The most hated hedge fund manager
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- Published on Tuesday, 22 September 2015 09:30
- Written by editor
Martin Shkreli bought the rights to medication millions of cancer and HIV patients rely on. And then he jacked up the price from $13.50 per pill to $750.
When challenged on his attempt to gouge the sick, Shkreli replied "I think profits are a great thing." Tell Shkreli what you think of his business model and demand he reverse the cost hike.
A,
A drug that treats parasitic infections particularly in HIV patients was just purchased by a 32-year old hedge fund manager. His first move? Jack the cost of the standard-of-care medication from $13.50 per pill to $750 overnight.
Daraprim is a 62-year old drug that treats toxoplasmosis, a parasitic affliction that affects hundreds of millions worldwide and is especially deadly for patients with vulnerable immune systems, like AIDS and cancer survivors. With the 5500% increase the drug will now cost at least $336,000 for a year's worth of treatment.
Martin Shkreli, the new owner of Daraprim, is not a doctor. He is a hedge fund manager who is totally unrepentant about a move that the Infectious Diseases Society of America has called "unjustifiable for the medically vulnerable patient population" and "unsustainable for the [American] health care system." This is nothing less than an enormous cash grab from a vulnerable population who have no choice but to pay.
Shkreli, this is a despicable cost hike, even for Big Pharma. Reverse the increase now.
Shkreli says his company, Turing Pharmaceuticals, will use the money to make a better version of Daraprim—but leading experts say that there is no way to improve the current treatment. Other observers point out that there are other ways to raise capital for new drugs that don't punish existing patients. When challenged on his attempt to gouge the sick, Shkreli replied "I think profits are a great thing."
As if that wasn't enough, Shkreli has taken to social media to berate and insult people who disagree with the rate hike, including journalists. It's not the first time he's done something like this either—the last pharmaceutical company he started turfed him from the board and is suing him for $65 million over fraud allegations.
The worst of it? Shkreli is just the brashest of a terrible bunch: this cost hike is neither the largest nor the most mercenary in the short history of Big Pharma. But if we don't stop this stomach-turning gambit, you can bet that the next one will be even worse.
Demand Martin Shkreli reverse his gouging cost hike now.
Thanks for everything you do,
Angus, Michael and the rest of the SumOfUs team
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More information:
Drug Goes From $13.50 a Tablet to $750, Overnight, New York Times, September 20, 2015
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