Company That Upped Drug Price By 5,000% Reports $14.6 Million Loss In Three Months
46 replies, posted
[QUOTE=Blackfire76;49143082]Guys stop partying, it's a "loss" so they pay less taxes.[/QUOTE]
I'm fairly sure tax returns won't cover 15 million
This will just be used to justify further price increases. It's not celebration time.
[QUOTE=Incoming.;49147416]This will just be used to justify further price increases. It's not celebration time.[/QUOTE]
How do you figure
Karma, fortunately, is a bitch.
[QUOTE=BananaFoam;49146584]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.[/QUOTE]
[url]http://uk.businessinsider.com/martin-shkreli-history-of-price-hikes-2015-9?op=1?r=US&IR=T[/url]
He did it before with cancer medication and got away with it. So yup, Adam Smith's/persian scholar's "invisible hand/god" of the market only manifests itself when there is perfect spread of information, there is a viable alternative product without patent protection and another company decides to break the monopoly (lots of rich folk meet in social clubs and might have second thoughts about screwing over their golf buddy).
It'd be foolish to assume these so imo we need government regulation. Then we need something to stop corporations/companies using their money to buy influence via lobbying and other, more covert, forms of bribery.
[sp]those assumptions above + the assumption that humans act in rational self interest + the implication of unlimited resources to feed the necessary unfettered constant growth required by capitalism; ironically describe the same utopia communism requires to function correctly.[/sp]
[QUOTE=Rangergxi;49142266]This is great but unfortunately it will justify deregulation in the minds of Libertarians.[/QUOTE]
Someone called?
The company could only get away with this shit because they're granted exclusive rights to it, of course they're going to raise the price if competition is flat out illegal.
There are plenty of resources out there that almost everyone will consume and yet the health care system, the one drowning in regulations, is the one where prices are through the roof.
[QUOTE=halofreak472;49156724]
The company could only get away with this shit because they're granted exclusive rights to it, of course they're going to raise the price if competition is flat out illegal.[/QUOTE]
This drug has been out for 70 years or so. This wasn't some company inventing a drug and getting its short monopoly to make back its profits.
This was a guy buying an ancient drug that had no competitors (due its cheapness and effectiveness) and jacking the price up by 5000%.
[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]
This is Libertarians I'm talking about. Regulation and government intervention is never the answer. [U]This happens all of the time[/U] and the fact that a generic has popped up and that the companies rep is tanking is going to make them think that this is how it always concludes.
Deregulating the pharmaceutical industry won't make things cheaper. It'll just mean that they'll be more crap on the market (which'll cost just as much).
The free market assumes that customers (often in this case, governments and insurance companies) can make good and informed choices and buy what's best and effective, spurring competition. For a multitude of reasons, this doesn't/can't happen with healthcare. If you want to see what happens when healthcare is deregulated, look no further than the supplement/integrative medicine industry who basically regulate themselves (surprise surprise, they're very lenient). Billions of dollars spent on things by individuals and insurance companies that don't work any better than sugar pills (because that's what they are a lot of the time).
If you want to see how anyone can make a profit by price jacking when people (or rather, insurance companies) can just try to buy alternatives (or decide not to buy entirely), look at Valeant. They basically own a chain of pharmacies which'll convince you to take a certain product and then try to get money from insurance afterwards. Companies won't pay most of the time but the price is high enough that if even a small fraction just pay anyway, they'll make a profit.
[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're a startup, they aren't expected to make much revenue in the first place. Supposedly, they have a few drugs in the pipeline: the fact that they have a small revenue stream is a bonus.
I'm not defending them, just saying that them making a loss isn't very surprising at all.
[QUOTE=mugofdoom;49142259]I hope they lose the rest.[/QUOTE]
There's a sad irony to this.
[QUOTE=SA Spyder;49142587][img]http://i.imgur.com/LFGugEK.jpg?[/img]
where's that shit-eating grin now, you little shit[/QUOTE]
See this motherfucker? If his company burns, this guy won't feel it. He already has his golden parachute. He's set for life. If the company burns the only people that will suffer will be the innocent people at the bottom of the food chain. Not saying this as a defense, or that they shouldn't go out of business, or anything like that, just saying that this company going out of business isn't going to hurt the people you want it to.
Martin Shkreli needs to collapse under a falling piano
[QUOTE=pdp;49158768]Martin Shkreli needs to collapse under a falling piano[/QUOTE]
or falling safe filled with someone else's gold bars
this martin scrotum guy has a youtube channel
[url]https://www.youtube.com/channel/UC8gjB1PSXv_oAUSAQ16S0fA[/url]
make sure to dislike all of his videos
[QUOTE=sourcegamer101;49160543]this martin scrotum guy has a youtube channel
[URL]https://www.youtube.com/channel/UC8gjB1PSXv_oAUSAQ16S0fA[/URL]
make sure to dislike all of his videos[/QUOTE]
hah that'll show him
[QUOTE=sourcegamer101;49160543]this martin scrotum guy has a youtube channel
[url]https://www.youtube.com/channel/UC8gjB1PSXv_oAUSAQ16S0fA[/url]
make sure to dislike all of his videos[/QUOTE]
Looked at one of his livestreams.
The first couple of minutes are just him going through his horrendous twitter feed that consisted almost entirely of people that hate Bernie Sanders. He then clicked an anti-Bernie Sanders meme, and just slightly chuckled. Something inside me boiled.
[QUOTE=mugofdoom;49144023]Holy fucking shit the conspiracy theorists were right about the Reptilians.[/QUOTE]
i bet all the other reptilians hate him because he is so shit at his job and might blow their cover
they probably still have a net win with the amount of investing in the stocks of drug companies that crashed as a result of their raising the drug price. it was all part of their plan
Sorry, you need to Log In to post a reply to this thread.