Pharmaceutical company buys drug used to treat life-threatening infections; raises price from $13.50 - Polidicks

[QUOTE=Incoming.;48740115]go look at his twitter page, he used to have probably 3 or 4 people regularly stop in, then after the purchase went a head and got every corporate yes man or person he knew to defend him with stuff like "Saying this will kill people is dishonest." What about the insurance premiums that renew soon? Or the person who doesn't rack up a high enough bills for the insurance to pay? What then? They aren't particularly good defenders either.[/QUOTE] You can find literally every kind of person on twitter. Personally, I would rather people defend this guy then call for his murder, like people in this very thread have already done.

[QUOTE=Soleeedus;48739322]uhh, is this a joke? He's the CEO of a corporation -- pharmaceutical or not -- his job IS to make Turing grow. he wants additional revenue to continue funding research of his new drug (which, by the way, is a process that can cost millions or billions of dollars to research, and end up failing in trials). it's a gamble, but it's one that he's trying to do to improve Daraprim because it's a shitty drug. the $750 price tag isn't going to get anyone killed.[/QUOTE] i have another great idea for funding aids cures: strenghten the customer base, give people aids. now we only have to work out a way to do this in practice and someone is bound to adopt it.

[QUOTE=carcarcargo;48739841]This shouldn't be legal, this is a prime example of why healthcare should never be in the hands of private companies.[/QUOTE] Why would it considered illegal? They can sell their product at whatever price the market will bear.

[QUOTE=OvB;48732060]How could you do this and feel good about yourself. Someone in that company had to see how wrong this is right?[/QUOTE] Do you have any idea how much cocaine can his bonuses pay?

[QUOTE=Code3Response;48739638]Because nothing is illegal about his actions. The item he is selling is a one time treatment, not a life-long prescription. This is capitalism at its finest. They're making a profit on it and are doing whatever they want with it (and I believe its back into R&D of other drugs) CEO is still a dick[/QUOTE] no actually what he is doing might be illegal. here's the thing, he owns a massive pharmacutical hedge fund, he's going and buying up pharma companies, restricting distribution to cut off generics, and then knocks up the prices to boost the revenue of those companies even as their drug sales drop off (suprise, a 10k pill is going to loose customers!) then his hedge fund makes tons of money off of the stock boost 1) he might be breaking generic laws, which are structured to prevent companies from blocking legitimate efforts to make generics 2) all this undo attention will undoubtedly get the SEC checking him out, they have a lot of discretion on what they can do, if they find a whiff of anything illegal, he's done for, his hedge fund has already been investigated once before for manipulating stock prices doing [I]exactly this[/I] and he got off. 3) he's been investigated several times and gotten off with a slap on the wrist, now the SEC will have to be serious about investigating him

[QUOTE=Soleeedus;48739322] improve Daraprim because it's a shitty drug. the $750 price tag isn't going to get anyone killed.[/QUOTE] It may well do so. If not bankrupt people. You realize its not 1 pill and you're cured right?

[QUOTE=Headhumpy;48738608]How will a universal healthcare plan help avoid situations like these? Also, the costs are either borne by your insurer, or if you are uninsured, Turing will sell the drug to you at reduced or no cost.[/QUOTE] When the government is the sole entity picking up the tab for drugs, they can essentially dictate what the price will be if the company wants to make any money at all selling it.

[QUOTE=Zeke129;48740915]When the government is the sole entity picking up the tab for drugs, they can essentially dictate what the price will be if the company wants to make any money at all selling it.[/QUOTE] Which has reduced the cost of drugs in most countries with socialized medicine. Kinda part of why America spends more than anybody else.

Guys I can only say the US med system is waaaaaaaaaay too fucked up. Way. Too. Much. Home come you guys can tolerate that? Had that happened here, a big torch wielding mob would've gone after him. Funny thing, something like that happened in the UK during the 17 and 18th century with wheat (yes, large mobs went after producers that demanded a high price) yet that is unheard of today when it happens with stuff like this. IDK, at least flood the newspapers or judicial system with emails and letters

[QUOTE=Cutthecrap;48741222]Guys I can only say the US med system is waaaaaaaaaay too fucked up. Way. Too. Much. Home come you guys can tolerate that? Had that happened here, a big torch wielding mob would've gone after him. Funny thing, something like that happened in the UK during the 17 and 18th century with wheat (yes, large mobs went after producers that demanded a high price) yet that is unheard of today when it happens with stuff like this. IDK, at least flood the newspapers or judicial system with emails and letters[/QUOTE] Because if you criticize the american healthcare system you're a dirty commie socialist that hates capitalism.

[QUOTE=Cutthecrap;48741222]Guys I can only say the US med system is waaaaaaaaaay too fucked up. Way. Too. Much. Home come you guys can tolerate that? Had that happened here, a big torch wielding mob would've gone after him. Funny thing, something like that happened in the UK during the 17 and 18th century with wheat (yes, large mobs went after producers that demanded a high price) yet that is unheard of today when it happens with stuff like this. IDK, at least flood the newspapers or judicial system with emails and letters[/QUOTE] People rioting over food prices is not comparable to a pill that most-all of the population will never use.

[QUOTE=Code3Response;48741657]People rioting over food prices is not comparable to a pill that most-all of the population will never use.[/QUOTE] I think he's referring to the medical system in general not just this particular drug.

[QUOTE]The drug company CEO and former hedge fund manager who previously defended a 5,000 per cent price hike for an anti-parasitic drug did an apparent about-face after a public outcry Tuesday, telling ABC News he would drop the price after all. ABC News reported after his apparent change of heart on Tuesday, Shkreli did not specify what the "more affordable" price of the drug would be, saying only that it would be less than $750 per pill and would "allow the company to make a profit, but a very small profit."[/QUOTE] [URL="http://www.cbc.ca/news/health/turing-clinton-prescription-drugs-1.3238202"]http://www.cbc.ca/news/health/turing-clinton-prescription-drugs-1.3238202[/URL] [URL="http://abcnews.go.com/Health/company-lower-drug-price-critics-called-4000-hike/story?id=33955820"]http://abcnews.go.com/Health/company-lower-drug-price-critics-called-4000-hike/story?id=33955820[/URL] They're lowering the price, but did not say how much. Still won't change the fact they're scumbags.

[QUOTE=sgman91;48740231]You can find literally every kind of person on twitter. Personally, I would rather people defend this guy then call for his murder, like people in this very thread have already done.[/QUOTE] I wouldn't want to defend this guy, he acts like a child with a height complex. I won't say hes outright killed anyone [yet] but I wouldn't be surprised. It's frankly abhorrent; say you've gone through cancer treatment, you're stressed and at the end of your ropes and now the pill you'd normally pay 3 bucks for [since most insurance policies I know of dictate they pay 80%, you pay 20%] now costs you 150. Its gouging both insurance companies and the patient. When insurance companies have to pay a whopping 5000% more on a generic drug most sick people need [not just a flu, truly sick/weak], you can bet your ass off premiums and rates will go up.

[QUOTE=Code3Response;48741657]People rioting over food prices is not comparable to a pill that most-all of the population will never use.[/QUOTE] Are you even aware of the costs a peron has to face when paying medical related stuff and the % difference with other countries? That's worse than higher prices for wheat....

[QUOTE=Nei;48742189][URL="http://www.cbc.ca/news/health/turing-clinton-prescription-drugs-1.3238202"]http://www.cbc.ca/news/health/turing-clinton-prescription-drugs-1.3238202[/URL] [URL="http://abcnews.go.com/Health/company-lower-drug-price-critics-called-4000-hike/story?id=33955820"]http://abcnews.go.com/Health/company-lower-drug-price-critics-called-4000-hike/story?id=33955820[/URL] They're lowering the price, but did not say how much. Still won't change the fact they're scumbags.[/QUOTE] Considering that, as far as I'm aware, it was making a profit before the hike, it'll be interesting to see what his back-pedaling sets it to.

When people go beyond "Hey, I'll change the world and make a bit of money in the meantime" to "You need it? You really want it? Huh? Well do ya? Thousand dollars." it becomes really sickening. If you change the world and make some money at it, all the more power to you. But if you wreck bank accounts and peoples lives along with it you've crossed the line.

[QUOTE=Code3Response;48741657]People rioting over food prices is not comparable to a pill that most-all of the population will never use.[/QUOTE] ...yes it is. It's a pill some people with AIDS [i]will[/i] need to use eventually because their condition makes them susceptible to this particular parasite, and if they can't afford it, then they'll die horribly or be sent into debt. Saying that "oh well it's fine because most people won't ever need it" is a retarded argument that legitimizes this greedy behavior, and it's that exact same behavior which has been running rampant throughout our health care system since standardized medicine became a thing, and it actually is in fact getting people killed (nevermind all the people who have to endure severe financial hardship as a result of it). Way too many people. Unless of course you're wealthy-- which (FYI) most Americans aren't-- in which case you'll be able to afford whatever treatments and procedures you might require. If it's not applied to this pharmaceutical drug for this parasite, then it'll be applied to pharmaceuticals for treating cancer; and if it's not applied to pharmaceuticals for treating cancer, then it'll be applied to pharmaceuticals treating cardiac problems; and if not cardiac problems, then under this for-profit system it'll be applied to something else. Etc. And that's how we ended up where we are today in this country with our shitty health care: in a mess. The only thing more retarded than your argument is our health care system, which actually is based largely off the same line of thinking as your argument.

[QUOTE=Soleeedus;48739456]lol patients aren't paying $750 for the pills, you don't really know how the pharmaceutical distribution system works. [editline]22nd September 2015[/editline] what, like Obamacare?[/QUOTE] "Obamacare" is not universal or nationalized healthcare, despite what Sean Hannity might tell you. It is an insurance mandate with moderate tax breaks and subsidies for lower income families. However it still ultimately enforces reliance on the absurdly expensive privatized healthcare system. So, while it corrected some issues with our current system, it is fundamentally flawed for the fact that it still supports our current system. What I am talking about is true universal government-run healthcare. Healthcare should be available to everybody and anybody who needs it with little more than a manageable co-pay and a fair, sliding income tax. Medical debt should not be a thing that people have to worry about in 2015.

[QUOTE=Big Dumb American;48742809]"Obamacare" is not universal or nationalized healthcare, despite what Sean Hannity might tell you. It is an insurance mandate with moderate tax breaks and subsidies for lower income families. However it still ultimately enforces reliance on the absurdly expensive privatized healthcare system. So, while it corrected some issues with our current system, it is fundamentally flawed for the fact that it still supports our current system. What I am talking about is true universal government-run healthcare. Healthcare should be available to everybody and anybody who needs it with little more than a manageable co-pay and a fair, sliding income tax. Medical debt should not be a thing that people have to worry about in 2015.[/QUOTE] Pretty much this. I don't think he actually understands the pharma industry works. Even if full proposed strategies would have gone through it's still not how it should be.

[QUOTE=Cutthecrap;48741222]Guys I can only say the US med system is waaaaaaaaaay too fucked up. Way. Too. Much. Home come you guys can tolerate that? Had that happened here, a big torch wielding mob would've gone after him. Funny thing, something like that happened in the UK during the 17 and 18th century with wheat (yes, large mobs went after producers that demanded a high price) yet that is unheard of today when it happens with stuff like this. IDK, at least flood the newspapers or judicial system with emails and letters[/QUOTE] Because America is a cesspool of greed and selfishness and idiocy. Like to an alarming degree. Out of the first world and top 12 countries, we're the only ones without universal healthcare. Why? Because SOCIALISM or some bullshit. As if that's a bad thing. You fuckers like libraries don't you? What about the interstate? The NFL? Socialism isn't a bad thing. Oh but it would create long waiting times. Me and everyone else already have to schedule an appointment a weekish in advance anyway, and before that I have to call my insurance and see if they'll even fucking cover it. If not then I don't go. And they can find any reason not to. Is it about money? Would paying for insurance that MIGHT cover MOST of your outrageous medical bills be MORE or LESS than a small increase on taxes to pay for universal healthcare and not having to pay for insurance at all? We'd save money, and not have to worry about figuring out if our injury is bad enough to warrant a $750 ambulance trip. Shit the average family pays $16,000 a year for coverage. Even if you don't need it you pay it anyway because you don't want to suddenly need get your apendix removed and have to pay $180,000 (Depending on the hospital it can cost this much. No shit.) Of course thanks to Obamacare you HAVE to have it or the IRS will fine you, file a lean on you if they must, and ruin your credit for a decade if you don't have it One reason I *HATE* insurance companies and our healthcare system is because my father was rushed to the hospital a few years back, had to stay for a week, the doctors thought his Aorta ruptured but turns out it didn't, luckily. Insurance says Oh, [b]you didn't call us in advance[/b], so we're not paying. Claim denied. Like when is someone supposed to call in advance in a situation like that, in the ambulance on the way to the ER? But he's not someone you can just roll over and fuck, after a week of him in their face they caved and paid MOST of it

[QUOTE=TheTalon;48743054]Because America is a cesspool of greed and selfishness and idiocy. Like to an alarming degree. Out of the first world and top 12 countries, we're the only ones without universal healthcare. Why? Because SOCIALISM or some bullshit. As if that's a bad thing. You fuckers like libraries don't you? What about the interstate? The NFL? Socialism isn't a bad thing. Oh but it would create long waiting times. Me and everyone else already have to schedule an appointment a weekish in advance anyway, and before that I have to call my insurance and see if they'll even fucking cover it. If not then I don't go. And they can find any reason not to. Is it about money? Would paying for insurance that MIGHT cover MOST of your outrageous medical bills be MORE or LESS than a small increase on taxes to pay for universal healthcare and not having to pay for insurance at all? We'd save money, and not have to worry about figuring out if our injury is bad enough to warrant a $750 ambulance trip. Shit the average family pays $16,000 a year for coverage. Even if you don't need it you pay it anyway because you don't want to suddenly need get your apendix removed and have to pay $180,000 (Depending on the hospital it can cost this much. No shit.) Of course thanks to Obamacare you HAVE to have it or the IRS will fine you, file a lean on you if they must, and ruin your credit for a decade if you don't have it One reason I *HATE* insurance companies and our healthcare system is because my father was rushed to the hospital a few years back, had to stay for a week, the doctors thought his Aorta ruptured but turns out it didn't, luckily. Insurance says Oh, [b]you didn't call us in advance[/b], so we're not paying. Claim denied. Like when is someone supposed to call in advance in a situation like that, in the ambulance on the way to the ER? But he's not someone you can just roll over and fuck, after a week of him in their face they caved and paid MOST of it[/QUOTE] This is the kind of stuff that makes me lean away from going and getting my knee checked out. I might be in pain, but holy fuck, I can't afford any form of treatment. Even with my insurance.

[QUOTE=Zeke129;48740915]When the government is the sole entity picking up the tab for drugs, they can essentially dictate what the price will be if the company wants to make any money at all selling it.[/QUOTE] That makes sense. I'm just wondering whether the impact on drug companies' bottom lines will affect how much they invest into creating new drugs.

Corner the market, then set your own price*. Basic economics, folks. [I]*by using the state as your primary tool to enforce such regulations, thus making it completely legal.[/I]

[QUOTE=Code3Response;48740298]Why would it considered illegal? They can sell their product at whatever price the market will bear.[/QUOTE] except turbo-capitalism doesn't work [editline]23rd September 2015[/editline] [QUOTE=Incoming.;48742217]I wouldn't want to defend this guy, he acts like a child with a height complex. I won't say hes outright killed anyone [yet] but I wouldn't be surprised. It's frankly abhorrent; say you've gone through cancer treatment, you're stressed and at the end of your ropes and now the pill you'd normally pay 3 bucks for [since most insurance policies I know of dictate they pay 80%, you pay 20%] now costs you 150. Its gouging both insurance companies and the patient. When insurance companies have to pay a whopping 5000% more on a generic drug most sick people need [not just a flu, truly sick/weak], you can bet your ass off premiums and rates will go up.[/QUOTE] Don't forget pregnant woman in contact with cats.

Martin Shkreli in a nutshell: [video=youtube;YUhb0XII93I]https://www.youtube.com/watch?v=YUhb0XII93I[/video]

guys an absolute fucking scumbag, but I can only wonder if him doing this is one of the only ways things will change

The Red Scare really did a number on this country's moral compass.

[QUOTE=Big Dumb American;48744563]The Red Scare really did a number on this country's moral compass.[/QUOTE] Better dead than red. (Or under a mountain of debt)

[QUOTE=Big Dumb American;48744563]The Red Scare really did a number on this country's moral compass.[/QUOTE] The imminent threat of nuclear war and the fact that the second most powerful country on the earth was an insane totalitarian dictatorship probably had something to do with it.