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CatWoman

(79,294 posts)
Thu Oct 22, 2015, 05:26 PM Oct 2015

Price-Gouging Pharma CEO Fuming As Rival Creates $1 Alternative AIDS Drug

As is well-known by now, one of the side effects of Daraprim, a medication needed by many AIDS and cancer patients, is uncontrollable rage — not because of any chemical properties of the drug itself, but because Martin Shkreli’s Turing Pharmaceuticals raised the price by more than 5,000 percent immediately after purchasing the rights to the medication. Until Shkreli’s greed caused the price to very quickly inflate, the lifesaving pill, which has been on the market longer than Shkreli has been alive, sold for just $13.50 per pill.

Shkreli provided numerous excuses for the price increase, the unfairness of which made headlines for weeks after the rather transparent attempt to effectively hold patients at gunpoint and rob them blind. While “Pharma Bro” ultimately promised to lower prices to an undefined amount at an unspecified point in time — something that has still not happened — another company has taken it upon themselves to completely embarrass the former hedge funder, who described the price increase as necessary.

San Diego-based Imprimis Pharmaceuticals, Inc announced on Thursday that it will be providing an alternative to Daraprim that costs a fraction of the pill’s pre-Shkreli price. The drug will be sold at as low as $99 for a 100-pill supply. Yes, that’s just about a dollar per pill.

“While we respect Turing’s right to charge patients and insurance companies whatever it believes is appropriate, there may be more cost-effective compounded options for medications, such as Daraprim,” Imprimis CEO Mark L. Baum said in a press release. ARS Technica points out Imprimis’ alternative is not the same as Daraprim, but it is close:

http://www.occupydemocrats.com/price-gouging-pharma-ceo-fuming-as-rival-creates-1-alternative-aids-drug/

72 replies = new reply since forum marked as read
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Price-Gouging Pharma CEO Fuming As Rival Creates $1 Alternative AIDS Drug (Original Post) CatWoman Oct 2015 OP
Whooppee!! oldandhappy Oct 2015 #1
Awesome, and they will STILL make a profit randys1 Oct 2015 #2
The law of unintended consequences. Rex Oct 2015 #3
Well, that's the making for a damn nice day. Our plan is working perfectly. BlueJazz Oct 2015 #4
Now THAT'S a free market! tosh Oct 2015 #5
That is the best smack-down of all. brer cat Oct 2015 #6
The world's tiniest violin playing just for Shkreli: Initech Oct 2015 #7
There was a time when it would not have been safe for such a "person" to do that, and still walk jtuck004 Oct 2015 #8
Excellent. hifiguy Oct 2015 #9
I was hoping for an ACME anvil....... jen63 Oct 2015 #46
That also works nicely! hifiguy Oct 2015 #55
Me too! n/t truedelphi Oct 2015 #68
Serves him right. Enthusiast Oct 2015 #10
Shkreli has no right to complain Jack Rabbit Oct 2015 #11
ah, yes, but... NJCher Oct 2015 #39
everybody loves "competition" until they're the ones getting clobbered by it phantom power Oct 2015 #12
The goal of every capitalist ever hifiguy Oct 2015 #17
Excellent! SoapBox Oct 2015 #13
Swallow that one Shkreli! Plucketeer Oct 2015 #14
I believe the invisible hand of the free market just bitch slapped Shkreli. n/t eggplant Oct 2015 #15
yep SoLeftIAmRight Oct 2015 #18
Perfect BlueSpot Oct 2015 #38
I do hope this alternate drug works as well as Daraprim passiveporcupine Oct 2015 #16
from the link ... eppur_se_muova Oct 2015 #25
. Omaha Steve Oct 2015 #19
The invisible hand of the market awoke_in_2003 Oct 2015 #20
I could kiss him! N/t ejbr Oct 2015 #21
Woohoo! One of my college friends now works for Imprimis. I think I'll contact him and 4lbs Oct 2015 #22
It looks like it might even be better than Daraprim TexasBushwhacker Oct 2015 #23
Schadenfreude ist die schönste Freude Fritz Walter Oct 2015 #24
They should name the drug Miigwech Oct 2015 #26
Hah Dorian Gray Oct 2015 #44
Wow, he bought the drug, and it wasn't even patent-protected? thesquanderer Oct 2015 #27
The exact composition is a trade secret localroger Oct 2015 #65
Interesting. Thanks for the detail. (n/t) thesquanderer Oct 2015 #70
Heh heh. Payback sucks, don't it, Shkreli ?? DinahMoeHum Oct 2015 #28
nice The Jungle 1 Oct 2015 #29
Priceless WestSeattle2 Oct 2015 #30
... BeanMusical Oct 2015 #31
Brilliant! workinclasszero Oct 2015 #56
Looks like his Golden egg turned to Lead! dae Oct 2015 #32
I wish I owned Shkreli's favorite restaurant dickthegrouch Oct 2015 #33
As long as that menu had Crow on it ;) Volaris Oct 2015 #41
When I saw this story earlier it made my day. Martin Shkreli really pissed off a lot of Waldorf Oct 2015 #34
Oh no!!! Competition!!! hatrack Oct 2015 #35
LOLOL!!! BlancheSplanchnik Oct 2015 #51
Ouch - that's gonna leave a mark. Marie Marie Oct 2015 #36
. GoneFishin Oct 2015 #37
Bend the Knee shadowmayor Oct 2015 #40
Bwahahaha Lunabell Oct 2015 #42
k and r... Great News !!!!!!!!!!!!!! Stuart G Oct 2015 #43
Maybe I missed it OnlinePoker Oct 2015 #45
Nowhere. nt bunnies Oct 2015 #58
It's only human to assume he's fuming. n/t Scurrilous Oct 2015 #69
I read some where jen63 Oct 2015 #47
this assbag was on fox business news as i was flipping through cindyperry2010 Oct 2015 #48
It's pretty expensive. JRLeft Oct 2015 #49
Shkreli has a perfect right to be upset. Kablooie Oct 2015 #50
They had to make him a pariah in the industry. ohnoyoudidnt Oct 2015 #52
Serves that little sociopath right. catbyte Oct 2015 #53
The invisible hand of the market has spoken capitalist pig...and it says... workinclasszero Oct 2015 #54
You're being too kind... KansDem Oct 2015 #60
I like yours too! workinclasszero Oct 2015 #61
Imprimis CEO Nelson Muntz says: KamaAina Oct 2015 #57
Instant karma's gonna get you. Blue_In_AK Oct 2015 #59
Did anyone else notice that this headline is pure made-up bullshit? DesMoinesDem Oct 2015 #62
It's the United States of "How much can I gouge them for". YOHABLO Oct 2015 #63
yay Liberal_in_LA Oct 2015 #64
K&R... spanone Oct 2015 #66
This is interesting passiveporcupine Oct 2015 #67
It's called free-market capitalism Shkreli romanic Oct 2015 #71
Haha, awesome. Quantess Oct 2015 #72
 

jtuck004

(15,882 posts)
8. There was a time when it would not have been safe for such a "person" to do that, and still walk
Thu Oct 22, 2015, 06:00 PM
Oct 2015

the street. Now it's all the permission he needs.

But now you have to get the insurance cos to agree, and they make more from drugs that cost more. So even if they distribute this, their guaranteed profit means we will pay up to that level.

We lost when they silenced the IWW, when we made it possible for them to do business as usual.

 

hifiguy

(33,688 posts)
9. Excellent.
Thu Oct 22, 2015, 06:02 PM
Oct 2015

Now if only a random grand piano left over from Looney Tunes would land on that Shkreli shit, justice would be fully served.

Jack Rabbit

(45,984 posts)
11. Shkreli has no right to complain
Thu Oct 22, 2015, 06:19 PM
Oct 2015

He's the one who created a demand for a cheaper drug and Mr. Baum responded like a good, old-fashioned businessman should.

To bad most businessmen these days are just greedy fucks like Shkreli (and Legs Dimon and Pretty Boy Lloyd).


NJCher

(35,648 posts)
39. ah, yes, but...
Thu Oct 22, 2015, 11:44 PM
Oct 2015
To bad most businessmen these days are just greedy fucks like Shkreli (and Legs Dimon and Pretty Boy Lloyd).

It only takes one to upset Shkreli's apple cart.



Cher
 

hifiguy

(33,688 posts)
17. The goal of every capitalist ever
Thu Oct 22, 2015, 06:45 PM
Oct 2015

is a monopoly. It's the most efficient way to crush the people.

 

Plucketeer

(12,882 posts)
14. Swallow that one Shkreli!
Thu Oct 22, 2015, 06:27 PM
Oct 2015

Here's hoping your ultimate demise is a long and painful exit from this life.

BlueSpot

(855 posts)
38. Perfect
Thu Oct 22, 2015, 11:07 PM
Oct 2015

That is the best summation of the story I have read. And I'm gonna steal it, just so you know.

passiveporcupine

(8,175 posts)
16. I do hope this alternate drug works as well as Daraprim
Thu Oct 22, 2015, 06:42 PM
Oct 2015

I'd like to see something on this. I hope some people are still not dependent on Daraprim. If it does, then this is indeed a royal smack down! And it's come about much quicker than I expected.

eppur_se_muova

(36,257 posts)
25. from the link ...
Thu Oct 22, 2015, 07:18 PM
Oct 2015
“Daraprim’s active ingredient is pyrimethamine, which has been available since 1953 for the treatment of parasitic diseases (namely malaria and toxoplasmosis). Imprimis’ alternative also contains pyrimethamine as well as leucovorin, which the company said helps to reverse pyrimethamine’s negative effects on bone marrow.


So, it sounds like it could be even better than Daraprim.

The synthesis of pyrimethamine is pretty short and simple, and could possibly be simplified further, so cost of materials is not the problem. It's been sold since 1953, so the R&D expense has long since been paid off. That $0.99 pill is not sold at a loss.

Anyone who claims to understand free-market capitalism should have seen this coming. Jack up your prices, get undercut by a competitor.

"Pharma Bro" looks more and more like Pharma Duh.

4lbs

(6,854 posts)
22. Woohoo! One of my college friends now works for Imprimis. I think I'll contact him and
Thu Oct 22, 2015, 07:09 PM
Oct 2015

see how things are going.



And to that Gollum-like hedge funder....






TexasBushwhacker

(20,165 posts)
23. It looks like it might even be better than Daraprim
Thu Oct 22, 2015, 07:10 PM
Oct 2015

"Daraprim’s active ingredient is pyrimethamine, which has been available since 1953 for the treatment of parasitic diseases (namely malaria and toxoplasmosis). Imprimis’ alternative also contains pyrimethamine as well as leucovorin, which the company said helps to reverse pyrimethamine’s negative effects on bone marrow."

FWIW, you can buy generic Daraprim from online pharmacies in Canada for 45 cents per pill.

Fritz Walter

(4,291 posts)
24. Schadenfreude ist die schönste Freude
Thu Oct 22, 2015, 07:13 PM
Oct 2015

...denn sie kommt von Herzen.

Translation: "Schadenfreude is the most beautiful (kind of) joy ...because it comes from the heart."

Or in Shkreli's case, that hollow cavity in his chest which contains an atrophied pound of gristle.

Sometimes the Germans can nail the sentiment precisely.

thesquanderer

(11,982 posts)
27. Wow, he bought the drug, and it wasn't even patent-protected?
Thu Oct 22, 2015, 07:25 PM
Oct 2015

I guess he was counting on the market being small enough that no one else would bother making it, because there wouldn't be enough profit in it for a typical drug company to want to bother. It probably didn't occur to him that someone would be willing to compete on a low-profit drug simply because they actually thought it was the right thing to do. "Right thing to do" is probably a completely foreign concept to him, that he couldn't possibly have accounted for.

localroger

(3,625 posts)
65. The exact composition is a trade secret
Fri Oct 23, 2015, 04:27 PM
Oct 2015

...and the FDA approval is for that composition. Part of the company's strategy even pre-Shkreli was controlling distribution so that competitors could not get enough of their formula to do the comparison studies. This pharmacy is saying, if your doctor prescribes Daraprim, ask him to prescribe these ingredients instead all of which are individually approved, and you can be pretty sure it will work as well as Daraprim for this off-label use. Most people will take that risk to save $749 per pill.

 

The Jungle 1

(4,552 posts)
29. nice
Thu Oct 22, 2015, 08:15 PM
Oct 2015

I think we call that capitalism. Funny thing about capitalism it works both ways. I hope that scum Shkreli loses all his assets. Then he can be another Trump.

dickthegrouch

(3,172 posts)
33. I wish I owned Shkreli's favorite restaurant
Thu Oct 22, 2015, 10:09 PM
Oct 2015

I'd have a special menu printed up specially for him
Even better, I wish I was his pharmacist.

Waldorf

(654 posts)
34. When I saw this story earlier it made my day. Martin Shkreli really pissed off a lot of
Thu Oct 22, 2015, 10:13 PM
Oct 2015

people. Hope he loses his ass in his Pharmaceutical venture.

shadowmayor

(1,325 posts)
40. Bend the Knee
Fri Oct 23, 2015, 12:21 AM
Oct 2015

We, the American people are taught to bend the knee from our earliest age. Positions of authority - civic leaders, military leaders, religious leaders and business leaders are thought to be knowledgeable and correct and always given every benefit of any doubt. We are taught not to question their decisions as they always know what is best. This propaganda permeates so much of our everyday lives that most of us are clueless when it comes to how we are being used and manipulated.

It is the job of the press, our academics, and most importantly the average citizen to speak to the truth. The press can decide to either explain and expose incompetence and criminality, or go along for the ride. I am guessing that Shkreli operates his blood-sucking schemes under the privilege afforded in this country to corporations or limited liability companies. Too many folks think that the purpose of any corporation is to generate profits for shareholders. How then, do we explain non-profit corporations? The truth is, any limited liability status conferred is for the betterment of our society. Should any corporation perform in a manner that harms the general good, that status as a limited liability entity should be revoked. This revocation would make the people who own and operate said company fully liable for their actions. This is a notion never mentioned by our corporate media as they have been going along for the ride for a long long time.

Shkreli harmed the greater good. His limited liability should be revoked. He should be sued by all he harmed. And may his toes find sharp corners in the dark the rest of his heartless, greedy, selfish life.

Lunabell

(6,078 posts)
42. Bwahahaha
Fri Oct 23, 2015, 04:46 AM
Oct 2015

For whatever the reason they did this, (good PR? For the sake of Humanity?) in your face Shkreli!!!!!

cindyperry2010

(846 posts)
48. this assbag was on fox business news as i was flipping through
Fri Oct 23, 2015, 10:42 AM
Oct 2015

did not listen or would have thrown several things at the t.v. imagine still trying to justify being a horrid human being all in the name of money.

Kablooie

(18,625 posts)
50. Shkreli has a perfect right to be upset.
Fri Oct 23, 2015, 12:30 PM
Oct 2015

The pharma industry pays huge amounts of money for the privilege of not having to compete in the marketplace.
This is a gross misuse of capitalism which exists only to enrich the rich, not to create lower prices for the populace.

ohnoyoudidnt

(1,858 posts)
52. They had to make him a pariah in the industry.
Fri Oct 23, 2015, 01:44 PM
Oct 2015

He brought way too much attention to big pharma. I thought he might have an accident, but this is more effective for their agenda. Hopefully, enough people are paying enough attention now that we can get some much needed legislation.

catbyte

(34,367 posts)
53. Serves that little sociopath right.
Fri Oct 23, 2015, 02:02 PM
Oct 2015

He gives me the willies--what a creep.

Well done, Imprimis Pharmaceuticals, Inc.



KansDem

(28,498 posts)
60. You're being too kind...
Fri Oct 23, 2015, 02:44 PM
Oct 2015

"The invisible hand of the market has spoken capitalist pig...and it says..."

 

YOHABLO

(7,358 posts)
63. It's the United States of "How much can I gouge them for".
Fri Oct 23, 2015, 03:57 PM
Oct 2015

These CEOs better be running to their private jets soon .. because we're getting riled up here. The Rich seem to think that middle class and poorer folks are just jealous of them. WRONG! We don't want their life styles, their high end this and that, their dining out at snot nosed restaurants, their gated communities. We just want enough to eat, a decent place to sleep and a roof over our heads. Things like cable tv and cell phones are luxuries. And by the way, I don't respect Turing's so called ''right'' to charge patients and insurance companies whatever. No not when it comes to the health and well being of individuals. Why should only the Rich be able to live healthy pain free lives? We really must take profit out of health care.

passiveporcupine

(8,175 posts)
67. This is interesting
Fri Oct 23, 2015, 04:51 PM
Oct 2015
“His issue is not the cost of the drug or even the cost of the labor,” says Baum, referring to Turing’s Shkreli. “His issue is the cost of capital. He paid $55 million for that formulation. He’s gotta cover that cost. So, based on his input, he’s gotta sell it for a lot more than we do.”


“I think Imprimis may be on solid ground if they combine the pyrimethamine with leucovorin in compounded capsules. Daraprim, only contains pyrimethamine, so to compound patient-specific capsules with leucovorin in them does not violate any federal or state laws regarding compounding,” says Davidson, who is also the 2010-2020 chair of the U.S. Pharmacopeia’s Compounding Expert Committee. “Shrkeli has the patent on Daraprim, but he does not have the patent on bulk substance pyrimethamine.”


http://www.forbes.com/sites/davidkroll/2015/10/23/imiprimis-ceo-on-compounding-a-low-cost-alternative-to-turings-daraprim-for-toxoplasmosis/

So, does this mean he's pretty much out 55 million? It may not, but it makes me laugh to think it might.
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