Why is this allowed

sturg33 said:
I support a company having the right to be rewarded for their innovation and investments. There is literally nothing stopping you from going to do the same - and to put them out of business.

But I find it annoying that you want other people to do the work to make products that benefit you, then you want to tell them that they're making too much profit it from them
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sturg, just curious here, what's your stance on labor unions, setup, operation, powers, etc.?
 
A former hedge-fund manager, Shkreli has come under scrutiny in the past for accusations that he attempted to illegally manipulate the prices of drugs made by companies whose stock he was shorting.

Shkreli also defended his company's price hike on Bloomberg TV on Monday, insisting that his company "needed to turn a profit on the drug" despite the pill costing less than a dollar to manufacture.

Immediately after Turing Pharmaceuticals acquired the rights to the drug Daraprim, a common anti-parasitic drug that is used to prevent malaria and fight infections like toxoplasmosis that can arise from AIDS and cancer, the company hiked the price up from $13.50 to $750 per pill.
 
sturg33 said:
I support a company having the right to be rewarded for their innovation and investments. There is literally nothing stopping you from going to do the same - and to put them out of business.

But I find it annoying that you want other people to do the work to make products that benefit you, then you want to tell them that they're making too much profit it from them
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Did I mention profit in the post you quoted?
 
More on the company and the man behind it as well as the purchase

http://www.rawstory.com/2015/09/ex-...-13-50-to-750-per-pill/#.VgAglqT_r6A.facebook

'Shrkeli also defended his small pharmaceutical company saying, “It really doesn’t make sense to get any criticism for this.”

This is not the first time the fledgling pharmaceutical executive has come under scrutiny.

He started the hedge fund MSMB Capital while in his 20’s and was accused of urging the FDA to not approve certain drugs made by companies whose stock he was shorting.

In 2011, Shkreli helped form Retrophin, which also acquired old drugs and immediately raised their prices. Retrophin’s board fired Shkreli a year ago and has filed a complaint in Federal District Court, accusing him of using Retrophin as a personal fund to pay back angry investors in his hedge fund.

As for Shrkeli’s claim that he will put the excess profits back into research, doctors say that isn’t needed in this case.

“I certainly don’t think this is one of those diseases where we have been clamoring for better therapies,” said Dr. Wendy Armstrong, professor of infectious diseases at Emory University in Atlanta.'

Wall Street basically continues to prove it's the number one enemy to the people of this country.
 

This guy is so full of **** I'm surprised you don't just see it actually tumbling out of his mouth.

For those who don't know about Daraprim, the side effects are pretty minimal. It has basic things like maybe a rash, or maybe gastrointestinal side effects, and maybe head ache or light headedness.

The idea that a drug that works with minimal side effects is a "70 year old drug that we can do better" is asinine. There's more side effects to pretty much any other drug.

Just to compare, writeup on ibuprofin

Stop taking ibuprofen and seek medical attention or call your doctor at once if you have any of these serious side effects:

chest pain, weakness, shortness of breath, slurred speech, problems with vision or balance;
black, bloody, or tarry stools, coughing up blood or vomit that looks like coffee grounds;
swelling or rapid weight gain;
urinating less than usual or not at all;
nausea, upper stomach pain, itching, loss of appetite, dark urine, clay-colored stools, jaundice (yellowing of the skin or eyes);
fever, sore throat, and headache with a severe blistering, peeling, and red skin rash;
bruising, severe tingling, numbness, pain, muscle weakness; or
severe headache, neck stiffness, chills, increased sensitivity to light, and/or seizure (convulsions).
Less serious side effects may include:

upset stomach, mild heartburn, diarrhea, constipation;
bloating, gas;
dizziness, headache, nervousness;
skin itching or rash;
blurred vision; or
ringing in your ears.

Write up on Daraprim

Stop taking pyrimethamine and seek emergency medical attention if you experience an allergic reaction (swelling of the lips, tongue, or face; difficulty breathing; closing of the throat; or hives) during treatment with pyrimethamine.

Stop taking pyrimethamine and seek medical attention at the first sign of a skin rash, sore throat, paleness of the skin, unusual bruising under the skin, or swelling of the tongue. These may be early symptoms of serious side effects of pyrimethamine.

Other, less serious side effects may be more likely to occur. Continue to take pyrimethamine and talk to your doctor if you experience

nausea, vomiting, or loss of appetite;
insomnia;
headache;
lightheadedness; or
dryness of the mouth.
 
hey, the market that sturg all of a sudden hates for some reason

spoke and the douchebag that sturg is a fan of is lowering the price back to it's original price from when he bought it

thank God for free markets
 
This is SOP in the industry, it's just that in this case there's this cartoonish ****nut's face to put on it.
 
OK without trying to be an ahole on this (yeah I know) what is the difference between getting someone hooked on crystal meth (which is illegal) and then jacking up the price because you know that they know they have to have it now, and finding a cure or at least a real way of treating a deadly disease and jacking up the price on it. Again profits are good, huge profits are good, even obscene profits are good, but nobody other than the top 1% and their devoted minions live in such an effing la la land.
 
Re-posting this from a friend on Facebook

"People are absolutely furious..furious over Martin Shkreli, the hedge fund manager turned pharma CEO who raised the price on the drug Daraprim from $13.50 to $700 per pill.
"How would free markets deal with this?" They ask. The more cynical blame this on the "dark side of capitalism" as they call for more regulation of drug companies.
Here's the deal, very simply:

Daraprim is not patented, the patent expired ages ago.

So, I can just go and fund a factory tomorrow and sell the drug for $13.50 again and put Shkreli out of business right?

Not so fast. The precious government darlings of the very people who are so angry will not let me. The FDA has certain complex compound carve out rules and a process called strict distribution which make it so I'm not allowed to do so. I can't even import the drug from another country.

Government is the direct and only reason someone can do what Shkreli did.

So what's the solution that misguided masses seek? That's right, they want even MORE regulation and more power to the FDA.

Folks, listen to me, read my lips: the LAWS ARE WRITTEN BY THE COMPANIES THEY REGULATE - Hillary, Bernie, Jeb and Christy don't sit in their offices with a pen and laptop and come up with 800 page bills. They are written by guys just like Shkreli.
Milton Friedman noted that laws result from well meaning do gooders being coopted by corporate interests. This happens again and again: the corporations want a new law that protects them further, increases monopolies or outright gives them taxpayer money...so they rope in gullible citizen activists to make the changes....often with the citizens thinking they are doing the opposite.

Obamacare is a perfect example. The movie Sicko by Michael Moore went into detail about the problems with HMOs, drug companies and health insurance companies. Who would have thought the solution would be to make the purchase of the product mandatory and take billions of dollars from taxpayers and give it to the insurance execs. Who do people think wrote that law? (Hint: Every company featured in the film Sicko has grown in profits or been acquired...executive pay and bonuses have gone through the roof.)
Shkreli is an opportunist driving on a road paved with people some decades back who said those very harmful words "there outta be a law".

EDIT: Two notes which I thought were clear in the draft but I want to make extra clear: 1) No question this behavior was wrong, unethical and opportunist --- point is that one and only one thing is preventing fair companion from destroying this plan and that's government. 2) Many asked for a solution -- clearly govt regulation doesn't help, it hurts -- we should abolish the FDA and its corrupt practices and we should encourage free and fair competition and imports -- it's an illusion to think the FDA is what protects us -- in many more cases (like this and with imports) it does far more harm"
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So this guy just got arrested for fraud and is resigning as CEO of the company.

Karma is truly a bitch.
 
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