Global outrage and disgust as ex-hedge funder, 32, buys rights to AIDS drug and raises price 5500% from $13.50 to $750 per pill!

Martin Shkreli - Scum of the Earth picture of the day

Scum of the Earth: picture of the day… Martin Shkreli

Global outrage and disgust as ex-hedge funder, 32, buys rights to AIDS drug and raises price 5500% from $13.50 to $750 per pill!

  • Martin Shkreli, 32, founder and chief executive of Turing Pharmaceuticals, purchased the rights to Daraprim in August for $55million
  • He raised the price of the drug form $13.50 per tablet to $750 per tablet
  • Since the announcement, people across social media have criticized the price increase
  • Shkreli has backed the decision, saying that his company ‘needed to turn a profit on the drug’
  • Daraprim treats toxoplasmois, an opportunistic parasitic infection that can cause serious and life-threatening problems
  • Hillary Clinton weighed in on the issue, calling the price hike ‘outrageous’
  • Shkreli called the editor of Fierce Biotech ‘a moron’ after he questioned the CEO’s reasoning behind increasing the price of Daraprim

A former hedge fund manager has suffered severe backlash after purchasing the rights to a 62-year-old drug used for treating AIDS patients and raising the price overnight from $13.50 per tablet to $750.

Martin Shkreli, 32, founder and chief executive of Turing Pharmaceuticals, purchased the rights to Daraprim – which is used to treat life-threatening parasitic infections – in August for $55million. Shortly thereafter, the price of the drug, which costs roughly $1 to produce, was increased to $750 per tablet. Shkreli told Bloomberg that he hiked up the price of the pill because Turing Pharmaceuticals ‘needed to turn a profit on the drug’. Since the announcement, people across social media have criticized the price increase, but Shkreli has backed the decision.

Martin Shkreli, 32, founder and chief executive of Turing Pharmaceuticals, changed the price of Daraprim, which is used to treat AIDS patients, from $13.50 per tablet to $750

Turing Pharmaceuticals purchased the rights to the drug in August for $55million

Shkreli said that the decision to raise the price was made because the company 'needed to turn a profit on the drug'

‘This isn’t the greedy drug company trying to gouge patients, it is us trying to stay in business,’ Shkreli said, according to Raw Story. He added that many patients use the drug for less than a year and that the price is on par with drugs similar that are used to treat rare diseases. Since his company acquired the drug, Shkreli has urged the importance of improving Daraprim and said drugs need to be developed for treating neglected tropical diseases. Shkreli said that the proceeds from the newly high-priced Daraprim will be used to research better treatments and raise awareness for toxoplasmosis.,an opportunistic parasitic infection that can cause serious and life-threatening problems. The disease primarily in babies and people with compromised immune systems, including AIDS and cancer patients. As the drug has been passed from one pharmaceutical company to another, the price has steadily increased from $1 to $13.50. But when Shkreli acquired the drug, he increased the price by almost 5,500 per cent. Fierce Biotech editor John Carroll was one of the first people to ask Shkreli to explain why he chose to up the price. In the heated exchange, Shkreli first said that it was ‘a great business decision that also benefits all of our stakeholders’, but didn’t provide further information. Shkreli received backlash from people on social media over his choice to raise the drug’s price, but he responded to the criticism with a link to lyrics to The Way I Am by Eminem, writing that ‘it seems like the media immediately points a finger at me.’

At one point, Shkreli, when referring to Carroll, said he didn’t ‘expect the likes of you to process’ his explanation for upping the price of Darapram. Even Democratic presidential candidate Hillary Clinton jumped into criticize the price hike, calling it ‘outrageous’. ‘Price gouging like this in the specialty drug market is outrageous. Tomorrow I’ll lay out a plan to take it on. -H,’ she Tweeted on Monday. Clinton plans to unveil a plan this week to cap monthly out-of-pocket costs for specialty drugs. She alluded to her plan in public remarks on Monday and said she will spell it out in more detail at a health-care forum in Des Moines, Iowa, on Tuesday. She pointed to a New York Times story that focused on Turing that said while prices sometimes rise due to drug shortages, other times prices balloon as a result of a company’s business strategy of buying older drugs and turning them into expensive specialty drugs. On Monday, shares in biotech companies such as Immunogen and Gilead Sciences dropped after Clinton’s Tweet. In an open letter to Turing, ISDA and HIVMA urged the company to rethink the new new pricing structure for the generic medicine, according to Healio.  ‘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.

Shkreli said in an interview on Monday that the company would not be lowering Daraprim’s price.  Backlash on Twitter has been extreme, with people from across the world calling Shkreli vulgar names and a person who is ‘everything wrong’ with the United States. ‘Martin Shkreli is everything wrong with money, medicine, and politics in America,’ Q Allen Brocka wrote, attaching a gif that showed Shkreli telling a reporter that he wouldn’t change the drug’s price. ‘I have dealt with sociopaths in my life. Like @MartinShkreli, theyre good a putting on a mask of charm while engaged in self-centered evil,’ Kurt Eichenwald wrote. ‘This is Martin Shkreli. He just raised the price of a drug from $13.50 to $750 per tablet. Martin Shkreli is garbage,’ Jess Devonport Tweeted, attaching a photo of the pharma CEO. ‘Well it’s official, @MartinShkreli is the worst person in America. He just raised the price of AIDS medication from $13.50 a tablet to $750,’ Stephen Glickman wrote.

‘Unless there’s some defenders out there (I’m sure there are), I think Martin Shkreli has united every possible group in their hatred of him,’ user @firescotch Tweeted.

Shkreli responded to the backlash by Tweeting a link the lyrics to the Eminem song The Way I Am. ‘And it seems like the media immediately points a finger at me,’ he Tweeted. ‘So I point one back at em, but not the index or pinkie.’ He spent much of Monday retweeting messages of support from people who took his side after the price-increase announcement. He wrote back to some Twitter users, telling some that they ‘don’t have the facts’.  In an article published on Sunday, Shkreli told The New York Times that his company shouldn’t be facing the backlash it is.  ‘This is still one of the smallest pharmaceutical products in the world,’ he said. ‘It really doesn’t make sense to get any criticism for this.’ Since Shkreli made headlines for the massive price change of Daraprim, media sites have scoured the internet for information about the CEO’s past.

Daraprim treats toxoplasmois, an opportunistic parasitic infection that can cause serious and life-threatening problems, primarily in babies and people with compromised immune systems, including AIDS and cancer patients

Prior to founding Turing Pharmaceuticals, Shkreli worked as a hedge funder who was once accused of trying to manipulate FDA regulations on drug companies whose stocks he was shorting

He was forced out of the last drug company he founded, Retrophin, which specialized in buying the rights to little-known drugs and increasing their prices.

They increased the price of a drug that treats a rare kidney disease by 2,000 per cent, according to Fusion.  Retrophin forced Shkreli out of the company and is now suing the former hedge funder for $65million, after accusations of looting the company. According to the lawsuit, Shkreli’s former hedge fund, MSMB – another company he founded – was left ‘virtually bankrupt’ after Shkreli made a single trade with Merril Lynch in February 2011. Shkreli allegedly used Retrophin’s funds to pay MSMB investors who had lost money in the trade, Retrophin’s board of directors claims.  ‘Shkreli was the paradigm faithless servant,’ the complaint states. ‘Shkreli used his control over Retrophin to enrich himself, and to pay off claims of MSMB investors (who he had defrauded).’ On the day the lawsuit was filed, Shkreli gave a shout out to Wu-Tang Clan in a Tweet, writing, ‘I am not the one to f*** with #wutang’. A spokesperson from Retrophin could not be reached by Daily Mail Online.

MARTIN SHKRELI’S RECENTLY DELETED OK CUPID PROFILE 

Shkreli's OK Cupid page has since been deleted

Shkreli’s OK Cupid page has since been deleted

My self-summary

native new yorker seeks girlfriend. intelligent, handsome and all sorts of other good qualities. i am endlessly entertaining, providing comedic relief and artistic thought in one convenient package. what a catch!

What I’m doing with my life

i started a drug company to find treatments for rare and severe diseases. i have spare time, however, and i’m excited to build a relationship and share my life with someone.

I’m really good at

logic, difficult situations and tough choices.

The first things people usually notice about me

eyes, attitude, confidence

Favorite books, movies, shows, music, and food

avant garde music

shakespeare

meat & potatoes American food

mobster movies and gus van sant

house, south park, jon stewart

The six things I could never do without

cats – ideal companions

music – i play guitar and love all kinds of music

family – my brother, in particular

time – our friend and enemy

hope – staying positive has been useful to me

good food – life’s simple and universal luxury

I spend a lot of time thinking about

human suffering

investments

family

On a typical Friday night I am

reading

watching TV

hanging out with my brother

The most private thing I’m willing to admit

There are better ways to discover these things. Privacy and intimacy are the essence of relationship.

You should message me if 

you think we’d make a good couple! i am easy-going and i think first dates should be stress-free and fun. also, you should message me for the hell of it. you never know where love comes from.

Source: Daily Mail

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s