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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsPrice-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 Shkrelis Turing Pharmaceuticals raised the price by more than 5,000 percent immediately after purchasing the rights to the medication. Until Shkrelis 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 pills pre-Shkreli price. The drug will be sold at as low as $99 for a 100-pill supply. Yes, thats just about a dollar per pill.
While we respect Turings 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/
oldandhappy
(6,719 posts)randys1
(16,286 posts)Rex
(65,616 posts)Showed up and kicked drug kingpin ass!
BlueJazz
(25,348 posts)tosh
(4,423 posts)Go Imprimis!
brer cat
(24,555 posts)A competitor taking the market while Turing becomes irrelevant.
Initech
(100,060 posts)Yeah fuck that guy.
jtuck004
(15,882 posts)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)Now if only a random grand piano left over from Looney Tunes would land on that Shkreli shit, justice would be fully served.
jen63
(813 posts)hifiguy
(33,688 posts)truedelphi
(32,324 posts)Enthusiast
(50,983 posts)Jack Rabbit
(45,984 posts)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)It only takes one to upset Shkreli's apple cart.
Cher
phantom power
(25,966 posts)hifiguy
(33,688 posts)is a monopoly. It's the most efficient way to crush the people.
SoapBox
(18,791 posts)Plucketeer
(12,882 posts)Here's hoping your ultimate demise is a long and painful exit from this life.
eggplant
(3,911 posts)SoLeftIAmRight
(4,883 posts)hope he goes under
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)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)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.
Omaha Steve
(99,573 posts)K&R!
OS
awoke_in_2003
(34,582 posts)just slapped the hell out of him.
ejbr
(5,856 posts)4lbs
(6,854 posts)see how things are going.
And to that Gollum-like hedge funder....
TexasBushwhacker
(20,165 posts)"Daraprims 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 pyrimethamines 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)...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.
Miigwech
(3,741 posts)"FUCK YOU"
Dorian Gray
(13,488 posts)thesquanderer
(11,982 posts)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)...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.
thesquanderer
(11,982 posts)DinahMoeHum
(21,783 posts)Choke on it.
The Jungle 1
(4,552 posts)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.
WestSeattle2
(1,730 posts)BeanMusical
(4,389 posts)workinclasszero
(28,270 posts)dae
(3,396 posts)dickthegrouch
(3,172 posts)I'd have a special menu printed up specially for him
Even better, I wish I was his pharmacist.
Volaris
(10,269 posts)Waldorf
(654 posts)people. Hope he loses his ass in his Pharmaceutical venture.
hatrack
(59,583 posts)Run, Lil' Pharma-Bro Douchebag, RUN!!!!
BlancheSplanchnik
(20,219 posts)Marie Marie
(9,999 posts)GoneFishin
(5,217 posts)shadowmayor
(1,325 posts)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)For whatever the reason they did this, (good PR? For the sake of Humanity?) in your face Shkreli!!!!!
Stuart G
(38,414 posts)OnlinePoker
(5,719 posts)Where does it say Shkreli is fuming?
bunnies
(15,859 posts)Scurrilous
(38,687 posts)jen63
(813 posts)that he's lost his shirt to the tune of 55 million.
cindyperry2010
(846 posts)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.
JRLeft
(7,010 posts)Kablooie
(18,625 posts)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)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)He gives me the willies--what a creep.
Well done, Imprimis Pharmaceuticals, Inc.
workinclasszero
(28,270 posts)KansDem
(28,498 posts)"The invisible hand of the market has spoken capitalist pig...and it says..."
workinclasszero
(28,270 posts)KamaAina
(78,249 posts)Blue_In_AK
(46,436 posts)DesMoinesDem
(1,569 posts)YOHABLO
(7,358 posts)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.
Liberal_in_LA
(44,397 posts)spanone
(135,816 posts)passiveporcupine
(8,175 posts)His issue is not the cost of the drug or even the cost of the labor, says Baum, referring to Turings Shkreli. His issue is the cost of capital. He paid $55 million for that formulation. Hes gotta cover that cost. So, based on his input, hes 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. Pharmacopeias 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.
romanic
(2,841 posts)Asshole!