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Never Ending Registered: 03/18/14 Posts: 4,083 |
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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/vi He's been failing hardcore on twitter too, trying to act like some smug thug. What do you make of this fuckery? Quote: http://gawker.com/pharmaceutical ![]() 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
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Architekt Registered: 11/25/12 Posts: 23,651 Last seen: 12 minutes, 20 seconds |
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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. -------------------- 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. With your face all made up, living on a screen. Low on self esteem, so you run on gasoline
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Never Ending Registered: 03/18/14 Posts: 4,083 |
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Apparently he didn't do anything that was considered illegal, as far as I know.
Quote: This quote above is from one of the better articles I've found so far. http://www.fiercebiotech.com/sto 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
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Never Ending Registered: 03/18/14 Posts: 4,083 |
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Quote: I am pretty sure he's a sociopath http://www.biospace.com/News/ous 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
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