Can someone give me an explination on this one?
@GunSupporter, randomly he increased one of the most effective HIV/AIDS medications by 5000% overnight. He was honest and said he just wanted money and really didn't care.
0/10 not good boy
@The Goshdarn Batman, I remember reading about this. It was like 3 years ago right?
@GunSupporter, this guy became CEO of a pharmaceutical company and jacked up the price on some lifesaving medication by 5000% claiming that the company needed it to stay afloat. Recently he was found guilty of fraud. Look up pharma bro.
@The Goshdarn Batman, but at least he knew he was being a dick
@GunSupporter, also, he's a total bro, hence his nickname "Pharm Bro"..after testifying before congress he bragged online about his profits, bought an unreleased wu-tang record for 2 million dollars and didn't let anyone else listen to it, and posted about getting like 50 date offers a day and being the most eligible bachelor..also he has dumb, public arguments on twitter a lot..yesterday after the conviction he said he "donated" $2 million to the wu-tang clan, cause of philanthropy
@yourewrong, they'll love him in prison.
@The Goshdarn Batman, it didnt treat HIV, it treated toxoplasmosis which is a common parasite that usually doesnt affect healthy people, but people with AIDS can be killed by it. Just clearing that up
@MidgetQ, and on top of that it's covered by their health insurance anyway... it's not like these people now have to pay 700 a day just to stay alive.
@GunSupporter, All of that is true and he is a douche, but the drugs thing isn't illegal and not why he's going to jail. He was charged with fraud for using money from a company he worked with to pay debts for a prior company he worked with. Something like that anyway.
@The Goshdarn Batman, I mean, I'd give him a 1/10 of he was at least honest about it
@A Studly Muffin, Are you American? Do you have health insurance or a pension where the fund manager might invest insurance companies? If the answer to the above is 'yes' - congratulations, you're paying for the 5,000% increase through your premiums and/or reduced pension fund growth.
Assuming they didn't find a way to get out of paying the claim, that is. Which is kinda something insurance companies are known to try.
@Nellybert , do you genuinely think every time the price of a drug that less than 100k people use it affects the cost of insurance in all companies (even unrelated ones)? It may affect my premiums by a few pennies and I promise I won't lose sleep over that.
@A Studly Muffin, Its quite likely that all the main US health insurance companies have clients who are using this, so I doubt there are any unaffected ones.
At the original price of $13.50/month and 2,000 patients in the US it would have cost insurers $324,000 a year.
At the new price (this only affects the US - over here it's sold by GSK for about £13/month still) of $75,000/month, that goes up to $1,800,000,000 per annum. That's almost $2billion dollars a year off the insurers profits. Since they'd have to recover that from everyone else's premiums, you sure that wouldn't affect you?
Or they could stop insuring that condition and leave them to die, I suppose.
@Nellybert , cool. So everyone else's health insurance went up like 10 or 11 bucks a year? Since there are that many people insured in the US
@The Goshdarn Batman, You missed three words from the end of your first sentence: "in the US".
Pretty much everyone else on the world regulates the price of crucial drugs, so basically ignored him and continued to pay the original price.
@A Studly Muffin, So, you're okay with corporations ripping people off as long as they just f**k everyone a little bit?
@Nellybert , that's not what I said at all. I'm just annoyed that everyone decided to try and make this guy look terrible when if everyone knew how much it actually effected them up front they really wouldn't care at all. Like... there are real issues to care about
@A Studly Muffin, Its not the amount it cost each person that people are upset about, it's the blatant profiteering by exploiting a life-saving drug which caused moral outrage.
Look at it this way. Imagine finding out that a guy pulled a gun on a female friend of yours, took their purse and scared the s**t out of them, but they'd only had $15 on them. Would you be mad at the guy for robbing her, or not bothered cos she only lost $15? (I know it's not the same, but you get the idea - it's the act rather than the financial cost which is the issue).
@Hesticulies07, good riddance to that asśhole
@The Goshdarn Batman, he did it so the company can have capitol to work on more life saving medications. That's what he claims. Don't write a guy off without saying both sides. The fraud charges are a seperate thungbentirely
@The Goshdarn Batman, I think he had a solid business plan. The people who made him look like the bad guy were the insurance companies trying to make him the scapegoat so they could escape the heat. Nobody who needed this drug was denied it. The real killer here are the insurance companies who drag their feet with claims
@The Goshdarn Batman, not quite accurate, he raised the price of an anti-microbial drug that treats infections prone to arise in immunocompromised people from $13.50 per pill to $750 per pill.
@The Goshdarn Batman, but he is a total shjt head
@Nellybert , sorry I'm late back to this conversation. I was camping. Anyway. He bought a struggling pharmaceutical company and saved it. He didn't do it for any reason other than the fact that the company was going out of business if something wasn't done.
@A Studly Muffin, Cool, where did you go? Used to go camping with my parents when I was a kid, always liked it.
He didn't buy a company, he bought the rights to the drug.
The drug (Daraprim) was created by GSK, who sold the rights to CorePharma - they were then bought by Impax Laboratories. Impax sold the rights to Shkreli's company (Turing Pharmaceuticals) and he then put the price up.
@Nellybert , it was a secret property in South Carolina.
I must have been misinformed about the origin of what he did then. Didn't he recently purchase Turing or something like that?
@A Studly Muffin, Not knowing much about South Carolina (other than the fact that their state dance is the shag) I'm picturing that as either some idyllic log cabin, or a zombie apocalypse proof bunker.
He founded it - it was basically set up to acquire the rights to drugs and then sell them. They own the rights to two, but he only did the price hike with one, not the other (I don't know why).
I get what he did and, if he'd done it with a technology patent or something (which apparently happens all the time) I doubt anyone would have batted an eyelid. It's just that he picked something as emotive as life saving medication and then he was a complete d**k about it.
@Nellybert , it was the latter. 😅
That sounds like him. His personality seems pretty dickish. I'm just not very concerned with it. Not very many people actually take the drug. It's not for everyone with HIV. Only those with a specific issue who have HIV. it's just not really going to matter in the long run. If there was a market for a cheaper one, then some company would develop it and put them out of business.
@A Studly Muffin, Nice - always good to have a backup plan, just in case. 👍🏻
I was just reading that another company (Imprimis Pharmaceuticals) did just that - they started making it & selling it for $1/pill, which I did not hear about until now. But the headline "pharma bro acts like a d**k, but has no long term impact because, you know, capitalism & free markets did their thing" sounds a lot less dramatic I guess.
@Nellybert , haha. Sounds about right.
Pharma Bro is misleading. That sounds like a guy who hooks you up with a life-saving medication when you really need it. This guy should be called Pharma Motherfvckingcocksucker.
This man has no soul
Oh I'm sorry I though we were in America. Capitalism is our bread and butter. This man doesn't owe you or anyone else cheap medication. Quit whining.
I bet they'll increase the side of his anal sphincter overnight...
F*ck him. He's a piece of shlt and got what he deserved.
I kinda hope he gets HIV in prison. It would be too perfect though so it won't happen
He was on the h3h3 podcast the day they found him guilty and he didn't sound remorseful at all. He also admitted he likes to troll people.
His smile creeps me the heck out.
He got sent to jail?
@The Puppet Man, insurance fraud I believe, though don't quote me on it
@Captain Anderson, "insider trading"