Greedy jerk raises cost of AIDS drug overnight from $13.50 per tablet to $750

Behold the god of greed! From Raw Story this morning:

A former hedge fund manager turned pharmaceutical businessman has purchased the rights to a 62-year-old drug used for treating life-threatening parasitic infections and raised the price overnight from $13.50 per tablet to $750.

According to the New York Times, Martin Shkreli, 32, the founder and chief executive of Turing Pharmaceuticals, purchased the rights to Daraprim for $55 million on the same day that Turing announced it had raised $90 million from Shkreli and other investors in its first round of financing.

Daraprim is used for treating toxoplasmosis — an opportunistic parasitic infection that can cause serious or even life-threatening problems in babies and for people with compromised immune systems like AIDS patients and certain cancer patients — that sold for slightly over $1 a tablet several years ago.  Prices have increased as the rights to the drug have been passed from one pharmaceutical company to the next, but nothing like the almost 5,500 percent increase since Shkreli acquired it.

What an a**hole!

Yet another example of why unregulated capitalism does not work.

8 Responses to Greedy jerk raises cost of AIDS drug overnight from $13.50 per tablet to $750

  1. girlp says:

    Not the first time he’s done this…. Does anyone know the percentage of Hedgefunders and Wall Street CEO’s are narcissist.

    http://www.reuters.com/article/2014/09/30/retrophin-moves-ceo-idUSL3N0RV6MB20140930

  2. Trained Observer says:

    Just saw this smarm on the news: His claim is that paying patients will benefit from the company profits because the company will do more research on stemming the disease.

  3. Malisha says:

    Apparently this is the new altruism.
    Shkreli was interviewed about his price hike and he got all resentful that it was seen as greedy. He said it was altrustic! This way, more attention is being paid to the illness taxoplasmosis, when previously, it was not getting much attention. So now, see, all these people who have to buy a $750 pill can fund research on how, in the future, to cure the disease for other people who presumably don’t have to die (as do their altruistically-identified funders) for lack of $750 —

    Where have I heard this logic before?

  4. Carlyle Moulton says:

    P am mystified why the patent of a drug as old as this one is still in force.

  5. ed nelson says:

    There is an oldtime drug for Gout, that used to cost pennies, renamed it’s expensive.

    Anything that is a good value anymore,that has been around for ages, like the drugs made from common herbs… if they can get patented, become ”intellectual property”.

    Good values that were taken for granted for a long time, standout, asking to be grabbed up and taken up by these well funded crooks.
    Counties, Cities San Francisco sold off its parking meters. revenue producing things like the county dump here, Privatized.

    Hedge funds are looting whole countries, like Greece, and that is going to keep going.

    Real Companies run by real executives with real emplyees with authentic business plans, are old hat. Now they have been taken over hollowed out, depopulated of… ”empty vessels, now called ”human resources”, the nuts and bolts/mortor and plaster sold off, and extracted.
    Companies often are mere fronts for hedge funds, I finally found out who owned a company I worked for many years, with a very secretive management, who gobbled up the other companies, is now known to be under GS.

    Zero percent money makes it possible.

    Of course I hope i’m wrong!

  6. Medicine for profit is especially evil.

  7. nancybenefiel says:

    get rid of this creep

  8. Malisha says:

    Wow, supply-side economics plus capitalism plus freedom = death.

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