That douchebag pharma-bro hedge fund guy lowered the medicine price hike

Yesterday, former hedge fund manager Martin Shkreli (above) was in the news for jacking up the price of a drug called Daraprim from $13.50 per tablet to $750 per tablet. He went on Bloomberg to explain why he thinks a pill that costs less than $1 to manufacture should cost $750. He said that even at that price, "Daraprim is still underpriced relative to its peers." He then went onto Twitter to live up to his douchebag reputation by behaving like a douchebag - calling a journalist a moron for asking Shkreli why he increased the price of the medication, which helps people with compromised immune systems.

Today, Shkreli's Twitter account is closed to everyone but confirmed followers. He also said he would reduce the cost of Daraprim to "to allow the company to break even or make a smaller profit," according to NBC.

"Yes it is absolutely a reaction — there were mistakes made with respect to helping people understand why we took this action, I think that it makes sense to lower the price in response to the anger that was felt by people," Shkreli said, 32.

Jeremy Stahl at Slate says this isn't the first time Shkreli has gouged sick people:

When Shkreli was CEO of Retrophin, the company purchased a kidney medication approved by the FDA in 1988 called Thiola and increased the cost from $1.50 per pill to $30 per pill. That drug treated cystinuria, a lifelong disease for which there is no known cure and which afflicts about 20,000 patients in the United States. Forbes health care contributor Steve Brozak described the disease last year when news of the price increase broke:

Patients are usually diagnosed with the disease at a very young age and have an abnormally high concentration of an amino acid called cystine present in their urine. The excess cystine crystallizes regularly into stones that painfully travel through the kidneys, ureters or bladder. Imagine having a kidney stone form or pass once a month, tearing through your organs as it tracks its way out of your body.

There was no alternative drug for cystinuria sufferers, Brozak reported, and the 20-fold hike raised the price to about between $54,750 to $109,500 per year.

Notable Replies

  1. LDoBe says:

    Forgive me for not being elated that a pile of fetid shit reversed his homicidal business practice, while the homicidal business practice is still perfectly legal and nothing's actually been fixed.

    Shkreli is a fucking monster. He deserves whatever ills befall his ethically and morally bankrupt ass.

  2. Not sure if "reversed" is the right word. He said he would lower it due to the outcry. He didn't say how much he would lower it. I also saw mention that after he announces what the new price will be, that he is going to make his Twitter private. I wouldn't be surprised if this initial increase was just to make the real increase not look so bad.

  3. As a dude who takes medication to prevent me from having uric acid kidney stones course through me again and again... And please excuse the offensive turn of phrase... But I really want to punch him in the dick repeatedly.

  4. There's a Roman official or two whose thirst for wealth was quenched by having molten gold poured down their throat. I'm not suggesting anything. I'm just pointing out this historical fact.

Continue the discussion bbs.boingboing.net

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