And it seems pretty clear they didn’t arrest Shkreli because of this behavior either. They don’t go after bankers who swindle their customers out of billions. But it’s no different than what happens on Wall Street on a daily basis. Most of the charges involve lying and intentionally screwing people.Īnd yeah that’s obviously bad stuff. (There is, of course, an inconvenient footnote buried at the bottom of the document begrudging that Shkreli is innocent until proven guilty.) Now, the FBI’s press release on Shkreli’s arrest lists numerous fraud allegations which make him seem like a complete scumbag. She later demanded that government authorities investigate the Daraprim price hike.Ħ1 days later Shkreli was arrested by federal agents. (Biotech stocks subsequently fell 5% after her proclamation.) Shkreli’s complete disregard for his fellow human beings and short-sighted business strategy may be disturbing.īut I find his summary execution to be even more disturbing.Īfter the Daraprim price hike in August, Hillary Clinton was especially aghast, promising prospective voters that she would “lay out a plan to take it on.”
#DARAPRIM HOW TO GET FOR FREE FREE#
In a free country, you’re supposed to have the right to act like an idiot. So Steve Jobs he ain’t.īut still… Shkreli runs Turing Pharmaceuticals, which owns the rights to Daraprim.Īnd in a free country, you’re supposed to have the right do what you want with your own private property. Imprimis will effectively boot Turing Pharmaceuticals out of the market, meaning that Shkreli’s idea was totally pointless and poorly conceived.Īny good CEO with a modicum of wisdom, integrity, and respect for his/her customers would have picked up on that right away. Shkreli jacked the price up so high that he was practically begging other drug companies to start producing it for a cheaper price.Īnother drug company called Imprimis Pharmaceuticals announced that they would produce a Daraprim alternative and sell it at a lower price. He’s probably not a sensitive guy.Īnd frankly, raising prices by more than 50x overnight was an idiotic, short-sighted move. Presidential candidates from both sides chimed in, blasting Shkreli’s complete lack of sensitivity. And the outrage began almost immediately. The ink on the contract was still wet when Shkreli raised the price of Daraprim from $13.50 per pill to $750. (Cue the soothing voiceover: “Talk to your doctor to see if Daraprim is right for you…”) The company made its first acquisition in August, buying the US rights to an orphan drug called Daraprim for $55 million. That de facto monopoly was an opportunity for Turing Pharmaceuticals to raise the prices and generate big profits. The diseases they treat are so rare that there’s not enough room in the marketplace for competition. Orphan drugs typically have little competition. His business plan for the company was simple: buy up the rights for drugs that treat rare diseases (known as ‘orphan drugs’) and hike the prices. (Then again, Shkreli has probably killed fewer people than Nobel Peace Prize recipient Barack Obama, so there’s still hope.) It started earlier this year when Martin Shkreli, a former Wall Street stock analyst and hedge fund manager, launched his new company, Turing Pharmaceuticals.
Something tells me he’s not going to win any humanitarian awards anytime soon.
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