Posted on 09/23/2015 4:59:54 PM PDT by GIdget2004
Billionaire businessman Donald Trump on Wednesday tore into a drug company CEO who has drawn national scorn for hiking the cost of a life-saving drug by 4000 percent overnight.
"He looks like a spoiled brat to me. He's a hedge fund guy. I thought it was disgusting what he did," Trump told reporters in South Carolina.
Martin Shkreli, the 32-year-old founder and CEO of Turing Pharmaceutical, has become the target of bipartisan disdain after making headlines this week for raising costs of a drug from $13.50 per pill to $750 per pill overnight.
His inflammatory comments on social media and in TV interviews — calling his price increase "a great thing for society” while berating journalists — have prompted further outcry.
Trump said he was particularly disturbed by the CEO's refusal to back down after a New York Times story publicized the cost increase.
"That guy is nothing. He's zero. He's nothing. He ought to be ashamed of himself," Trump said.
(Excerpt) Read more at thehill.com ...
Lots of private water companies. They should up their prices 4000x. Same with the food producers. Why not, right?
What exactly is a "valid reason," in your mind?
He may have done this as a ‘sacrifice’ to a big government liberal...to be used as an ‘example’ of why the taxpayer should begin paying for everyone’s ‘health’ care....
He knows that if that happens, he will make out like a bandit. So he is willing to suffer a few slings and arrows now so that he can profit massively later.
I have the same theory about Obama...he is ruling against the will of the people, but doesn’t care. He gladly endures the ridicule because it is worth it to him—because his goal is to destroy America. He will take some bad press if that goal is achieved.
It is generic.
Let those how can’t afford 800 bucks per pill die.
He’s got every right, right Child?
Food producers are a different story. For most food products grown here in the U.S., the market conditions are so heavily tilted towards the consumer that farms can't even exist without massive government subsidies. In addition, raw food products are sold on spot markets where the seller doesn't have much of a say in the price at all. If I have 100 head of cattle and I tell my buyers that they now cost $1 million apiece, then they'll buy cattle from someone else.
A better CEO might have done the same thing more gradually and more successfully. This guy seemed to be trying to make a philosophical point - "I should raise prices a life-saving drug because I can."
There is a problem with that kind of strategy. A government can decide to change the rules in ways designed to remove or limit his power and a government might do it "because it can."
I thought that there was an edge of arrogance to the way this guy handled this issue that might not be in the best long-term interests of the business.
That’s the idiocy of the whole story. This guy could have charged $750 or $750,000 for a single pill, but since ObamaCare has mandated insurance coverage for everyone then he’s never selling these drugs directly to patients anyway — which means he has to negotiate the prices directly with insurance carriers and government agencies. And I can assure you that he’d be lucky to get $1.50 per dose if he’s getting paid through a Medicaid reimbursement.
bttt
I don’t know what their best strategy would be in these circumstances, but in the interview I saw, he seemed to want to come across as young and in-your-face arrogant. I thought it was the wrong tone. Maybe they should have sent out a female, librarian type with thick glasses, a boring delivery and mounds of meaningless records to hand out.
This isn't about me. I'm not in the pill biz.
Here's some news for ya. Big pharma is in for big rude awakening when those in their 70s,80s and 90s are all dead in a few years. Ya see those were from the generation which had good career pensions, great top shelf benefits and great insurance. Those coming up now will no way be able to afford all these ridicules punishing medical costs. The older generation, those still alive now they spend their days going to the doctor 3x per week. That's all coming to an end with the younger generations who can't even afford to buy homes and can barely afford apartment rents.
Big pharma will nose dive in another 10 short years. Bet the rent.
“What exactly is a “valid reason,” in your mind?”
Same as in anyone else’s mind. Perhaps a very limited market, relative to the expense of producing the drug, elevated lawsuit exposure, or any other valid reason that the company may have.
They need to MAKE THEIR CASE, if there is one (hint, the potential size of the CEO’s yacht is NOT a valid reason to overcharge for and therefore withhold life-saving medications). The days of Trump and his supporters (me included) BLINDLY DEFENDING big business are OVER - they punted on Immigration, they’ve punted on ‘Gay Marriage’, they’ve punted on the Second Amendment, and they don’t give a rat’s ass about any other conservative causes.
They’ve treated us like shiite the past decade or so, so they can find NEW FRIENDS to carry their water - maybe the Crony-Capitalist Democrats.
Back in the dark ages of the 1960s we were taught there were two main schools of thought on pricing:cost plus a reasonable profit OR all the market will bear. There are arguments for each .
I happen to believe cost plus a reasonable profit is best for everyone.
Big drug companies have a great racket going on right now, and they're just getting started.
1. ObamaCare requires everyone to have medical insurance.
2. ObamaCare requires insurance plans to cover prescription drugs.
It doesn't get any better than this. Just like the insurance industry, the pharmaceutical industry is in a position where people are effectively forced to buy their products by law. Now the drug companies just have to go out and invent drugs to treat conditions that people didn't even know they had. Ritalin, anyone?
I just don't want anyone telling me how much I should charge for MY work, either. If I think something is too expensive, then I don't buy it.
I don’t know how you define a “reasonable profit.” If this guy paid $55 million for the drug in question and there are only 10,000 people out there using it, then he has to sell $5,500 worth of drugs to each person just to cover the cost of acquiring the product — and that’s before he manufactures a single pill or a single bottle for the pills.
**** “I thought that there was an edge of arrogance to the way this guy handled this issue that might not be in the best long-term interests of the business” ****
Well if he had plans on destroying the business, he just took his cues from Obama and in that realm he like Obama are succeeding in their respective endeavors.
You come out for Amnesty, ‘gay marriage’, gun control, and everything else, then I have NO COMPUNCTION about telling you what you can charge for your products.
So far, you don’t seem to be doing that...so you’re safe, in my book.
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