Simple Capitalism or Disgusting & Dangerous Gouging

[undercoverbrother]

http://news.nationalpost.com/news/wo...d-it-backfired

Turing Pharmaceuticals CEO Martin Shkreli has been under fire since Sunday for raising a 62-year-old drug’s price from US$13.50 to $750 per pill.

And he hasn’t stayed quiet.

Interesting to see how this plays out in the US, the bastion of Capitalism.

[The Ditch]

Originally Posted by undercoverbrother

http://news.nationalpost.com/news/wo...d-it-backfired



Interesting to see how this plays out in the US, the bastion of Capitalism.

Health care is a right to people imo, not a commodity, and should be treated as such, which would prevent situations like this.

[Street Pharmacist]

Originally Posted by The Ditch

Health care is a right to people imo, not a commodity, and should be treated as such, which would prevent situations like this.

It still is a commodity. Currently in Canada we have a patented medication price review board that prevents excessive mark ups. There is no such thing for generic manufacturers. The price limiting factor for those is provincial healthcare is the largest buyers in each province and decide what they will pay, which keeps it low for everyone.

There are no price restrictions say all in the US.

If you eliminate profit from drug manufacturing, you eliminate innovation. It's not as simple as not commoditizing it

[Looch City]

[undercoverbrother]

Originally Posted by Iggy City

That is a face I would never tire of kicking.

[Ozy_Flame]

32-year old hedge fund manager who thinks he's gods gift to capitalism. Just listen to five minutes of hearing him speak.

What a smarmy, vile POS.

[nik-]

[peter12]

Yeah, this guy is the worst.

[polak]

Originally Posted by Street Pharmacist

If you eliminate profit from drug manufacturing, you eliminate innovation. It's not as simple as not commoditizing it

You can limit mark ups and still keep profits.

Healthcare should not be a supply v. demand based industry.

[Street Pharmacist]

Originally Posted by polak

You can limit mark ups and still keep profits.

Healthcare pricing should not be a supply v. demand based industry.

That's what I just said

[Regulator75]

I was wondering what was taking so long for issue to appear on CP.

What a disgusting human.

[polak]

Originally Posted by Street Pharmacist

That's what I just said

I wasn't disagreeing with you, I'm saying the US system is stupid.

God I am SO happy to not live there.

[Street Pharmacist]

Originally Posted by polak

I wasn't disagreeing with you, I'm saying the US system is stupid.

God I am SO happy to not live there.

While we're ahead of the curve, one thing to remember is that medications globally are a commodity with real supply and demand issues and we as a nation cannot regulate that. There are constant drug shortages. As a country we were out of penicillin a few years ago for months. Injectable morphine was shorted. The problem is getting worse too. International companies will sell limited supplies in countries they make more in and as time goes on, certain drugs just won't be available in countries with price fixing.

The problem is somewhat minor now, but emerging markets are seeing double digit growth in drug spending so it's only getting worse

[The Yen Man]

If you listen to this guy's interviews, it seems like he knows exactly what he's doing and have no qualms about it. If there ever was a reason for Anon to ruin someone, this may be it.

[bizaro86]

I don't get this. If its a 60+ year old drug, and this guy raises the price to $750/pill, what's to stop a generic manufacturer from coming in and undercutting him? If there are no limits on who can produce something, its price will probably decline to just above the cost of producing it.

Am I missing something here?

[nik-]

They're lowering the price now, but haven't said to where. It's funny though because this guy's timing couldn't have been worse. His smug answer was that he "answers to the shareholders" (of a private company btw) but his move has put Pharma directly in the crosshairs of politicians during a presidential campaign. I'm betting the guys with acronyms in their titles at other Pharma companies want to ####ing strangle this guy right now.

[Johnny199r]

The guy has taken the view that he only cares about making more money for his company. That's tough when people seem to need his product to get by...

[peter12]

Originally Posted by bizaro86

I don't get this. If its a 60+ year old drug, and this guy raises the price to $750/pill, what's to stop a generic manufacturer from coming in and undercutting him? If there are no limits on who can produce something, its price will probably decline to just above the cost of producing it.

Am I missing something here?

That's what I thought too. If a company holds a patent, then go nuts. There is really nothing else to be said. High pharma prices have always fueled the innovation of further drugs. That said, there is a lot of BS in the pharmaceutical industry.

If this was a generic product, then someone else should come in and steal his market share.

[Ozy_Flame]

http://www.ft.com/cms/s/0/677f2d0c-6...#axzz3maU4X5rT


In an ironic twist, Mr Shkreli is a former hedge fund manager who used to profit from betting that the stocks of biotechnology groups would fall, although he has never managed to move markets in such a dramatic manner before.

Mr Shkreli, an Albanian American, first started working in the financial services industry aged 17, taking a series of internships and junior stock picking jobs at several hedge funds.

In 2009, he and a partner launched their own fund, MSMB, and quickly became a scourge of pharmaceuticals executives.

This guy was booted by his own company's board of directors, and has been viewed to possibly be involved in insider trading.

[Dion]

Originally Posted by undercoverbrother

That is a face I would never tire of kicking.

How about punching?