The CEO of a pharmaceutical company appeared on Bloomberg TV recently, to defend the absolutely disgusting move he made by hiking the cost of a drug used for critically ill infants and AIDS patients by 5,550%.
Martin Shkreli, founder and chief executive of Turing Pharmaceuticals, recently purchased the patent for Daraprim and then promptly increased the price from $13.50 per pill to $750 per pill.
Shkreli said that at $13.50 the price “to save your life was only $1,000” and that had to change.
We know, these days, in modern pharmaceuticals, cancer drugs can cost $100,000 or more, whereas these drugs can cost a half of a million dollars. Daraprim is still under-priced relative to its peers.
There is the real reason. A weasel hedge fun rich kid is jealous of other people’s money, so he raised the price just because people literally cannot live without it.
When he was asked if the pill really costs $1 to manufacture, Shkreli agreed and said “it costs very little to make Daraprim”
Shkreli is a no good person in this. Turing Pharmaceuticals is a start-up, and contributed nothing to the development, testing, or eventual approval processes of the drug. He used hedge fund money to buy a patent then trolled critically ill patients by jacking up the price just to make a personal fortune. Shkreli has also drawn a call for investigation into himself and others when it was alleged he was manipulating drug company stocks by blog posts intended to spread negative and misleading information abou certain drugs. Shkreli has admitted he has no medical expertise whatsoever, and his company stands to simply make money by price gouging.
Daraprim has been in existance since 1953, and has been made by GlaxoSmithKline for most of that time. It has never been this expensive in over 60 years, and there is no reason for it.
Shkreli may also try to prevent generic manufacturing of the drug by controlling distribution of the product. This prevents other companies from getting enough of the drug in order to do necessary tests before generic manufacturing can be done.
This is a perfect example of why the “free market” cannot serve the public good, and why vital things like healthcare must not be “regulated” by human greed.
Featured Image: Bloomberg TV Screen Capture