]

True democracy is the people voting on the method of that prick's execution.

 

[Spider-Aziz]

The Terminator has a nice quote for this guy.
Profanity induced, can't share it here.

 

[Mike_D202]

The government needs to take a look at Pharma companies now that they're done with planned parenthood.

 

[Marvolo]

 

[Marvolo]

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.

I'm not sure this has much to do with insurance, because insurance companies don't like to pay for medication this expensive. It's very hard to get insurance if you have aids. They can't deny you coverage now, but the premiums are completely unaffordable if you have a serious pre-existing condition. If itd a terminal condition you can forget affordable rates. And you'd be surprised what standard health insurance won't cover. My mother had a cancerous mole removed from her back and the insurance company refused to pay for it because they said it was "cosmetic" and not a medical procedure. It was ****ing cancer. I can only imagine how hard it is to get an insurance company to pay for something as expensive as this medication.

Also with medication that is really expensive insurance companies will make the patient try alternative cheaper medication whether it is actually as effective for their condition or not.

 

[Slushy]

I'm sure somebody out there is wishing that Martin Shkreli gets AIDS.

 

[Spider-Aziz]

I'm sure somebody out there is wishing that Martin Shkreli gets AIDS.

What's the point? He has access to some of the medicine.
Financially speaking.

 

[Marvolo]

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

If the stocks keep falling he won't be CEO for long. The Board of Directors and shareholders won't put up with him hurting the companies stock value.

 

[Paradoxium]

To produce a generic, you need to establish equivalence for FDA approval. You need a supply of the drug. Turing has "exclusive distribution" of the drug, and is blocking access.

Solutions:

- force Turing to supply it
- remove the equivalence test
- Sherman Act (Anti-Trust)

But if you do any of these simply things, you open a giant can of worms since Big Pharma and the government are in bed together. This guy is not the only one trolling the system like this.

Enjoy the incest known are corporatism.

 

[Paradoxium]

In even simpler terms. The FDA is ************ generics for off-patent drugs which would have rendered Turing's actions moot. The FDA is enforcing artificial monopolies.

Instead of trying to patch a festering tumor, ****ing cut it out.

 

[Morg]

http://www.cnbc.com/2015/09/22/controversial-drug-ceo-was-accused-of-serious-harassment.html

 

[terry78]

When the movie about this thing comes to pass, Adam Scott must play him, with Aaron Sorkin writing the screenplay.

 

[Schlosser85]

This guy's a real prize.

 

[Lencho01]

Lawsuit: Scumbag Pill Price Gouger Stalked and Harassed Ex-Coworker's Entire Family

 

[MessiahDecoy123]

This guy needs a visit from the three ghost of Christmas or from that dude from Saw.

Whoever gets to him first.

 

[Marvolo]

Well this didnt take long:

Turing Will Roll Back Massive Drug Price Hike After Backlash

CEO Martin Shkreli didn't say how much he'd cut the cost of Daraprim.

Turing Pharmaceuticals CEO Martin Shkreli said Tuesday he would roll back the massive price increase for lifesaving drug Daraprim after a fierce public backlash that included presidential candidates.

Shkreli, who is part of a criminal investigation involving another company he founded, told NBC News he'll lower the price of the toxoplasmosis-treating drug, which he jacked up overnight from $13.50 per pill to $750 after buying exclusive marketing rights in August. He didn't say how much he'd cut the cost, though he admitted that he made the decision after the drubbing he got from the public.

"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, a 32-year-old hedge fund manager, told the network.

He said the decision on the new price will be made over the next few weeks.

Shkreli's price hike quickly gained national infamy after a New York Times report. Democratic presidential candidates, Sen. Bernie Sanders (I-Vt.) and former Secretary of State Hillary Clinton, condemned the increase. Clinton called it "price gouging."

Clinton unveiled a plan Tuesday to cap monthly out-of-pocket costs for specialty drugs like Daraprim.

Earlier in the day, the Pharmaceutical Research and Manufacturers of America, the industry's main lobbying group, sought to distance itself from Turing's move, posting on Twitter that the drugmaker "does not represent the values of PhRMA member companies."

The group noted that Turing is not one of its members, which include global drug giants Merck, Pfizer and Novartis.

http://m.huffpost.com/us/entry/5601e4a8e4b00310edf91b48

 

[Teelie]

Public backlash usually does the trick.

 

[Marvolo]

Yeah this is a win for social media, and more importantly a win for the people who depend on this medication. Something like this price hike was never going to go over well not once social media found out about it.

 

[I'm Old Greg]

@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

tyler durden lives

 

[Octoberist]

What an awful person.

 

[Octoberist]

This is why I don't understand the point of groups like Anonymous. Why aren't they attack and hack people like this guy?

 

[Six]

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 had to triple check that it wasn't an Onion article... How could someone be so out of touch with reality that they thought that would go over well?

 

[Octoberist]

Honestly, I never think a person like him could exist outside of movies.

 

[Farren]

Glad to hear there's been some positive turnaround, but wow, the depravity of this guy is truly sickening. Screwing over AIDS patients with your greed AND talking about it publicly as if it's totally fine -- I don't think even The Onion would go that far.