The free market just shoved its hand up this guy's ass

[ClosedCaption]

Drug compounder offers cheap version of costly Turing drug

Shkreli, the pharmaceutical CEO Bro above, bought the rights to produce Daraprim, a drug used to treat toxoplasmosis, a parasitic infection that can be fatal for those with HIV or cancer. The pills had cost $13.50 each, but Shkreli saw an opening in the market, bought the rights in August, and his company, Turing Pharmaceuticals, then raised the price 5000%, to $750 per pill. The move generated widespread outrage, but Shkreli defended it as a market correction to a previously undervalued drug and labeled his critics "stupid."

Baum is the CEO of Imprimis Pharmaceuticals, which specializes in mixing approved drug ingredients to fill individual patient prescriptions. Today the Associated Press is reporting that Imprimis will "supply capsules containing Daraprim’s active ingredients, pyrimethamine and leucovorin, for $99 for a 100-capsule bottle." This isn't a one-time thing, either: Baum says his company is "looking at all of these cases where the sole-source generic companies are jacking the price way up. There’ll be many more of these” compounded drugs coming to provide inexpensive alternatives to combat predatory pricing.


Nice job, the free market worked this time...We'll see

 

[ClosedCaption]

Bump this story....This guy deserves applause

 

[Godboy]

Wow! They are selling it for $1 a pill? Something tells me the other guy is going to have a tough time selling them for $750 a pill. His grand investment scheme just tanked. Those pills are cheaper than ever now.

 

[TNHarley]

See? Fuck capitalism!

 

[Katzndogz]

Who did he think would buy a $750. pill?

 

[IlarMeilyr]

There are wrongs in capitalism.

Shocking, I do realize.

But, isn't it somewhat cool that a form of competition (a hallmark of solid capitalism) mixed with a dash of public spirited motivation got capitalism to fix one of those problems?

,

 

[waltky]

Granny says, "Dat's right - somebody needs to wipe dat silly-ass grin off his face...

The 'most hated man in America' raises the price of drugs again
12 Dec.`15 - The news comes just after he raises the price of an effective HIV drug by more than 5000 per cent

The man who increased the cost of an effective HIV drug by 5,500 per cent has now increased the price of another form of medicine. Martin Shkreli has now increased the price of a medicine used to treat Chagas disease, a parasitic infection that can cause heart failure. Mr Shkreli’s company, Turing Pharmacuticals, previously acquired the rights to the anti-HIV drug, Daraprim, before increasing the price from $13.50 to $700.

Pharma CEO Martin Shkreli bows to international outrage and vows to lower cost of aids pills he increased by 5,000%​

This time Mr Shkreli has bought a majority share in KaloBios Pharmaceuticals, allowing him to apply for exclusive selling rights to KaloBios’ benznidazole, a common drug used to treat Chigas in South America, where it is very prevelant. It is reported by the New York Times that benznidazole currently costs between $50 to $100 for two months worth of treatment. However the New York Times believe that the cost could soon be similar to that of a hepatitis C drug, which costs anywhere between $60,000 and $100,000 per course of treatment. It is estimated 300,000 in the United States have Chagas disease.

Although the news does come as it is announced that America has suffered an outbreak of the kissing bug, which is one of the major ways Chagas disease is spread. Many health centres currently offer the anti-Chagas drug for free, with the proposed pricing no longer making treatment available to a vast part of the US and South America’s population. Mr Shkreli estimates that between 3,000 and 7,000 people will require treatment for the acute infection each year in the United States. It has also been reported that Mr Shkreli is the owner of the single-copy Wu-Tang Clan album.

The 'most hated man in America' now wants to raise the drug price on infectious diseases

 

[Lakhota]

Socialism in action!

 

[waltky]

God's retribution...

Martin Shkreli's KaloBios Pharmaceuticals files for bankruptcy
Dec. 30, 2015 -- KaloBios Pharmaceuticals Inc., the company where infamous biotech investor Martin Shkreli was recently fired as CEO, filed for Chapter 11 bankruptcy on Tuesday.

A judge to precede the case has yet to be determined, according to the U.S. Bankruptcy Court in the District of Delaware. The company's stock was halted on Dec. 17, the day Shkreli was arrested on charges of securities fraud. KaloBios was granted a hearing in February over its appeal of NASDAQ's decision to delist its shares. Shkreli, 32, infamous for shepherding Turing Pharmaceuticals to a 5,000 percent price increase of an essential drug, was fired on Dec. 21 from his position as CEO of KaloBios. KaloBios said it "terminated" Shkreli as CEO. The company also said he resigned from his post as a member of its board.

KaloBios Pharmaceuticals Inc., the company where infamous biotech investor Martin Shkreli was recently fired as CEO, filed for Chapter 11 bankruptcy on Tuesday. KaloBios has been granted a hearing in February over its appeal of NASDAQ's decision to delist its shares.​

Shkreli was arrested in relation to a firm he founded in 2011, unrelated to the price hike he instituted for Daraprim with Turing Pharmaceuticals. He was released after posting a $5 million bail. Prosecutors allege he illegally took stock from his biotechnology firm, Retrophin Inc., and used that to pay debts from unrelated business dealings. The Retrophin board of directors later sued Shkreli and he was ousted from the company where he served as CEO. In August, Turing Pharmaceuticals acquired Daraprim, often used to treat toxoplasmosis in people with compromised immune systems like AIDS patients, and the company immediately increased the price of the drug. The price increase raised the average treatment costs for patients from about $1,130 a year to $63,000. Certain patients may need to pay up to $634,000 each year for Daraprim treatment.

Although toxoplamosis isn't considered dangerous in people who are generally healthy, for people who are pregnant or have a weakened immune system, such as AIDS or cancer patients, the effects of the infection can be severe. Daraprim is also used to treat malaria. The embattled Shkreli received more negative backlash earlier this month when it was revealed he was the buyer of Wu-Tang Clan's one-of-a-kind album, Once Upon a Time in Shaolin. He paid $2 million for the only issued copy of the album, immediately placed it in a vault and said he "probably won't listen to it for years."

Martin Shkreli's KaloBios Pharmaceuticals files for bankruptcy