A Banker Just Bought Rights To A Life-Saving Drug- And Hiked Up Its Price By 5500%

If ever you needed proof that money is the root of all evil, look no further than this guy…

shrkeliWhen you’re filthy rich you can do pretty much anything you want-  including buying the rights to a vital drug and increasing its price in order to make gigantic profits out of other people’s suffering. That’s exactly what hedge fund manager Martin Shkreli has done. This 32 year-old bankster now owns Daraprim, a drug which helps critically ill HIV and cancer patients, and has just announced he will be increasing the price of each pill from $13.50 to $750. This would mean the annual cost for a typical Daraprim user would hit $336,000. Campaign group Sum Of Us report that Shkreli said of the change: “I think profits are a great thing.”

For the thousands of people who desperately need this medication to survive, this man’s pure greed could mean a death sentence. In fact, you can bookmark this article for when you need a good piece of evidence that capitalism is well and truly out of control. When the pursuit of bigger and bigger profits year on year matters (literally) more than life itself, it’s a clear sign that something is seriously wrong with the system. This isn’t democracy for the people, it’s corporatocracy against them.

Sum Of Us point out this psycho-capitalist takeover of healthcare is nothing new: ‘This is about more than just one hedge fund manager. This is a worrying new trend- corporate interests are buying up cheap, old patents and then milking patent monopolies to gouge patients. The lack of price regulation in the US and some other countries means this technically isn’t illegal. But it’s straight up exploitation of the vulnerable.’

But here’s the good news: ‘Already the massive public backlash has forced another company, Rodelis Therapeutics, to reverse an overnight price increase in an essential tuberculosis medication from $500 to $10,800.’  Shrkeli has faced the same pressure as Rodelis to U-turn on his absurd price rises, and has said he will reduce the price a little- but he hasn’t said by how much.

Please consider sharing this article if you feel strongly about this issue, and sign the campaign petition by Sum Of Us to demand Shkreli do a full U-turn on his plans, keeping the price of each pill at $13.50…which is more than enough to fuel his champagne lifestyle.

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Big Pharma Company Buys Patent Rights to Life-Saving Drug and Raises Price by 5,000 Percent

After purchasing the rights to a drug that prevents infections in people with weakened immune systems, including AIDS patients and cancer survivors undergoing chemotherapy, a pharmaceutical company has raised the price of the drug by 5,000%. Instead of paying $13.50 per pill, patients with life-threatening illnesses are now forced to pay $750 per pill.

Led by a former hedge fund manager, Turing Pharmaceuticals was founded by Martin Shkreli after his first startup biotech company, Retrophin, ousted him last year amid accusations of stock impropriety. Shortly after founding Turing Pharmaceuticals, Shkreli secured the exclusive rights to sell Daraprim (pyrimethamine), which helps prevent malaria and treats toxoplasmosis.

According to the CDC, toxoplasmosis is the second most common foodborne disease and can easily infect people whose immune systems have been weakened by AIDS, chemotherapy, or even pregnancy. Approximately 60 million people in the U.S. carry the Toxoplasma parasite. Exposure to the parasite can occur by eating undercooked meat, cooking with contaminated knives and boards, drinking unclean water, or contact with infected cat feces.

A report from the Prime Institute at the University of Minnesota found that the average cost of brand-name medications rose 13% in 2013. According to the report, new cancer drugs routinely cost over $100,000 a year, while a new hepatitis drug called Sovaldi costs $84,000 for only three months of treatment.

Instead of directly addressing the inordinate price hike, Turing Pharmaceuticals sent out a press release on Friday acknowledging “that some healthcare facilities have encountered challenges securing DARAPRIM® (pyrimethamine) for patients diagnosed with toxoplasmosis.”

“Our number one priority is to ensure that all patients diagnosed with toxoplasmosis have an efficient and affordable means to access Daraprim,” stated Turing’s Chief Commercial Officer, Nancy Retzlaff. “As soon as we learned that some hospitals and clinics were having trouble accessing the product, we developed an immediate corrective plan to ensure quick, efficient access for patients in need.”

The trouble patients have in accessing the product is due to the recent price gouge. Even patients whose insurance plans require them to cover 20% of the cost still have to pay at least $150 per pill. Nowhere in the press release does Turing Pharmaceuticals justify raising the cost of the drug by 5,000%.

Instead of displaying an ounce of compassion for patients with life-threatening diseases, pregnant mothers, and organ donor recipients, Martin Shkreli appears to be running Turing Pharmaceuticals like a reckless hedge fund manager. Besides acquiring the rights to Daraprim, Turing has also picked up a hypertension drug that Shkreli believes could treat autism. Turing is also reportedly working on a nasal spray containing oxytocin and ketamine for treating depression.



Source Article from http://thefreethoughtproject.com/pharmaceutical-company-raises-price-drug-fights-complications-aids-cancer-13-50-750-pill/