Posted on 12/17/2015 7:58:56 PM PST by Tolerance Sucks Rocks
Martin Shkreli, who drew national scorn for hiking the cost of a life-saving drug 4,000 percent overnight, has been arrested, according to multiple reports early Thursday.
The 32-year-old founder and CEO of Turing Pharmaceutical made headlines in September for raising the price of Daraprim, often used to treat HIV and AIDS patients, from $13.50 per pill to $750 per pill after buying the rights to the drug.
His arrest is reportedly not related to that price increase.
Shkreli is accused of illegally taking stock from a biotechnology firm he launched in 2011 called Retrophin Inc., Bloomberg reported, and using it to pay off unrelated business debts.
Federal prosecutors allege he also conducted a complicated shell game with his shuttered hedge fund, MSMB Capital Management, the news service added. He is charged with making sham consulting agreements and secret payoffs using the firm.
Cumberland makes Kristalose ( a powder of Lactulose an old cheap liquid laxative made os a sugar) whch Medicare said would cost $12, 224.
Repaglinide jumping fro $$50 copay AARP RX to apx$130.00.
All corporate manipulation IMHO.
Because the math does not work out in their favor... generics make sense when they are widely used... Daraprim had <10k total prescriptions last year. To turn a profit against the costs to produce a generic legally (given the bureaucracy involved), a company would have to charge nearly as much (of course you could amortize the cost over years, but that has risks as well given the ability of Turing to lower the price). There is little to no profit in generics of limited distribution.
anyone that raises the prices of drugs like that belong in prison, they are part and parcel of murder of those that die without the medicine..but could have lived at the lower cost..withholding drugs is criminal dues to outrages greedy assholes.
True enough. Unless you anticipate the distribution to increase. If the buyer to the rights anticipates an increase in Chagas' Disease and other parasitic diseases in the US, this is just the preliminary to a moneymaker, especially since those are being brought in, including Malaria, with the illegals.
In the instance of Malaria, the groups most likely to be immune are from sub-Saharan Africa.
I’ve watched a few interviews of this guy. He is the textbook definition of sociopath.
Some guy commented on another site that he hopes this scumbag's attorneys raise their rates 5,000% the night before his trial begins. LOL.
His big mistake was the sudden price increase. Think about the frog in boiling water analogy. /s
It’s just that it is such a strange story. This was an old drug, old enough to be out of patent. Let him be a jerk about it if he must; the scandal would be if new generics for it were not quickly permitted. Let him be left with stock he cannot sell.
From what I heard, it’s a dual use drug that was made to treat one thing but also turned out to be good for HIV.
Pr@cks like this are the reason that Bernie is doing as well as he is.
Want to bet which lobby had the most influence?
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