Hedge Fund Manager's Turing Pharmaceuticals Raises Drug From $13.50 to $750

Brian in Mesa

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Hedge Fund Manager's Turing Pharmaceuticals Raises 62-Year-Old Drug From $13.50 to $750

http://mic.com/articles/125619/hedg...als-raises-62-year-old-drug-from-13-50-to-750

What would you do if the price of your everyday prescription rose 5,500%?

It may seem far-fetched, but it's exactly what happened to Daraprim (pyrimethamine), a drug originally developed over 60 years ago to fight protozoal infections like malaria and toxoplasmosis. After Martin Shkreli, a former hedge fund manager, acquired the drug for his company, Turing Pharmaceuticals, he raised the price by 55 times overnight, according to the New York Times.

Daraprim used to cost just $13.50 per dose. Now it's $750 for each and every tablet, meaning some people who need it to manage chronic infections have seen the cost of their health-care explode into the six-figure range. People who take Daraprim include immunocompromised HIV and cancer patients.

Shkreli defended the price raise to the New York Times, saying "This isn't the greedy drug company trying to gouge patients, it is us trying to stay in business [...] This is one of the smallest pharmaceutical companies in the world. It really doesn't make any sense to get any criticism for this."

On Monday, Shkreli also went on Bloomberg TV to further defend Turing Pharmaceuticals's decision, citing increased production costs since the drug's approval in 1953 and Daraprim's previously undervalued price. "This drug was doing $5 million in revenue, and I don't think you could find a drug company on this planet that could make money on $5 million of revenue. Most costs are much higher than that." Shkreli also said on Bloomberg Markets his company would give away half their Daraprim supply for just $1 per pill or even for free to patients who can't afford the drug.
 

Southpaw

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Bert

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So just basic math. This pill generated 5 million in revenue according to this greedy piece of crap.

So 5 million divided by 13.50 a pill = about 370,000 pills
So now it's $750 a pill X 370,000 = almost 270 MILLION

That's a bit more than "Just trying to stay in business." Some rich people are so freaking out of touch with reality it's not even funny.

The ALMIGHTY dollar. People keep saying certain politicians or policies are trying to ruin the morality of this country, sorry folks, capitalism did that a long time ago. Who cares if a bunch of people die because of this. "It's just business" right?

The worst thing is, this jerk wont just be a jerk, he wants to be a jerk and then get all huffy when people call him on it! Classic.
 
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Southpaw

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So just basic math. This pill generated 5 million in revenue according to this greedy piece of crap.

So 5 million divided by 13.50 a pill = about 370,000 pills
So now it's $750 a pill X 370,000 = almost 270 MILLION

That's a bit more than "Just trying to stay in business." Some rich people are so freaking out of touch with reality it's not even funny.

The ALMIGHTY dollar. People keep saying certain politicians or policies are trying to ruin the morality of this country, sorry folks, capitalism did that a long time ago. Who cares if a bunch of people die because of this. "It's just business" right?

The worst thing is, this jerk wont just be a jerk, he wants to be a jerk and then get all huffy when people call him on it! Classic.

Liked
 

Kel Varnsen

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The Associated Press is reporting that a maker of compounded drugs will begin selling Daraprim, whose price was famously jacked up to $750 per pill by one of history’s greatest [sevenletterword]s, for the whopping price of $0.99 per pill.

I believe the word you’re looking for is LOL.

San Diego-based Imprimis Pharmaceuticals Inc., which mixes approved drug ingredients to fill individual patient prescriptions, said Thursday it will supply capsules containing Daraprim’s active ingredients, pyrimethamine and leucovorin, for $99 for a 100-capsule bottle, via its site:www.imprimiscares.com.

A 100-capsule bottle of Daraprim from Shkreli’s Turing Pharmaceuticals will only run you $75,000, no big deal.

Imprimis CEO Mark Baum has spotted a niche for his company, undercutting pharmaceutical companies who’ve jacked prices on other generic drugs through the roof.

“We are looking at all of these cases where the sole-source generic companies are jacking the price way up,” Baum said in an interview. “There’ll be many more of these” compounded drugs coming in the near future.

Hilariously, Shkreli paid $55 million in August for the rights to Daraprim before pulling his price-gouging stunt. And now?

Imprimis, which primarily makes compounded drugs to treat cataracts and urological conditions, will work with health insurers and prescription benefit managers in each state to make its new capsules and other compounded generic medicines widely available, Baum said.

“We’re geared up. We’re ready to go as soon as the orders come in,” he said.

http://gawker.com/heroic-uhhh-pharmaceutical-company-savagely-undercu-1738185665

via

http://bigstory.ap.org/article/c126...mpany-offers-cheap-version-costly-turing-drug

No cure for karma!
 
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Brian in Mesa

Brian in Mesa

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Shkreli, CEO Reviled for Drug Price Gouging, Arrested on Securities Fraud Charges

http://www.bloomberg.com/features/2015-martin-shkreli-securities-fraud/

Martin Shkreli, the boyish drug company entrepreneur, who rocketed to infamy by jacking up the price of a life-saving pill from $13.50 to $750, was arrested by federal agents at his Manhattan home early Thursday morning on securities fraud related to a firm he founded.

Shkreli, 32, ignited a firestorm over drug prices in September and became a symbol of defiant greed. The federal case against him has nothing to do with pharmaceutical costs, however. Prosecutors in Brooklyn charged him with illegally taking stock from Retrophin Inc., a biotechnology firm he started in 2011, and using it to pay off debts from unrelated business dealings. He was later ousted from the company, where he’d been chief executive officer, and sued by its board.

In the case that closely tracks that suit, federal prosecutors accused Shkreli of engaging in a complicated shell game after his defunct hedge fund, MSMB Capital Management, lost millions. He is alleged to have made secret payoffs and set up sham consulting arrangements. A New York lawyer, Evan Greebel, was also arrested early Thursday. He's accused of conspiring with Shkreli in part of the scheme.

Retrophin replaced Shkreli as CEO “because of serious concerns about his conduct,” the company said in a statement. The company, which hasn’t been accused of any wrongdoing, has “fully cooperated with the government investigations into Mr. Shkreli.”
 

Iceman

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Shkreli, CEO Reviled for Drug Price Gouging, Arrested on Securities Fraud Charges

http://www.bloomberg.com/features/2015-martin-shkreli-securities-fraud/

Martin Shkreli, the boyish drug company entrepreneur, who rocketed to infamy by jacking up the price of a life-saving pill from $13.50 to $750, was arrested by federal agents at his Manhattan home early Thursday morning on securities fraud related to a firm he founded.

Shkreli, 32, ignited a firestorm over drug prices in September and became a symbol of defiant greed. The federal case against him has nothing to do with pharmaceutical costs, however. Prosecutors in Brooklyn charged him with illegally taking stock from Retrophin Inc., a biotechnology firm he started in 2011, and using it to pay off debts from unrelated business dealings. He was later ousted from the company, where he’d been chief executive officer, and sued by its board.

In the case that closely tracks that suit, federal prosecutors accused Shkreli of engaging in a complicated shell game after his defunct hedge fund, MSMB Capital Management, lost millions. He is alleged to have made secret payoffs and set up sham consulting arrangements. A New York lawyer, Evan Greebel, was also arrested early Thursday. He's accused of conspiring with Shkreli in part of the scheme.

Retrophin replaced Shkreli as CEO “because of serious concerns about his conduct,” the company said in a statement. The company, which hasn’t been accused of any wrongdoing, has “fully cooperated with the government investigations into Mr. Shkreli.”

Good!! He deserves to be put in prison for a long time! I'm sure he will find a way to get bailed out and go on with his life
 

Iceman

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Sadly, scumbags can hide behind the bill of rights.

Right by 100%!

I bet everyone in on that council wants to punch him in the face because of that smirky grin!
 
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Brian in Mesa

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