Home | Community | Message Board


This site includes paid links. Please support our sponsors.


Welcome to the Shroomery Message Board! You are experiencing a small sample of what the site has to offer. Please login or register to post messages and view our exclusive members-only content. You'll gain access to additional forums, file attachments, board customizations, encrypted private messages, and much more!

Shop: North Spore North Spore Mushroom Grow Kits & Cultivation Supplies   Unfolding Nature Unfolding Nature: Being in the Implicate Order   Original Sensible Seeds Bulk Cannabis Seeds   Kraken Kratom Kratom Capsules for Sale

Jump to first unread post Pages: 1
InvisibleAtreyu
Never Ending
 User Gallery

Registered: 03/18/14
Posts: 4,083
Real life Derek Huff
    #22271057 - 09/21/15 07:15 PM (8 years, 4 months ago)

Turing CEO Martin Shkreli:

I've been trying to find out as much as I can before making a snap judgement, so far I have affirmed that I am pretty dumb compared to a lot of other people.  I still think this guy is a major twat & bitch; though I would like to know what some of you think on the matter.

He raised the price on a drug  by 5000% to turn a profit, though the drug costs less than a dollar to produce per pill, but there are vague “other costs” that apparently validate a 5000% price increase. Even though he’s jacking up the price, he’s going to give it away for free, or maybe no copay, or a bunch of other things that I was under the impression insurance companies decided, not pharmaceutical companies; not to mention giving a drug away would directly contradict the supposed profit motive of his price hike. 



There are a lot of articles on this, all painting him as a young douche bag. Article below is from gawker and they rip him apart. He did an interview today with bloomberg to try to smooth things over.

http://www.bloomberg.com/news/videos/2015-09-21/why-turing-increased-price-of-daraprim-over-500-

He's been failing hardcore on twitter too, trying to act like some smug thug.

What do you make of this fuckery?


Quote:

Gawker

Given that Big Pharma executives are mostly visible monsters with fangs and horns, they usually avoid the spotlight. But after raising the cost of a life-saving pill by 5,000 percent, Turing CEO Martin Shkreli is loudly telling the world to fuck off.

Only a bad guy from Captain Planet could come up with a more brazenly amoral business scheme: Turing Pharmaceuticals purchased the rights to Daraprim, a 62-year-old drug used to treat toxoplasmosis, a parasitic affliction that affects tens of millions in the U.S. alone. Daraprim is particularly important for AIDS and cancer patients, whose weakened immune systems are ravaged by toxoplasmosis. Shkreli has now directly, intentionally switched the drug from affordable to insanely out of reach, Healio reports:

    Since its acquisition, the price of pyrimethamine has increased from $13.50 per tablet to $750 per tablet, according to IDSA and HIVMA. In an open letter to Turing, the organizations urged the pharmaceutical company to revise its pricing strategy for the generic medication.

    “Under the current pricing structure, it is estimated that the annual cost of treatment for toxoplasmosis, for the pyrimethamine component alone, will be $336,000 for patients who weigh less than 60 kg and $634,500 for patients who weigh more than 60 kg,” they wrote. “This cost is unjustifiable for the medically vulnerable patient population in need of this medication and unsustainable for the health care system.”

Shkreli isn’t just a regular, run-of-the-mill pharmaceutical industry monster. He’s a monster who used to work (of course) in finance, a former hedge funder accused of having tried to manipulate FDA regulations on drug companies whose stocks he was shorting. He was forced out of the last drug company he started, which is now suing him for $65 million. He’s also a probable charlatan who has claimed to have invented his own pharmaceuticals, despite his lack of any medical or scientific education.

(Shkreli is able to do price-gouge a generic drug by exploiting a few FDA loopholes that give companies exclusive licensing rights to certain older drugs, and allow them to deny other companies the access to those drugs needed to prove that a generic alternative is chemically identical.)

According to USA Today, Turing claims the proceeds of the now-exorbitantly priced toxoplasmosis drug will be used to research treatments and raise awareness for toxoplasmosis:

    Rothenberg defended Daraprim’s price, saying that the company will use the money it makes from sales to further research treatments for toxoplasmosis. They also plan to invest in marketing and education tools to make people more aware of the disease.

This could also be phrased as “attempting to grow the size of the potential market for this suddenly much more profitable drug.”

Rather than hide and count his blood money, Shkreli is conducting a social media blitz. He spent much of last night bickering with John Carroll, a science writer who runs a pharma news website and has been critical of Shkreli for pulling a nearly identical price-gouging stunt at his last company.


“This was a strangely inexpensive drug.”

This is not the first time that Shkreli’s combined love of parasitical rent-seeking and social media engagement have landed him in hot water. At his last company, Retrophin, shareholders were furious when Shrkeli appeared to tweet hints about company acquisitions before they were officially announced.

And, well, there was also this:

    More recently, three alias Twitter accounts were found to be under the control of unidentified Retrophin employees, according to people familiar with the situation. The link was found after the IP address of one of the alias Twitter accounts matched the IP address of Retrophin’s headquarters.

    The most prolific of these accounts, @Thug_BioAnalyst, tweeted in “ghetto slang” expressing support for Retrophin and calling out other drug stocks, including TherapeuticsMD (TXMD), as shorts.



Ironically, Shkreli’s insistence on trolling anyone who contacts him will probably do little but “make people more aware” of how grotesque the whole pharmaceutical industry is, and how insane our drug pricing system is compared to the drug pricing in every other wealthy nation. The attention Shkreli has attracted has already prompted Hillary Clinton to tweet her objection to the news, immediately causing a dip in the NASDAQ biotech index:

There appears to be real fear on the part of Big Pharma that the utter shamelessness of this incredibly hatable greedhead could ruin the racket for the respectable and mostly anonymous greedheads in the rest of the industry.

In case you need any more help making a decision about Martin Shkreli and Turing Pharmaceuticals, here is a photo of Martin Shkreli posted by Martin Shkreli:




http://gawker.com/pharmaceutical-greed-villain-martin-shkreli-will-fight-1732104723







Shkreli is also being sued by his former employers for improper use of funds. To the tune of 60 million dollars.




--------------------


つ ◕_◕ ༽つ N = R* • fp • ne • fl • fi • fc • L 


Extras: Filter Print Post Top
OfflineShroomslip
Architekt
I'm a teapot User Gallery


Registered: 11/25/12
Posts: 23,651
Last seen: 12 minutes, 20 seconds
Re: Real life Derek Huff [Re: Atreyu]
    #22271080 - 09/21/15 07:20 PM (8 years, 4 months ago)

I saw that earlier, I thought about posting it but I dunno if there's some legit reason for him to of done it, and didn't want to jump to conclusions (like you said).

On the face of it, the dude seems like a world class prick.

Is it illegal to intentionally jack up prices of medical treatment without just cause? Seems like it should be.


--------------------
With my face against the floor I can’t see who knocked me out of the way.
I don’t want to get back up but I have to so it might as well be today.
Nothing appeals to me no one feels like me, I’m too busy being calm to disappear.
I’m in no shape to be alone contrary to the shit that you might hear.


You can't wake up, this is not a dream. You're part of a machine, you are not a human being
With your face all made up, living on a screen. Low on self esteem, so you run on gasoline


Extras: Filter Print Post Top
InvisibleAtreyu
Never Ending
 User Gallery

Registered: 03/18/14
Posts: 4,083
Re: Real life Derek Huff [Re: Shroomslip]
    #22271124 - 09/21/15 07:28 PM (8 years, 4 months ago)

Apparently he didn't do anything that was considered illegal, as far as I know.

Quote:

There isn't anything unusual about the strategy, and certainly nothing illegal. Patient groups routinely complain about companies that charge ever higher prices for older drugs. Big Pharma regularly increases prices on drugs that are nearing a patent loss, and companies like Valeant ($VRX) have pursued a practice of buying old drugs and immediately raising the price in the U.S. Gilead ($GILD) was accused of taking advantage of patients with its startling sticker shock for hep C drugs, and the company had just cured the disease without all the ugly side effects associated with earlier drug regimens.





This quote above is from one of the better articles I've found so far.

http://www.fiercebiotech.com/story/why-would-martin-shkreli-hike-old-drug-price-5000-only-moron-would-ask/2015-09-20

Back when Martin Shkreli was CEO of Retrophin, he managed to grab a few headlines by buying an old rare-disease drug, Thiola, and raising the price 2000%. Now that he's on to his next company, Turing Pharmaceuticals, he's done himself one better, by buying another old drug and boosting the price 5000%.

The drug is Daraprim, which Shkreli's Turing Pharmaceuticals bought a few weeks ago from Impax Laboratories. As Healio and USA Today reported in recent days, Turing immediately hiked the price from $13.50 per pill to $750. 

"Under the current pricing structure, it is estimated that the annual cost of treatment for toxoplasmosis, for the pyrimethamine component alone, will be $336,000 for patients who weigh less than 60 kg and $634,500 for patients who weigh more than 60 kg," wrote the Infectious Diseases Society of America and the HIV Medicine Association, according to Healio's story. "This cost is unjustifiable for the medically vulnerable patient population in need of this medication and unsustainable for the health care system."

Daraprim was approved to treat toxoplasmosis in 1953, 30 years before Shkreli was born. And once again, he's flirting with becoming the poster child for price gouging in the pharma industry.

Explaining the move to USA Today, a spokesperson for the company said the company needed to raise prices in order to fund its research work on toxoplasmosis, along with new education programs for the disease. Toxoplasmosis is a common food-borne disease that can afflict people with weakened immune systems, which is why the AIDS community has become alarmed.
Martin Shkreli

In an exchange on Twitter, Shkreli first noted that engaging with me would make my head "spin." (We have a history. Reporting a recent lawsuit Retrophin's investors filed against Shkreli--including accusations of looting the company, which Shkreli has denied--the CEO called me an idiot. Twitter is not for the thin-skinned.)

"It's a great business decision that also benefits all of our stakeholders," Shkreli then retorted. "I don't expect the likes of you to process that."

His next remark: "You are such a moron."

There isn't anything unusual about the strategy, and certainly nothing illegal. Patient groups routinely complain about companies that charge ever higher prices for older drugs. Big Pharma regularly increases prices on drugs that are nearing a patent loss, and companies like Valeant ($VRX) have pursued a practice of buying old drugs and immediately raising the price in the U.S. Gilead ($GILD) was accused of taking advantage of patients with its startling sticker shock for hep C drugs, and the company had just cured the disease without all the ugly side effects associated with earlier drug regimens.

Shkreli's extreme sticker shock strategy on an ancient therapy, though, has become the kind of lightning rod for the controversial pricing issue that the industry will find it hard to defend against in the lead-up to a presidential election.

Turing has gone out of its way to protect individual patients with a co-pay assistance program. Payers, both federal and private, won't be as fortunate. They'll get hit with a massive price increase and pass it on in the form of higher taxes, greater debt and bigger insurance premiums.

Which is what we all get to pay.

And if you take issue with it, you'll be just as big a moron as I am.

(One quick addendum: After watching this piece blow up on Twitter Sunday, with The New York Times stepping in and comments on Reddit going viral, Turing and Shkreli are getting hit with a serious backlash. On Monday morning, Democratic presidential contender Hillary Clinton swiftly seized on the controversy, condemning the move as "outrageous" on Twitter and promising to follow up with a plan tomorrow that would stop it. The Nasdaq biotech index dropped 1.8% in morning trading as fears spread that the uproar could lead to legislative changes that would affect the entire industry. A spokesperson for the FDA declined comment on the pricing brouhaha, referring any questions to CMS, which has yet to respond to a query. Shkreli is no longer threatening to become the poster child for price gouging. He's earned the title.) -- John Carroll, editor-in-chief (email | Twitter)


--------------------


つ ◕_◕ ༽つ N = R* • fp • ne • fl • fi • fc • L 


Extras: Filter Print Post Top
InvisibleAtreyu
Never Ending
 User Gallery

Registered: 03/18/14
Posts: 4,083
Re: Real life Derek Huff [Re: Atreyu]
    #22271166 - 09/21/15 07:38 PM (8 years, 4 months ago)

Quote:

While Turing is launching with three pharmaceuticals it acquired from Shkreli’s old company, a shadow still remains from his ouster in October of last year. Before he was removed from his position as CEO, Shkreli was replaced by Retrophin’s board over poor management skills and bad public relations from what was called unprofessional use of a social media account. Shkreli also sold about $4.5 million in company stock at an average price of $15 per share without informing shareholders, the company said.





I am pretty sure he's a sociopath

http://www.biospace.com/News/ousted-retrophin-ceo-martin-shkreli-launches/366027

NEW YORK -- Former Retrophin (RTRX) CEO and founder Martin Shkreli, who is being investigated for securities fraud during his time with Retrophin, is now helming the new startup Turing Pharmaceuticals AG, the company announced Tuesday.

New York-based Turing is launching with three products in its pipeline that were acquired from Retrophin, including an intranasal formulation of ketamine, a compound used to treat severe depression but which currently requires IV-infusion therapy. Turing is developing this medication for psychiatric use.

Additionally, the company acquired Syntocinon (oxytocin nasal solution) and Vecamyl (mecamylamine HCl tablets). Vecamyl will provide Turing with its first FDA-approved product and revenue stream. The company also announced it had acquired two early-stage compounds to be developed for various orphan drug indications.

Shkreli, who was terminated by his former company in October, is the founder of Turing. When announcing the company and the three drugs in its pipeline, he said the company will expand its offerings through acquisition as well as internal development of medications.

“Our goal is to build a diverse portfolio and pipeline of therapies that can make a significant difference to patients,” Shkreli said in a press release.

Other members of the Turing leadership team include Howard Dorfman, the senior vice president who was formerly with Ferring Pharmaceuticals and Bayer Pharmaceuticals; Hass Patel, vice president for Chemistry, Manufacturing and Controls, who was formerly with Pharmasset, Reliant Pharmaceuticals and GlaxoSmithKline (GSK); Vice President of Regulatory Affairs Nicholas Pelliccione, formerly with Schering-Plough, Regado Biosciences, Inc. (RGDO), Aeterna Zentaris (AEZS) and Chugai Pharma USA; and CFO Michael Harrison, formerly with Retrophin.

While Turing is launching with three pharmaceuticals it acquired from Shkreli’s old company, a shadow still remains from his ouster in October of last year. Before he was removed from his position as CEO, Shkreli was replaced by Retrophin’s board over poor management skills and bad public relations from what was called unprofessional use of a social media account. Shkreli also sold about $4.5 million in company stock at an average price of $15 per share without informing shareholders, the company said.

In January, Shkreli came under investigation by U.S. prosecutors for possible securities violations and from the U.S. Securities and Exchange Commission for the distribution of stock without letting shareholders know.

An internal probe conducted by Retrophin and filed with the Securities and Exchange Commission on Feb. 19 alleged Shkreli used corporate funds to pay off personal legal debts and was hiding company legal matters from public disclosure. Additionally, the probe said Shkreli used corporate funds to resolve legal matters with MSMB Capital Management, a hedge fund he managed, as well as disguised legal settlements as consulting agreements with Retrophin, both of which cost the company million of dollars and a transfer of thousands of shares of stock.

Shkreli has denied any wrongdoing while at the head of Retrophin. He said the accusations noted in the Retrophin internal investigation are “false, untrue at best and defamatory at worst,” he posted on the website Investorshub.

“Every transaction I've ever made at Retrophin was done with outside counsel's blessing (I have the bills to prove it), board approval and made good corporate sense. I took Retrophin from an idea to a $500 million public company in 3 years—and I had a lot of help along the way," he said in his post.


--------------------


つ ◕_◕ ༽つ N = R* • fp • ne • fl • fi • fc • L 


Extras: Filter Print Post Top
Jump to top Pages: 1

Shop: North Spore North Spore Mushroom Grow Kits & Cultivation Supplies   Unfolding Nature Unfolding Nature: Being in the Implicate Order   Original Sensible Seeds Bulk Cannabis Seeds   Kraken Kratom Kratom Capsules for Sale


Similar ThreadsPosterViewsRepliesLast post
* Martin Shkreli Bad Hair Day
( 1 2 3 4 5 all )
Connoisseur 1,685 86 03/09/18 02:27 PM
by Ahab McBathsalts
* Martin Shkreli Arrested by the FBI
( 1 2 all )
Fractallife 2,375 28 01/12/16 08:51 AM
by Shroomslip
* Is it illegal to huff nitrous oxide or sell it to people who are huffing it?
( 1 2 all )
RandalFlagg 5,044 22 06/17/05 11:10 AM
by Cytokine
* Real Love Thin White Duke 1,129 7 01/23/05 01:52 PM
by Todcasil
* My first real trip (very long, with pics). Plok 1,358 1 11/16/04 05:12 PM
by Thoth
* I'm truely shocked... Nobody listens to real music?
( 1 2 3 4 5 all )
wecontrolsweetfreedom 15,550 93 09/06/16 08:59 PM
by Jokeshopbeard
* There is doubt as to whether rap is a real artform.
( 1 2 3 all )
Big Fi52 5,599 54 09/07/03 02:02 AM
by SizzlinJ
* any REAL cure for hiccups?
( 1 2 all )
monkeynilla 4,170 31 11/01/04 12:12 PM
by Genius

Extra information
You cannot start new topics / You cannot reply to topics
HTML is disabled / BBCode is enabled
Moderator: Entire Staff
535 topic views. 8 members, 47 guests and 20 web crawlers are browsing this forum.
[ Show Images Only | Sort by Score | Print Topic ]
Search this thread:

Copyright 1997-2024 Mind Media. Some rights reserved.

Generated in 0.024 seconds spending 0.008 seconds on 14 queries.