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Martin Shkreli must return $64.6 million in profits he and his former company reaped from jacking up the price and monopolizing the market f

#Vyera Pharmaceuticals LLC #Martin Shkreli #Daraprim #Pharma Bro #Letitia James #Wu-Tang Clan #Turing Pharmaceuticals #Phoenixus AG #price gouging #capitalism #big pharma #medical tyranny

The former pharmaceutical executive was found guilty on three of eight counts – two counts of securities fraud and one count of conspiracy to commit securities fraud.

A federal jury in Brooklyn, N.Y., has convicted former pharmaceutical executive and "pharma-bro" Martin Shkreli of securities fraud.

He was found guilty Friday on three counts — two counts of securities fraud and one count of conspiracy to commit securities fraud — out of a total of eight counts. Shkreli is best known for increasing the price of a life-saving drug for AIDS patients by 5,000 percent, from $13.50 to $750 per pill, when he was head of Turing Pharmaceuticals.

Shkreli has not yet been sentenced.

As NPR's Laurel Wamsley has written about the case:

"Before he made headlines as the CEO of Turing Pharmaceuticals, Shkreli founded a pharmaceutical company, Retrophin, and a pair of hedge funds, MSMB Capital Management and MSMB Healthcare. Prosecutors say he committed a series of frauds while managing the funds between October 2009 and March 2014.

"The SEC's complaint alleges 'widespread fraudulent conduct' by Shkreli — a series of misrepresentations and omissions, and of taking money from one fund to cover claims against the other. According to the complaint, he also issued stock and made cash payments from Retrophin (disguised as payments for consulting services) to disgruntled investors in the hedge funds who were threatening to sue.

"Prosecutors say Shkreli misled investors about the size and performance of MSMB Capital Management, claiming that its returns were '+35.77% since inception' — when the fund had actually lost 18 percent. In another instance, he claimed the fund had $35 million in assets, when in fact it had less than $1,000 in assets."

From Pharma-Bro to Felon-Bro.

#Martin Shkreli #fraud #Turing Pharmaceuticals

PHARMA BRO GETS BEAT DOWN AFTER ASSET FORFEITURE

-National News-

BROOKLYN – Martin Shkreli, the former drug company executive more commonly known as “Pharma Bro,” was Ordered by a U.S. federal Judge today to forfeit $7.36 million in assets. Shkreli became known as the most hated man in America when he raised the price of anti-parasitic drug Daraprim, commonly used by people with HIV / AIDS, by over 5,000 per cent in 2015 while he was CEO of…

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#Daraprim #Martin Shkreli #Metropolitan Detention Center #Pharma Bro #Turing Pharmaceuticals #Wu-Tang Clan

'Pharma Bro' Martin Shkreli loses $5mn bond after asking for lock of Hillary Clinton's hair

‘Pharma Bro’ Martin Shkreli loses $5mn bond after asking for lock of Hillary Clinton’s hair

Martin Shkreli, former CEO of Turing Pharmaceuticals, who is also known as ‘Pharma Bro,’ has had his $5 million bond revoked and will be held in detention under a US district court judge’s order Wednesday. Shkreli was convicted last month on three counts of securities fraud and faces up to 25 years in prison but he plans to appeal the convictions. The bond revocation comes after the Secret…

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#Hillary Clinton #Martin Shkreli #Pharma Bro #Turing Pharmaceuticals

Ask about me. I wish you would.

Disclaimer: I don’t know shit about shit - but I’m trying.

Feel like my blogging this year (I know we’re not very far in) has been really sub-optimal. Typically I feel like my blogs are best when I get fired up about/really interested in something - they come easier and (hopefully) are funnier and more interesting. I have been interested in lots of stuff, but I feel a lot of what I’ve read has already been well positioned and there hasn’t really been much room for me to butt my nose in and comment. Anyway, I wanna try to steel man Martin Shkreli. Feeling pretty amped about this actually.

I remember late 2015 sitting in a fish and chip shop (Colin’s Catch <3 - I never got fish and chips there, always burgers) reading some shitty article on Jezebel about Shkreli and even though it was probably not a good example of reporting I found it convincing. In 2015 he (or actually, his company, Turing Pharmaceuticals) increased the price of Daraprim 5500% from $13.50 (US, I presume because they only own the US version of the drug) to $750 per pill. Once upon a time it retailed for just $1 a pill. The way people talk about him he might as well be the devil.

From The Daily Beast:

From Consequence of Sound:

From Dazed:

Hahah - from Wonkette (whatever that is):

The New Yorker:

The New Yorker article opens like this:

On Thursday morning, the most reviled person in America arrived on Capitol Hill for a short but memorable engagement with the most reviled institution in America. The institution was the U.S. Congress, which Americans say they hate—though not quite enough, apparently, to stop reëlecting its members. And the person was Martin Shkreli, a pharmaceutical executive who loves to play the villain, and who can’t decide whether to be amused or outraged when he is treated accordingly. Donald Trump can rightly be called polarizing, but Shkreli cannot: he seems to have precious few fans to balance out his innumerable detractors.

Okay, so I have cherry picked some of the more venomous headlines but I think it’s fair to say he’s unpopular. The mainstream media actively root against him. In December last year everyone was smugly pleased when some high school students made the active ingredient in Daraprim: like because some teenagers can bootleg one component of the drug in a high school chem lab that’s somehow valuable? They didn’t recreate the whole drug, just a key component. And in any case - the whole basis of the outrage was that this was a cheap drug that underwent an unjustified price hike. Has Shkreli ever tried to pretend there was some change of circumstances where they key component of the drug suddenly became expensive to produce? Their position has always been: we jacked up the price because we could.

Quoth Shkreli:

To me the drug was woefully underpriced. It is not a question of ‘Is this fair?’ or ‘What did you pay for it?’ or ‘When was it invented?’ It should be more expensive in many ways.

And again:

If there was a company that was selling an Aston Martin at the price of a bicycle, and we buy that company and ask to charge Toyota prices, I don’t think that should be a crime.

It cost those high school goons $20 (assuming this is just in ingredients - not equipment, facilities, time, fancy lab coats, etc.) to create 3.7 grams of the active ingredient in Daraprim (which apparently works out to about $2 per pill… again, based purely on their ingredients).

^^ Cute

Shkreli has always said that profits made from the price jacking allow/ed his then-company Turing Pharmaceuticals (he resigned as CEO in 2015 after being arrested for securities fraud - is there anything this guy can’t do?) to work on research and development for cool new drugs to save lives (or make more money depending on your outlook).

Shkreli has consistently defended the move to raise the price of the drug - in late 2015 there were some vague intimations that he would lower the price, but they later backtracked on this and it was later reported that Turing would instead follow some standard procedures to make it easier for patients to access the drug. According to the NY Times:

Daraprim, which has been on the market since 1953, is the preferred treatment for toxoplasmosis, a parasitic infection that can cause severe brain damage in babies, people with AIDS and others with compromised immune systems.

According to PolitiFact:

There are only about 2,000 U.S. patients who use the drug every year.

And if you don’t have insurance you can get it for free here.

Turing have held this position from way back in 2015:

“A drug’s list price is not the primary factor in determining patient affordability and access,” Nancy Retzlaff, Turing’s chief commercial officer, said in a statement. “A reduction in Daraprim’s list price would not translate into a benefit to patients.”

The company pledged that no patient needing Daraprim would ever be denied access.

How is this dude still so hated? According to the NYT, the programs Turing is undertaking are standard for high priced drugs (because it’s not like Daraprim is unique in being expensive - 12 months’ worth of cancer treatments can cost upwards of $100,000 - Daraprim is a bargain at the low, low price of just $75,000 for 100 doses):

Such patient assistance programs are standard for companies selling extremely high-priced drugs. They enable the patients to get the drug while pushing most of the costs onto insurance companies and taxpayers.

I feel like only villains say stuff like “it’s just business” - but, I mean, it really is? If you can make money, why shouldn’t you? One of the all time top posts on /r/depthhub is about how Bill Gates is a bad dude because he’s a ruthless businessman who tried hard to beat his competitors. That’s business, man. Why would you work with or help you competitors? All that’s gonna do is take money out of your pocket:

He viewed any successful non-Microsoft software as a threat, even if that software was for Windows. And if that software was cross-platform he viewed it as an existential threat, since it lessened people’s dependence on Microsoft.

They literally are threats? They’re competing products… how thick do you need to be not to see that? Even if something is made for Windows, if it wasn’t made by Microsoft then Microsoft sees none of the profits. Why would they be interested in that arrangement? And some of the complaints against Microsoft are violently stupid:

Apple had contracted out to a 3rd party company to do the Windows port of QuickTime, so what did MS do? They went to the same company and gave them a ton of money to develop Video For Windows, but an insanely short schedule, knowing full well that the company would essentially have to re-use a lot of the QuickTime For Windows source code to get the project done on time.

When Apple found out (their contract with the other company stated that Apple owned all the QuickTime For Windows source code), they went ballistic and sued Microsoft. Microsoft had been caught red-handed and knew that Apple had them by the balls. So MS settled. Remember when Microsoft “bailed out” Apple in the 90s by buying $150 million in Apple stock? Despite what the tech press reported, that’s not what actually happened. The $150 million in non-voting Apple stock that Microsoft bought was part of their settlement (Apple was no longer on the verge of bankruptcy by that point, and didn’t need to be bailed out). The settlement also had Microsoft agreeing to port MS Office and Internet Explorer to Macintosh.

Really sounds like the third party’s fault to me? The third party company shouldn’t have agreed to an unrealistic timeline and they certainly shouldn’t have resold Apple’s IP. It sounds like all Microsoft did was go to a third party company who had proven success in developing a video player for PC (which is sensible) and asked them to make something for them as well. Anyway: so Bill Gates is cutthroat? So Bill Gates wins? So his throne is built on the bone dust of his foes? It’s just business - why should you make concessions for businesses which can’t cut it or are trying to cut into your share? It’s not charity. And Gates knows charity - he’s donated over $28 billion dollars to improve healthcare and fight poverty, he aims to wipe out Malaria in the next generation.

It’s not even a case of ends justifying the means (like, a mafia boss who funnels the spoils of his crimes into an orphanage or something) - Gates behaved in a way which was industry standard for any big corporation and does so much good - if he let other companies survive and make money (essentially taking away from his own bottom line) is there any guarantee that those $28 billion would have made their way into charity?

Tangentally related to this - Shkreli’s capitalist declaration:

Yeah, I’m a capitalist, I’d love to make an even bigger fortune than I’ve got now. But I’m not gonna do it at the expense of a human life. We sell our drugs for a dollar to the government, but we sell our drugs for $750 a pill to Walmart, to Exxon Mobil, to all these big companies, they pay full price because fuck them, why shouldn’t they? If I take their money to do research for dying kids, I think I’m a hero, let alone evil.

Anyway (I got distracted). In an AMA Shkreli did in late 2015, the top comment is:

Hey! Doctor here and I work in India.

Now medically speaking I haven’t yet heard of why your drug’s worth $749 more than my pyrimethamine. Does it improve on the nausea, vomiting and diarrhoea? Does it have a folate sparing effect? Can it be used in pregnant women and in epileptics?

No one’s been able to tell me what your upgrade is or how it works or even if it is a cost saving upgrade.

Now here is my second problem. If your upgrade reduces the side effects of the drug, why is it much more expensive than prescribing say…. Ondansetron and a Folate infusion to counteract the more common effects. I mean even if I used multiple drugs to achieve this and say bundled pyrimethamine with ondansetron and loperamide and an antacid say pantoprazole and suggested folate level monitoring it would be cheaper.

So what makes Daraprim better than pyrimethamine and what changes and upgrades have you made to the drug to warrant the increase in price?

I find this really frustrating because at no point has Shkreli ever said that he introduced a cool new feature to justify the price increase - this dude (the Indian doctor) is just being smug and facetious but you can’t out-smug Shkreli so what’s even the point? He’s just pandering to a bunch of outraged idiots on Reddit. This dude (the Indian doctor) knows the answer to the question (Q: why? A: because he could) and is just being deliberately obtuse so he can pretend to be some kind of altruistic hero: “Oh you mean you increased the price of the drug just to make money? Unfathomable.”

Even before Shkreli jacked the prices up, it was still much more expensive than similar products elsewhere. Before he increased the price to $750 a pill, it was sold for $13.50 a pill - in India they sell a generic version for $0.05 a pill (and I guess the Indian doctor above uses a $1 pill). So it was already (I am bad at maths but I think) 27000% more expensive than similar products available in India (does that sound right?).

When similar shit goes down the headline is “A drug company hiked the price of a lifesaving opioid overdose antidote by 500 percent” - when Martin Shkreli does anything they invoke his name in the headline (as though he as an individual were carrying out these actions from his home office) and leave Turing (or whichever other company he’s working with/for) buried in the main body somewhere. In the article linked above, the writer doesn’t actually mention the company’s name (Hospira) until the third paragraph and she doesn’t make any calls to lynch the CEO. She opens with this:

At a time when America needs these drugs most, drug companies are hiking the prices.

It’s called supply and demand, bitch. Jesus. (This person is actually seeking drama and pointless backlash, the sub-heading is: “Where’s the outrage?”) She’s an idiot:

Drug overdoses kill more people than car crashes and gun violence in America, and these overdose antidotes have never been more important. But they’re also quickly becoming more unreachable for the people whose deaths they could avert.

Yeah because junkies would totally be carrying around anti-overdose medicine in their purses were it not for the $142.49 price tag. Fuck I’m also angry because no one writing about this stuff seems to understand what a free market is. She says:

America has long taken a free market approach to pharmaceuticals. Drug companies haggle separately over drug prices with a variety of private insurers across the country. Meanwhile, Medicare, the government health program for those over 65, which is also the nation’s largest buyer of drugs, is actually barred from negotiating drug prices.

In no way does this describe a free market. Sure, it’s more lax than England’s system but it’s still heavily regulated and therefore != free market. This is from a post about Shkreli but still applies:

They’re saying that the price hike is such a good example of how the “free market” is pure evil and “just doesn’t work”… well as per usual, those people just don’t see the big picture and have deeply misunderstood the parts they do see.

First of all, the pharmaceutical industry is not a free market by any stretch of the imagination. A free market would be almost a perfectly contestable market. A perfectly contestable market (aka a “free market”) has three main traits… no barriers to entry, no sunk costs, and universal access to the same technology for new firms as well as existing firms. The pharmaceutical industry is actually a perfect example of the EXACT OPPOSITE of a contestable market.

And all of those barriers to entry, sunk costs, and disparities in the level of technology among firms exist because of the actions of government regulators.

The idiot writer of the Vox article on opiate overdose antidotes concludes:

Unlike EpiPen, though, the naloxone price increases haven’t garnered much attention or outrage, maybe because of the stigma that comes with opioid addiction.

In the face of an out-of-control opioid epidemic, the outrage better come soon.

I am so not buying her point about this not being a scandal because no one cares about opioid addiction. People care. Throughout most of the press on Daraprim/Shkreli people have highlighted the fact that it is used by AIDS sufferers to try to signpost how much of a dick Shkreli is. Is AIDS not at all stigmatised? It was until recently. A couple of decades ago it was headline news when Princess Diana shook the hand of an AIDS patient without gloves.

Really, the hysterical, shitty and reactive reporting on this has probably caused much more drama and stress for patients taking Daraprim than the price hike itself.

Every other pharma boss in the world has made themselves inaccessible and opaque to the public - Shkreli is surely kind of unique in participating in unfiltered interactions with the public. People are more likely to recognise his name than name of his company/ies or the drug itself. That’s kind of an achievement, right? His email (which he shares openly) is [email protected]. He live streams all the time:

In the video above he’s talking about a website he made called Pharma Skeletons dot com (which is what got me interested in him in the first place) where he basically tears apart the lobbying group PhRMA after they tried to scapegoat Shkreli/distance themselves from him as though he were an aberration in the pharma industry. According to Business Insider:

On Monday, the Pharmaceutical Research and Manufacturers of America, (PhRMA) kicked off a multi-year ad campaign to try and shift the criticism the industry’s been getting on drug pricing onto a more positive topic. In a press briefing, PhRMA president Steve Ubl described the campaign as “Less hoodie, more lab coats,” an apparent jab at Martin Shkreli, who wore a hoodie while he was arrested for securities fraud in December 2015 and on stage at a conference earlier that same month.

Shkreli was obviously savvy to PhRMA’s dig and didn’t care for it so he put together Pharma Skeletons to outline how member companies of PhRMA have acted similarly to Turing/Shkreli:

Don’t you dare point your finger at me for the pharmaceutical industry’s troubles. It turns out we’ve all made some unpopular moves.

I’m so into it. This website is really simple - hardly any CSS, no images or videos. Just a list detailing these pharma companies’ indiscretions with links to sources. The tone is really fun as well:

Mallinckrodt / Questcor

Really? Acthar’s 65,000% price increase represents your values but Turing doesn’t?

Gosh, I’m so upset my portfolio companies aren’t a part of your trade group.

I sued & whistleblew this company after they bought the only competitor to their only drug in order to stop my competition from their high price.

Tax avoider? Check. Ireland.

Marathon

Bro. These guys invented price increases. I literally learned it from them.

Ovation. I can sell & start a new company, too.

I feel pretty convinced that what he did was industry standard. But I really don’t want my argument to just be ‘Shkreli’s no worse than the other guys in big pharma so it’s not fair to criticise him’ because I want to believe that he’s better/special/different somehow. He seems weird and funny and interesting. Everyone wants to hit him in the face. He’s the smartest guy in most rooms he’s in.

Dumb justifications I’m thinking of:

Maybe he’s a bad dude, but at least you’ve heard of him. For a layperson (hi) he must be the most famous person in pharmaceuticals. Not saying notoriety is cool or in any way mitigates shitty behaviour, but I feel like he’s at least copping to it and is cognizant of what he’s doing and how he’s perceived - probably the CEO of every pharma company is as villainous as Shkreli, but they act like they’re not which gives Shkreli some kind of high ground

He doesn’t seem interested in or at all concerned with PR/PC bullshit

Did Shkreli perhaps inadvertently draw mainstream attention to serious issues within the US pharmaceutical/FDA/insurance/whatever else system? Everyone knows about these problems now. I certainly wouldn’t have cared were the articles not accompanied by pictures of a dude with such a punchable face. Possible downside: Shkreli as an individual is reviled, companies still seem to get away with it

All the pharmaceutical big dogs hate him - not because he jacked up the price of an old, cheap drug (they all do that) but because he drew attention to them and made their shitty behaviour more visible

(Do you think Shkreli gets laid more or less since all this went down?)

The faux hysteria over his ‘harassment’ of a Teen Vogue writer (who wrote this anti-Trump article in December which became really popular because who doesn’t go to Teen Vogue for quality journalism?) really pissed me off. He was mocking her by pretending to be obsessed with her because hot girls are lame and assume everyone is in love with them when really everyone hates them. I thought it was pretty funny

^^ Shkreli decorated his Twitter with pics of the journalist and Photoshopped himself into a picture of her and her husband

Sidebar about that Teen Vogue Trump article (”Trump is Gaslighting America”) in which she argues that umm Trump is gaslighting Americans… which I find annoying because she’s basically taking away half the country’s agency - like, they know not what they do:

Trump took advantage of the things that divide this country, pitting us against one another, while lying his way to the Oval Office. Yes, everything is painfully clear in hindsight, but let’s make sure Trump’s win was the Lasik eye surgery we all so desperately needed.

The article is basically a plea for the truth. She suggests:

Inform yourself what outlets are trustworthy and which aren’t.

Hmmm. Teen Vogue. I want to cyber bully her too. I mean. Hmmm.

I feel like in my eagerness to be contrary I get myself into these positions where I’m trying to defend the indefensible. I think Shkreli’s more nuanced, interesting and well meaning than the press give him credit for. Professionally, he’s obviously made some reckless choices and remains self-righteous and smug (hard to tell if he’s always smirking or if that’s just his face). The things he’s done which seem greedy and unreasonable are normal in his industry so if he’s no worse than his peers he’s just a normal dude (I don’t really feel convinced by that). Still, I think he seems cool. He’s entertaining anyway.

#turing pharmaceuticals #martin shkreli #daraprim #bill gates #microsoft #teen vouge #trump

Activism against Big Pharma. #EndBigPharma

Lately we have been trying to gather people in the community to help spread awareness about corruption between the pharmaceutical industry and the United States government. The kinds of injustices we are trying to spread awareness about are dramatic price hikes for life-saving drugs, the bribing of high-ranking government officials, and the lobbying against the legalization of medical marijuana and other life-saving drugs such as affordable generic AIDS medication in the United States. These companies' actions are greedy, cruel, and absolutely disgusting and disrespectful to the American people. Here are some unfortunate facts about the corruption of pharmaceutical companies (and the politicians that are involved): - Pfizer, the largest pharmaceutical company in the world, was involved in a bribery scandal in 2012 where it was revealed that they had been bribing various leading politicians in eight different countries, as well as various American politicians, but they had later stated that they had a policy forbidding bribery (presumably to cover up the damages they had done and to make it seem like they had done nothing wrong). They could possibly be still bribing politicians in secret. - The Clinton Foundation, a (supposedly) non-profit corporation run by Bill Clinton and Democratic presidential candidate Hillary Clinton, had taken bribes from various pharmaceutical companies (including Pfizer) to push for legislation to keep the prices of AIDS medicine high. - Mylah NV, although it is a smaller company, is the manufacturer of EpiPens (epinephrine injectors) that have saved countless lives of people with serious allergies. In 2011, the price of a single EpiPen shot was $50. In 2016, a two-pack of EpiPen injectors costs $600, and federal legislation makes the EpiPen required in many schools. This price hike has affected American citizens without health insurance very negatively, as they are unable to afford such a high price. An estimated 3.6 million Americans were prescribed EpiPens in 2015, 71% of which can no afford to pay for them. Some parents report that they will spend over $2,000 on EpiPens this year - and since they expire annually, this is not a one time expenditure. Mylan NV's amount of profit made has multiplied by six times due to the price hike. - Another example of unfair price gouging is when KV Pharmaceutical decided to increase their prices by over 10000% for a life-saving prenatal drug (the cost of a single injection is currently $1500, a price that even upper middle class citizens cannot always afford). The FDA had approved the drug, but had not done anything about the giant price hikes, although they could have done so many things to prevent this injustice. The fact that the FDA had completely disregarded the actions of the companies is yet another example of how corrupt both the American government and the pharmaceutical industry is. We want to spread this message to ANYONE interested in these issues. Our first priority is to spread awareness, and bring to light all the injustices committed by large pharmaceutical companies and government officials. We hope to be able to make an impact, and if we can gather enough support for this cause we hope to start a formal petition to drastically lower the maximum and highly inflated prices of life saving drugs in the US so that they can become more available to citizens of lower income, and citizens that can not afford to pay for health insurance. WE have to be the generation to stop this endless cycle of corruption and injustice! To show your support for this cause, go on Twitter, Instagram, and Facebook and use #EndBigPharma to help spread the message!

#end big pharma #endbigpharma #corruption #mylan nv #turing pharmaceuticals #thieves #martin shkreli #sanofi pasteur

US pays more for cancer drugs

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Median cost of branded monthly treatment is more than three times higher than in the UK

The price of cancer drugs in the US is vastly higher than in other nations, according to new research that shines a light on how the cost of treating the life-threatening disease differs considerably depending on where the patient lives.Â

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