Young hedge funder Martin Shkreli has a start up drug company named Turing Pharmaceuticals, which bought an anti parasitic drug, Daraprim. Daraprim is the standard first treatment for toxoplasmosis and has been the go to drug for killing parasites for a little over sixty years.
Daraprim used to cost $13.50 a tablet. Turing announces a price increase. The tablet will now cost $750.00 a pop. The 32 year old Shkreli says that he's not being greedy. He doesn't feel that a 5000% increase is excessive.
The Infectious Diseases Society of America and the HIV Medicine Association sent a joint letter to Turing earlier this month calling the price increase for Daraprim “unjustifiable for the medically vulnerable patient population” and “unsustainable for the health care system.” An organization representing the directors of state AIDS programs has also been looking into the price increase, according to doctors and patient advocates.Very interesting article over at the Times. The owner has been in trouble before with his rapacious attitude and allegedly unethical behavior.
Daraprim, known generically as pyrimethamine, is used mainly to treat toxoplasmosis, a parasite infection that can cause serious or even life-threatening problems for babies born to women who become infected during pregnancy, and also for people with compromised immune systems, like AIDS patients and certain cancer patients.
This is not the first time the 32-year-old Mr. Shkreli, who has a reputation for both brilliance and brashness, has been the center of controversy. He started MSMB Capital, a hedge fund company, in his 20s and drew attention for urging the Food and Drug Administration not to approve certain drugs made by companies whose stock he was shorting.Some great sage said that the problem with capitalism is that it often works too well. I think the problem might lie with the capitalists themselves. I think that it is also problematic when you start playing around with people's lives like this. Things are liable to rise up and bite you. This kid may have a serious karmic sandwich coming. Or get eaten himself one day.
|Exécution de Marie Antoniette 10-16-1793|