We have found the worst human being on earth, Pharma Bro

[BigRedChief]

Former Wall street wunderkid now up on charges of inside trading.

Daraprim, which went from costing $13.50 per pill to $750 per pill when he tool over the company, is used to treat toxoplasmosis, a parasitic condition that can occur in pregnant women and people with the HIV virus.

[KC native]

The $45 million account he used to post bail is worth less than $5 million now because of KaloBios. He could be required to put up more collateral for his bond.

Dude is going to prison.

[listopencil]

Originally Posted by KC native

The guy was a con man.

He misled investors about his investment results to raise money for his hedge fund. He then committed securities fraud and embezzled money to pay off investors in his hedge fund. Then he used the position at the first pharma company to get the second one because he did all kinds of shitty things to the first company.

I had heard that he boosted the price to generate revenue to pay for ****ing over his previous financial deals. I didn't get very deeply into it. Just jacking the price up on meds for no reason other than making substantially more money seems like a scumbag move to me, even if this weren't about covering previous shady deals.

[Discuss Thrower]

Originally Posted by KC native

He isn't the first to do what he was doing.

That's what I'm getting at. Shkreli getting singled out is a political dog and pony show.

[BigRedChief]

Originally Posted by KC native

http://www.bloomberg.com/features/20...urities-fraud/

.

Discuss Thrower?

Barely 23, he was managing hedge fund Elea Capital in New York and lost it all in 2007. Around then, a trade with Lehman Brothers ended with a $2.3 million judgment against him, prosecutors said. In 2010, he lost his clients’ $3 million investment in his new fund, MSMB Capital.

In 2011, he bet that shares of Orexigen Therapeutics Inc. would fall and wound up owing $7 million to his broker, Merrill Lynch, authorities said. He couldn’t pay, and he, an unnamed accomplice and MSMB Capital eventually extinguished the debt with a $1.35 million settlement, they said.

Part of that money came from his next firm, authorities said. After the collapse of MSMB Capital, Shkreli launched MSMB Healthcare with about $5 million from 13 investors. He paid himself “far in excess” of the agreed-upon 1 percent management fee and 20 percent profit incentive, according to the SEC.

Shkreli then used cash from MSMB Healthcare to invest in Retrophin, the pharmaceutical company he founded in 2011, even though it “had no products or assets,” prosecutors said. Later, he used the assets of Retrophin to repay angry investors in his hedge funds, prosecutors said.

[mdchiefsfan]

Originally Posted by TigerUppercut

1) Do you guys even know how many people actually rely on Daraprim each year?

2) Do you understand how much it costs to manufacture a drug like Daraprim for the # of people in question 1, which hasn't even been patent protected for decades ?

3) Do you even realize that there are cancer drugs out there that only extend life expectancy by a few months yet cost over $50,000 to buy but somehow this guy is the only one treated like a crook?

The real sharks are Merck, GSK, Pfizer, Regeneron, Novartis, Abbvie, Roche, Genentech who are making hundreds of billions and are deep in the pockets of these congressmen trying to crucify this guy.

People on medicaid ("poor people") can get this drug readily as the price was already negotiated. It's Medicare that will have to pay the higher price and those under that insurance are still going to get their drug. Most people don't even use this drug for more than one year...

Why the media has been fixated on this guy is beyond me. His company only has 1 drug which is far from "Big Pharma"

This. I mean the dude is a douche bag, but he is the face of the pharmaceutical industry as it stands. There are others out there just like him. My step son's medication for ADHD, focalin, while being generic, costs $250 a month WITH health insurance. It would be $750 without. The entire industry is out of whack.

[BlackHelicopters]

What did he do wrong? Raise prices of his product? Capitalism.

[ChiliConCarnage]

Originally Posted by theelusiveeightrop

What did he do wrong? Raise prices of his product? Capitalism.

Nothing in that sense but I think that's the question. Should it be legal? Die or pay me whatever amount I choose seems like it borders on extortion.

Things like this are why healthcare costs have been increasing so fast for decades and that's part of why wages are stagnant.

[ChiliConCarnage]

[BucEyedPea]

Repost- was done in political forum

[BucEyedPea]

Originally Posted by theelusiveeightrop

What did he do wrong? Raise prices of his product? Capitalism.

From what was discussed in the DC forum—the pills are scarce.

[J Diddy]

Originally Posted by BucEyedPea

Repost- was done in political forum

Some people don't like the political forum.

[oldman]

This little boy is nothing more than a thief and a liar. Unfortunately, his arrest for securities fraud will probably land him in a Club Fed rather than a real prison with a cellmate named Bull.
However, raising the price of a drug to outrageous amounts is something our friends at Pfizer, Bayer, and others have been doing for years. If Congress wants to make a point, they should be hauling execs for those companies in.

[RippedmyFlesh]

Originally Posted by oldman

This little boy is nothing more than a thief and a liar. Unfortunately, his arrest for securities fraud will probably land him in a Club Fed rather than a real prison with a cellmate named Bull.
However, raising the price of a drug to outrageous amounts is something our friends at Pfizer, Bayer, and others have been doing for years. If Congress wants to make a point, they should be hauling execs for those companies in.

They may all do it but to me he was 95 on the highway while everyone else is doing 75. I hate the little prick just saying because everyone does it doesn't justify what he did.

[BlackHelicopters]

Originally Posted by oldman

This little boy is nothing more than a thief and a liar. Unfortunately, his arrest for securities fraud will probably land him in a Club Fed rather than a real prison with a cellmate named Bull.
However, raising the price of a drug to outrageous amounts is something our friends at Pfizer, Bayer, and others have been doing for years. If Congress wants to make a point, they should be hauling execs for those companies in.

It is not mandatory to appear before Congress. Congress loves these glorified dog and pony shows . Shkreli did nothing wrong in raising his prices . He is in the right here. Now, if he used new investors to repay old investors, that is a potential ponzi scheme, and he could be inducted. Raising prices may have been greedy and heartless, but it was not illegal.

[jspchief]

Originally Posted by theelusiveeightrop

It is not mandatory to appear before Congress. Congress loves these glorified dog and pony shows . Shkreli did nothing wrong in raising his prices . He is in the right here. Now, if he used new investors to repay old investors, that is a potential ponzi scheme, and he could be inducted. Raising prices may have been greedy and heartless, but it was not illegal.

Legal, but morally reprehensible.

Ironically, he may have brought enough attention to the issue to cause things to change. It's not like price gouging hasn't been addressed by laws in the past.

And just so we're clear, this isn't the same as big pharma. At least big pharma has the excuse of paying for R&D. This guy's company doesn't develop drugs. He just finds drugs with expired patents that have become so commonplace that other pharm companies are content to let it be. He finds legal loopholes to price gouge people.