Martin Shkreli - Daraprim Drug goes from $13.50 a tablet to $750. Buys Rights To Benznidazole, Plans To Raise Price From $100 To $80,000. Arrested on Securities Fraud Charges

  • metta

    Posts: 39099

    Sep 21, 2015 3:57 PM GMT
    12002089_505333672963481_494413666884818


    "Specialists in infectious disease are protesting a gigantic overnight increase in the price of a 62-year-old drug that is the standard of care for treating a life-threatening parasitic infection.

    The drug, called Daraprim, was acquired in August by Turing Pharmaceuticals, a start-up run by a former hedge fund manager. Turing immediately raised the price to $750 a tablet from $13.50, bringing the annual cost of treatment for some patients to hundreds of thousands of dollars."


    http://www.sanders.senate.gov/newsroom/must-read/a-huge-overnight-increase-in-a-drugs-price-raises-protests



    http://www.nytimes.com/2015/09/21/business/a-huge-overnight-increase-in-a-drugs-price-raises-protests.html


    UPDATE:
    Pharma-Bro Buys Rights To Another Lifesaving Drug, Plans To Raise Price From $100 To $80,000

    "Benznidazole is used to treat the potentially fatal parasitic infection Chagas disease. Currently, a two-month course of the medicine goes for about $50 to $100 in Latin America. Shkreli says he hopes to get FDA approval so he can sell the drug in the U.S. and he wants to charge patients $80,000 for it."

    http://www.queerty.com/martinshkreli-20151216
  • Posted by a hidden member.
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    Sep 21, 2015 4:17 PM GMT
    All the sociopathic Republicans will be in shortly to praise his capitalistic initiative.

    https://en.wikipedia.org/wiki/Martin_Shkreli
    Martin Shkreli (born 1983) is an Albanian American[1] hedge fund manager, and entrepreneur, specializing in healthcare, and is the founder of MSMB Capital Management, Retrophin, Inc. and Turing Pharmaceuticals AG.

    He was the Founder and Chief Executive Officer of Retrophin LLC, a biotechnology firm founded in 2011.[2][3]

    In September 2015, he came under fire for his tactics of obtaining patents to life saving medicines like Pyrimethamine, and increasing their prices in the US, sometimes by up to 5000%

    Martin_Shkreli%2C_CEO_of_Turing_Pharmace

    In September 2014 Retrophin acquired the rights to thiola, a drug used to treat the rare disease cystinuria. It was with Shkreli as CEO that Retrophin introduced a 20-fold price increase for Thiola, despite no additional research and development costs incurred by obtaining these rights
  • metta

    Posts: 39099

    Sep 21, 2015 6:02 PM GMT
    Ex-hedge funder buys rights to AIDS drug and raises price from $13.50 to $750 per pill


    http://www.rawstory.com/2015/09/ex-hedge-funder-buys-rights-aids-drug-and-raises-price-from-13-50-to-750-per-pill/
  • tj85016

    Posts: 4123

    Sep 21, 2015 6:42 PM GMT
    so some Albanian gypsy scum bag buys the rights to a 60 year old drug. I don't see the Justice Dept or the FDA running around screaming

    Pfizer and Merck do the same thing

    everybody on this site thinks drugs are free anyway icon_lol.gif (reference the PReP posts)
  • musclmed

    Posts: 3274

    Sep 22, 2015 3:02 AM GMT
    there are other options. And the FDA would likely streamline clinical trials for the other options.

    The stunt is likely to backfire as the drug is 1 part of a treatment strategy for toxoplasmosis. Bactrim has activity and can replace this drug.

    These sort of stunts are initiated mostly by Acquired drug companies and they pay dearly for it.

    Takeda raised the price of Colchicine a drug that was cents a pill, under a new patent interpretation to 100x the prior price. ( an Obama administration greenlight btw). The unintended consequence of increased regulation to force " untested drugs" to go through a clinical trial. Colchicine was around since the 6th century and used for gout. The FDA doesnt want drugs to be on the market without a "indication" or clinical trial. NO Grandfathering, which changed as a FDA rule in 2009.

    Takeda( formerly URLpharma )suffered dearly as doctors changed practice and prescribed the combo with probenecid. Or used no colchicine at all. And now the company is putting adds in the trades to try to win back doctors.
  • Posted by a hidden member.
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    Sep 22, 2015 8:20 AM GMT
    You know I do feel sorry for kids who were born with things like AIDS and HIV, and also for those who were raped by a horrible person who gave them that infection.

    Those who made poor choices or those who under a particularly unique situation acquired HIV/AIDS I hope have some way of an alternative medication or treatment if the price of this drug stays the same.

    Then what I hope for the rest of the people who DO NOT have HIV/AIDS is that they look at this and perhaps think to themselves that they should definitely consider practising safe sex since treatment may cost them a fortune and then some.

    Prevention trumps cure all the time and anyone in the health field will tell you that.
    I wouldn't be surprised if this guy was some crazy homophobic weirdo who has used this as some insane way of trying to "eradicate" homosexuality.
  • Posted by a hidden member.
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    Sep 22, 2015 12:18 PM GMT
    Cross-posting! Good points raised here in metta's thread, and also in the HIV/AIDS section:

    http://www.realjock.com/gayforums/4116252
  • Posted by a hidden member.
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    Sep 22, 2015 5:04 PM GMT
    tj85016 saidsome Albanian gypsy scum bag


    I still can't decide whether you really are a bigoted dunce or just a very desperate attention seeker. Either way, it's not a good look.
  • metta

    Posts: 39099

    Sep 22, 2015 8:00 PM GMT
    ‘Pharma bro’ Martin Shkreli gouged kids with kidney disease before ripping off AIDS patients


    http://www.rawstory.com/2015/09/pharma-bro-martin-shkreli-gouged-kids-with-kidney-disease-before-ripping-off-aids-patients/
  • Posted by a hidden member.
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    Sep 23, 2015 12:02 AM GMT
    tj85016 saidso some Albanian gypsy scum bag buys the rights to a 60 year old drug. I don't see the Justice Dept or the FDA running around screaming

    Pfizer and Merck do the same thing

    everybody on this site thinks drugs are free anyway icon_lol.gif (reference the PReP posts)


    Why does his ethnicity matter? You make a great point without the slur. In fact the racial comment actually contradicts your point.
  • tj85016

    Posts: 4123

    Sep 23, 2015 12:08 AM GMT
    hospitals routinely bill out a 2 cent Advil at $12

    US healthcare is 25% of the economy and just a corrupt mechanism to keep the velocity of money up

    I bet 20% of the US healthcare system is a complete scam
  • metta

    Posts: 39099

    Sep 23, 2015 12:11 AM GMT
    ‘Pharma Bro’ backs down: Martin Shkreli will roll back outrageous Daraprim price gouge


    http://www.rawstory.com/2015/09/pharma-bro-backs-down-martin-shkreli-will-roll-back-outrageous-daraprim-price-gouge/
  • metta

    Posts: 39099

    Sep 23, 2015 12:16 AM GMT
    See update here:

    http://www.realjock.com/gayforums/4116252
  • musclmed

    Posts: 3274

    Sep 23, 2015 2:09 AM GMT
    told ya, it was a stock stunt.


    Btw its a drug that patients with HIV could benefit from.

    However its not exclusive to that condition.
  • Posted by a hidden member.
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    Sep 23, 2015 2:13 AM GMT
    OK, but how MUCH of a rollback? Back to the original $13.50, on a production cost of $1.00?
  • tj85016

    Posts: 4123

    Sep 23, 2015 2:30 AM GMT
    Art_Deco saidOK, but how MUCH of a rollback? Back to the original $13.50, on a production cost of $1.00?


    production cost is irrelevant, you really think those Gillette razors cost more than 50 cents to make?
  • Posted by a hidden member.
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    Sep 23, 2015 3:47 AM GMT
    Art_Deco saidOK, but how MUCH of a rollback? Back to the original $13.50, on a production cost of $1.00?


    The last big hike went from $1.00 to $7.50 per tablet. So that's, what, a 650% increase?

    ((grabs back of napkin... "carry the five..."))
  • metta

    Posts: 39099

    Sep 23, 2015 8:56 PM GMT
    These 37 tweets show how the pharma CEO gouging AIDS patients is even worse than you think


    http://www.rawstory.com/2015/09/these-37-tweets-show-how-the-pharma-ceo-gouging-aids-patients-is-even-worse-than-you-think/
  • metta

    Posts: 39099

    Sep 24, 2015 1:01 AM GMT
    Hackers just released the home address and phone number of price-gouging pharma CEO Martin Shkreli


    http://deadstate.org/hackers-just-released-the-home-address-and-phone-number-of-price-gouging-pharma-ceo-martin-shkreli/
  • metta

    Posts: 39099

    Sep 24, 2015 1:38 AM GMT
    CEO Who Raised AIDS Drug Price 5000% Admits It Costs Only About $1 To Make

    Martin Shkreli, the former hedge fund manager who reportedly has a history of price gouging pharmaceuticals, made a stunning admission that went largely unnoticed.


    http://www.thenewcivilrightsmovement.com/davidbadash/ceo_who_raised_then_promised_to_lower_aids_drug_price_5000_admits_ingredients_only_cost_about_1
  • metta

    Posts: 39099

    Sep 26, 2015 12:26 AM GMT
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  • metta

    Posts: 39099

    Oct 10, 2015 5:31 PM GMT
    CEO still hasn’t lowered price of AIDS drug like he promised


    http://www.pinknews.co.uk/2015/10/10/ceo-still-hasnt-lowered-price-of-aids-drug-like-he-promised/
  • metta

    Posts: 39099

    Oct 14, 2015 4:22 PM GMT
    NY Attorney General's office confirms antitrust investigation of despised pharmaceutical company


    http://www.dailykos.com/story/2015/10/14/1432192/-NY-Attorney-General-s-office-confirms-antitrust-investigation-of-despised-pharmaceutical-company
  • metta

    Posts: 39099

    Oct 23, 2015 2:22 AM GMT
    Price-Gouging Pharma CEO Fuming As Rival Creates $1 Alternative AIDS Drug

    "San Diego-based Imprimis Pharmaceuticals, Inc announced on Thursday that it will be providing an alternative to Daraprim that costs a fraction of the pill’s pre-Shkreli price. The drug will be sold at as low as $99 for a 100-pill supply. Yes, that’s just about a dollar per pill.

    “While we respect Turing’s right to charge patients and insurance companies whatever it believes is appropriate, there may be more cost-effective compounded options for medications, such as Daraprim,” Imprimis CEO Mark L. Baum said in a press release. ARS Technica points out Imprimis’ alternative is not the same as Daraprim, but it is close:

    “Daraprim’s active ingredient is pyrimethamine, which has been available since 1953 for the treatment of parasitic diseases (namely malaria and toxoplasmosis). Imprimis’ alternative also contains pyrimethamine as well as leucovorin, which the company said helps to reverse pyrimethamine’s negative effects on bone marrow.

    Until now, Turing was the sole producer of a pyrimethamine-based drug, which is often prescribed to patients with compromised immune systems such as those suffering from AIDS and cancer.”

    “This is not the first time a sole supply generic drug – especially one that has been approved for use as long as Daraprim – has had its price increased suddenly and to a level that may make it unaffordable,” Baum said. ” In response to this recent case and others that we will soon identify, Imprimis is forming a new program called Imprimis Cares which is aligned to our corporate mission of making novel and customizable medicines available to physicians and patients today at accessible prices.” He added:

    “Today, some drug prices are simply out of control and we believe we may be able to help control costs by offering compounded alternatives to several sole source legacy generic drugs. Imprimis Cares and its team of compounding pharmacists will work with physicians and their patients to ensure they have affordable access to the medicines they need from the over 7,800 generic FDA-approved drugs. Imprimis Cares, available in all 50 states, will work with all third party insurers, pharmacy benefit managers and buying groups to offer its patient specific customizable compounded drug formulations at prices that ensure accessibility and that provide a reasonable profit for Imprimis. We are here to serve our patients and their physicians. We believe that when we do a great job serving our customers, our shareholders will also benefit.”


    http://www.occupydemocrats.com/price-gouging-pharma-ceo-fuming-as-rival-creates-1-alternative-aids-drug/
  • metta

    Posts: 39099

    Nov 19, 2015 2:54 AM GMT
    Martin Shkreli's Turing Pharmaceuticals, Which Raised AIDS Drug Price 5000%, Loses $14 Million


    Daraprim maker loses $14.6 million in latest quarter.


    http://www.thenewcivilrightsmovement.com/davidbadash/martin_shkreli_s_turing_pharmaceuticals_which_raised_hiv_drug_price_5000_loses_14_million