fishy999
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Post by fishy999 on Sept 21, 2015 21:40:48 GMT -5
www.newsweek.com/martin-shkreli-daraprim-drug-prices-374922"Shkreli’s company, Turing Pharmaceuticals, bought the rights to Daraprim and immediately hiked the price more than 5,000 percent, The New York Times reported on Monday. Daraprim is considered part of the standard treatment for a potentially life-threatening parasitic infection called toxoplasmosis. It is also used to treat people with compromised immune systems, like AIDS patients. In his former life as a hedge fund manager, Shkreli was accused of urging the FDA to not approve drugs from companies whose stocks he was shorting. Then he started another company that bought the rights to drugs and then raised their prices. The board of that company is currently suing Shkreli for $65 million, the Times reported. But Shkreli appears undaunted. The morning the Daraprim news broke, Shkreli tweeted the defiant lyrics to an Eminem song: “And it seems like the media immediately points a finger at me/So I point one back at em, but not the index or pinkie.” He’s been fighting with critics on Twitter since last night. “We’re the first company that really focused on this product. And I think that’s a great thing, because ultimately companies before us were actually just giving it away, almost,” Shkreli continued. “The price that they were pricing it at, $13.50, you only needed less than 100 pills, so at the end of the day the price per course of treatment—to save your life!—was only $1,000.” I just have to wonder which candidates see this man-child as a parasitic waste of oxygen or a smart businessman- and I think this is going to come up. Good thing we do not allow the government to negotiate prices like other countries
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Value Buy
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Post by Value Buy on Sept 21, 2015 21:46:02 GMT -5
Yes, he is.
And Hillary will come after him. I'm ok with her doing it.
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Deleted
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Post by Deleted on Sept 21, 2015 21:48:28 GMT -5
Free Market Baby...
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fishy999
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Post by fishy999 on Sept 21, 2015 21:59:46 GMT -5
His 'logic' is that it can save your life for $1000- which is waaay to cheap compared to cancer drugs- so in his mind it is just fine to form a monopoly on life or death drugs. What is he going to try to buy next- penicillin? Can't do that because too many companies can make it- but some small but important drug that it used in rare cases- score! The worst of the worst- makes you wonder how he was brought up- though I have my theories.
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busymom
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Post by busymom on Sept 21, 2015 23:16:50 GMT -5
Like oped stated, this is the ugly side of the Free Market. Which is why we need laws to deal with parasites like this.
I've noticed lately our local pharmacy keeps running out of drugs. It would be Karma if he couldn't get a particular drug that he required.
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djAdvocate
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Post by djAdvocate on Sept 21, 2015 23:39:02 GMT -5
“We’re the first company that really focused on this product. And I think that’s a great thing, because ultimately companies before us were actually just giving it away, almost,” Shkreli continued. “The price that they were pricing it at, $13.50, you only needed less than 100 pills, so at the end of the day the price per course of treatment—to save your life!—was only $1,000.” his life isn't worth $1,000, so that seems about right to me.
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mmhmm
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Post by mmhmm on Sept 22, 2015 0:41:37 GMT -5
Heh. I wonder how long his social media sites will stay up . Twitter is chewing him a new one.
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djAdvocate
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Post by djAdvocate on Sept 22, 2015 0:44:15 GMT -5
makes the Glengarry Glen Ross guys seem like girl scouts.
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Jaguar
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Post by Jaguar on Sept 22, 2015 1:01:09 GMT -5
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Jaguar
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Post by Jaguar on Sept 22, 2015 1:02:56 GMT -5
Oh and he is a real slimebag and this needs to be re-titled to Worst Slimebag of the decade. YUPPERS
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mmhmm
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Post by mmhmm on Sept 22, 2015 1:29:25 GMT -5
Yep. Same asshat. Twitter and Reddit are crucifying him. I'd not be surprised to see a certain pharmaceutical company's online presence have a bad case of oops in the next day, or so. Got a feeling they're going to be feeling the heat at Turin.
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Virgil Showlion
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Post by Virgil Showlion on Sept 22, 2015 7:20:53 GMT -5
Pffft. So he's going to extort money from the deathly ill. But did he shoot a lion?
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Virgil Showlion
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Post by Virgil Showlion on Sept 22, 2015 7:31:44 GMT -5
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The Captain
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Post by The Captain on Sept 22, 2015 8:19:49 GMT -5
He may be shooting himself in the foot. If the drug has been around for 62 years, and noted in Virgil Showlion's link, then the patent is expired.
Seems ripe for a generic if you ask me...
The original owner probably knew that, which is why the price was so low, generics couldn't compete when factoring in startup costs. That will change now.
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Deleted
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Post by Deleted on Sept 22, 2015 21:14:43 GMT -5
If it has been around for 62 years why is there still a patent on it? Or why can't other companies gear up to sell it?
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Post by Deleted on Sept 22, 2015 21:16:49 GMT -5
Oh, come on, he's not so bad.
He and I are partnering up to sell plywood and bottled water after the next big hurricane.
We plan to make a small, um, profit. that is quite a bit different. If you were to stock up 1000 sheets of plywood and 5000 cases of water to sell you are taking a risk and increasing the amount available when it is needed. If you do not partner up to sell plywood and water, there is less available.
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djAdvocate
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Post by djAdvocate on Sept 22, 2015 21:19:33 GMT -5
If it has been around for 62 years why is there still a patent on it? Or why can't other companies gear up to sell it? that was discussed above.
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The Captain
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Post by The Captain on Sept 23, 2015 8:46:55 GMT -5
If it has been around for 62 years why is there still a patent on it? Or why can't other companies gear up to sell it? Hickle - I used to work for a chemical, human, and animal drug manufacturing company. The cost to build a plant to manufacture one active ingredient was over $100M. Now I'm sure existing plants can be re-tooled etc, but still the start up costs (and don't forget the FDA approval process which takes many months if not years, even for generics) are very high. The volume and price justification has to be there. There's just a large enough market for this drug at the old price point to justify a competitor trying to make a generic. This is why there are so many "Orphan Drug" causes out there. Besides actually finding something to cure or treat the condition, the cost to manufacture the drug is usually not justified by the market size. Sounds cruel, but if companies constantly lose money trying to treat the orphan conditions, there wouldn't be anyone left in business to address the treatable conditions. I can't speak for every company but despite the economics, the company I worked for did continue to produce several loss leaders because there were no alternatives available in the market.
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justme
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Post by justme on Sept 23, 2015 11:42:47 GMT -5
I didn't realize it was possible to sell a drug.
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mroped
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Post by mroped on Sept 23, 2015 14:38:55 GMT -5
There is a high chance that this douche bag will die suddenly due to lead and copper poisoning! Desperate times call for desperate measures and there are plenty of people that will get there!
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AgeOfEnlightenmentSCP
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Post by AgeOfEnlightenmentSCP on Sept 23, 2015 15:44:14 GMT -5
Seems to me the free market worked just fine when the Polio vaccine was developed and given away for free. This will make room for competitors, and possibly new avenues of treatment. No need to interfere, just let him crash and burn.
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AgeOfEnlightenmentSCP
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Post by AgeOfEnlightenmentSCP on Sept 23, 2015 15:44:27 GMT -5
I didn't realize it was possible to sell a drug.
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AgeOfEnlightenmentSCP
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Post by AgeOfEnlightenmentSCP on Sept 23, 2015 15:48:31 GMT -5
that is quite a bit different. If you were to stock up 1000 sheets of plywood and 5000 cases of water to sell you are taking a risk and increasing the amount available when it is needed. If you do not partner up to sell plywood and water, there is less available. Well it can be different. I was trying to imply that we would be price gouging because of scarcity of supply after a disaster- which is against the law by the way.
I guess I didn't word it very well.
No, you worded it just fine. But it only works if you believe in "price gouging". @hickle 's point works as well for drugs as it does for plywood and water. Prices direct the market to do what is needed most, where it is needed most. High prices will actually attract others to this vital field. Just as price gouging saves lives during a hurricane, it can end up saving lives in this instance.
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justme
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Post by justme on Sept 23, 2015 15:52:30 GMT -5
I didn't realize it was possible to sell a drug. I'm on several medications and the brand names I'm on have not switched hands. It wouldn't make much sense to sell when you have a monopoly/patent - the buyer would pay a high price as they'd need to cover r&d. Plus I've just never heard of it until today. So possible was perhaps the wrong word, but I really haven't heard of it before this story.
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AgeOfEnlightenmentSCP
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Post by AgeOfEnlightenmentSCP on Sept 24, 2015 8:26:53 GMT -5
No wonder there's so much support for illegal immigration. There's big money treating illnesses we wouldn't have if we weren't being invaded.
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AgeOfEnlightenmentSCP
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Post by AgeOfEnlightenmentSCP on Sept 24, 2015 8:27:55 GMT -5
No, you worded it just fine. But it only works if you believe in "price gouging". @hickle 's point works as well for drugs as it does for plywood and water. Prices direct the market to do what is needed most, where it is needed most. High prices will actually attract others to this vital field. Just as price gouging saves lives during a hurricane, it can end up saving lives in this instance. If you believe in price gouging? There is a big difference between high prices driven by scarcity and price gouging. High prices driven by scarcity and the need to get goods to a needy population can save lives. Price gouging is despicable, and very much does occur unfortunately. Devil's advocate. Someone has to point out how price functions in a free market before we end up without essential treatments- not because they're expensive, but because there's ZERO incentive to produce them.
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AgeOfEnlightenmentSCP
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Post by AgeOfEnlightenmentSCP on Sept 24, 2015 8:30:24 GMT -5
I'm on several medications and the brand names I'm on have not switched hands. It wouldn't make much sense to sell when you have a monopoly/patent - the buyer would pay a high price as they'd need to cover r&d. Plus I've just never heard of it until today. So possible was perhaps the wrong word, but I really haven't heard of it before this story. Wow. Have you considered that they may have switched hands, but it was the entire brand that was sold? People sell for a variety of reasons. Maybe there's a more promising prospect and they need to raise the cash; maybe their in the financial weeds and need to sell. Products, brands, companies, and parts of companies are bought and sold every day. The worst thing this guy has done, btw, was aided by the federal government and regulations.
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djAdvocate
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Post by djAdvocate on Sept 24, 2015 12:39:29 GMT -5
this kind of incident is why socialism seems appealing to a fairly wide segment of the population.
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Post by Deleted on Sept 24, 2015 15:54:39 GMT -5
I find some aspects of what the Europeans call democratic socialism appealing. And I am a business owner. will you elaborate, please.
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Virgil Showlion
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Post by Virgil Showlion on Sept 24, 2015 16:27:36 GMT -5
I find some aspects of what the Europeans call democratic socialism appealing. And I am a business owner. will you elaborate, please. He finds himself looking longingly at Greece, Italy, France and sighing, "I wish we could be more like that."
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