• Company That Upped Drug Price By 5,000% Reports $14.6 Million Loss In Three Months
    46 replies, posted
Source: [url]http://www.iflscience.com/health-and-medicine/company-upped-aids-drug-5000-reports-146-million-loss-3-months[/url] The report itself: [url]http://www.businesswire.com/news/home/20151112006529/en/Turing-Pharmaceuticals-AG-Announces-Quarter-Business-Highlights[/url] [QUOTE]Turing Pharmaceuticals has reported a $14.6 million (£9.6 million) net loss in their third-quarter, from July to the end of September, this year. In mid-August, the pharmaceutical company purchased the rights of Daraprim and raised the price by over 5,000 percent, making the cost of the pill rocket from $13.50 (£8.70) a tablet to $750 (£485). The drug is used by patients with AIDS or cancer to fight the Toxoplasma gondii parasite. More than 60 million Americans carry the parasite without coming to harm, but it can lead to seizures, blindness or neurological damage to those with a compromised immune system. Medical groups, politicians and the public were understandably outraged at the move, while CEO Martin Shkreli became an online piñata.[/QUOTE]
I hope they lose the rest.
This is great but unfortunately it will justify deregulation in the minds of Libertarians.
I don't know what the fuck they were thinking, like people would just see the price went up and not say anything
[QUOTE=Kylel999;49142467]I don't know what the fuck they were thinking, like people would just see the price went up and not say anything[/QUOTE] Like the rest of the drug companies? This is one of the most successful business models in America.
[QUOTE=Rangergxi;49142266]This is great but unfortunately it will justify deregulation in the minds of Libertarians.[/QUOTE] Why? Is it because they'll say "This is proof that the free market works!". Imo it might also turn in the direction of "we have to prevent this from happening again", since some people might have been very fucked up during that time. [QUOTE=Kylel999;49142467]I don't know what the fuck they were thinking, like people would just see the price went up and not say anything[/QUOTE] This happens quite often though. Maybe not as drastic as 5000%, but hundreds of percents are not very rare.
I think it's safe to say this one's karmatically even. Probably sucks for the employees suffering the backlash against the executives, but hopefully they'll be able to find places at better companies if layoffs happen in an attempt to stay above water.
[img]http://i.imgur.com/LFGugEK.jpg?[/img] where's that shit-eating grin now, you little shit
[QUOTE=Rangergxi;49142266]This is great but unfortunately it will justify deregulation in the minds of Libertarians.[/QUOTE] Ya, free market had nothing to do with this, being the company that was bankrupting grannies and AIDS sufferers by squeezing every penny out of their pocket was what ruined them, the public and pharma backlash was what hit them hardest, but without regulation to prevent this from ever happening again, some other company will go and get away with this, and they have already, because there are other companies making much more money from exactly this
Guys stop partying, it's a "loss" so they pay less taxes.
Did they honestly think "well people need it so people will buy it lets just turn it to 11 and let the money roll in" heartless moron cunt gets what he deserves, but hopefully this doesn't mean the product will be eradicated for good
[QUOTE=Instant Mix;49143500]Did they honestly think "well people need it so people will buy it lets just turn it to 11 and let the money roll in" heartless moron cunt gets what he deserves, but hopefully this doesn't mean the product will be eradicated for good[/QUOTE] There was already an affordable alternative made available if I remember correctly
[QUOTE=SA Spyder;49142587][img]http://i.imgur.com/LFGugEK.jpg?[/img] where's that shit-eating grin now, you little shit[/QUOTE] Man that guy has a punchable face if I've ever seen one.
[QUOTE=BazzBerry;49143570]There was already an affordable alternative made available if I remember correctly[/QUOTE] the problem is they can't classify it as a generic because of the way turing pharma is abusing their distribution system. not being a generic means it can't be covered by insurance, and may not be as readily available, but its out there
[QUOTE=SA Spyder;49142587][img]http://i.imgur.com/LFGugEK.jpg?[/img] where's that shit-eating grin now, you little shit[/QUOTE] Holy fucking shit the conspiracy theorists were right about the Reptilians.
This means nothing to the company.
[QUOTE=ironman17;49142518]I think it's safe to say this one's karmatically even. Probably sucks for the employees suffering the backlash against the executives, but hopefully they'll be able to find places at better companies if layoffs happen in an attempt to stay above water.[/QUOTE] 14.5 million is nothing to big pharma companies, they're gonna be stabilized by next quarter and probably be reporting net gains by the next.
[QUOTE=Blackfire76;49143082]Guys stop partying, it's a "loss" so they pay less taxes.[/QUOTE] This is ridiculous logic. It shouldn't be desirable for a despicable company to make profits just so they can pay taxes.
[QUOTE=mugofdoom;49144023]Holy fucking shit the conspiracy theorists were right about the Reptilians.[/QUOTE] His face is on crooked and everything.
I wonder if any people died yet due to being unable to buy the drug.
Karma always shows her face
[QUOTE=SA Spyder;49142587][img]http://i.imgur.com/LFGugEK.jpg?[/img] where's that shit-eating grin now, you little shit[/QUOTE] In his broken hand after he punched a wall hard enough to break it because Bernie Sanders donated the campaign contributions to AIDs initiatives.
[QUOTE=Swilly;49144501]In his broken hand after he punched a wall hard enough to break it because Bernie Sanders donated the campaign contributions to AIDs initiatives.[/QUOTE] that was also a fake xray IIRC
[QUOTE=EcksDee;49144507]that was also a fake xray IIRC[/QUOTE] Damn. It would've been funnier if it were true.
[QUOTE=Swilly;49144518]Damn. It would've been funnier if it were true.[/QUOTE] I don't think he could even beat his own hand in a fistfight though so you should have kinda expected that
You've all seen it, but it's still highly relevant: [video=youtube;vx6Ct8kG0iU]https://www.youtube.com/watch?v=vx6Ct8kG0iU[/video]
[QUOTE=Banhfunbags;49144037]This means nothing to the company.[/QUOTE] [QUOTE=Toro;49144120]14.5 million is nothing to big pharma companies, they're gonna be stabilized by next quarter and probably be reporting net gains by the next.[/QUOTE] Guys, read the Business Wire article in the OP. [quote]For the third quarter of 2015, net revenue was $5.6 million representing Daraprim® and Vecamyl®sales. Research and development spending of approximately $7 million reflects Turing's progress advancing TUR-002 and TUR-004 with the FDA and multiple preclinical programs.[/quote] Their revenue was only $5.6 million, less than their R&D, let alone operating costs. If this represents a loss of about $15 million, then their break-even point would be $20 million in revenue. Being cut down to a [I]quarter[/I] of their expected revenue has to hurt. A lot.
[QUOTE=catbarf;49145256]Guys, read the Business Wire article in the OP. Their revenue was only $5.6 million, less than their R&D, let alone operating costs. If this represents a loss of about $15 million, then their break-even point would be $20 million in revenue. Being cut down to a [I]quarter[/I] of their expected revenue has to hurt. A lot.[/QUOTE] They get to deduct that as loss, meaning they are still making money by paying a lower tax on their earnings
[QUOTE=thelurker1234;49142495]Why? Is it because they'll say "This is proof that the free market works!". Imo it might also turn in the direction of "we have to prevent this from happening again", since some people might have been very fucked up during that time.[/QUOTE] Because if the market was free, a competitor could, and most certainly would have hopped in with an, at the very least, [i]comparatively[/i] better price. Although a completely free market brings all kinds of other problems to the table, probably better to just regulate in a sensible fashion rather than not regulate at all.
[QUOTE=old_hag12;49142491]Like the rest of the drug companies? This is one of the most successful business models in America.[/QUOTE] The only reason they are having trouble is because the media decided to shit on this ONE company in particular. If nobody ever mentioned it I guarantee they would be seeing a profit increase right about now.
Sorry, you need to Log In to post a reply to this thread.