Home

Wild Drug Price Hike Spurns Strong Reaction from Hillary Clinton
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

21drugpricespix-popup

Martin Shkreli of Turing Pharmaceuticals, courtesy of New York Times

Summary: After Turing Pharmaceuticals received backlash from raising a drug price by nearly 5000%, the new company is already announcing a rollback. But it’s too late. The masses are already demanding pharmaceutical reform.

Thirty-two-year-old Turing Pharmaceuticals founder Martin Shkreli learned firsthand that nobody likes a greedy S-O-B. After nearly one day of being “the most hated man on the internet” according to Raw Story, he is already rethinking the price increase of his drug Daraprim.

  
What
Where


CNBC reported Tuesday evening that Martin will lower the cost of the drug, but he has not yet announced the new price.

Martin ignited a firestorm after he raised the cost of Daraprim overnight from $13.50 per tablet to $750, an almost 5,000 percent increase. Martin’s company, Turing Pharmaceuticals, acquired the rights to the drug in August. Martin originally defended his decision, telling the New York Times that the increase was necessary.

“This isn’t the greedy drug company trying to gouge patients, it is us trying to stay in business,” Martin said.

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




It is noted that Martin has a history of alleged unscrupulous business practices. According to Raw Story, his former company Retrophin is suing him for $65 million in damages, claiming Martin gave shares to friends and used the company to pay off personal debts.

Those in the medical community were horrified by the Daraprim increase and worried that many patients wouldn’t be able to afford the medicine. Daraprim has been around for 62 years, and it is mainly used to treat a parasite infection called toxoplasmosis, which affects those with compromised immune systems caused by AIDS or some cancers.



Additionally, presidential candidate Hillary Clinton spoke out about Turing Pharmaceutical’s price gouging. Although Turing is not the first company to dramatically increase prices in the history of the pharmaceutical industry, it appeared to be the straw that broke the camel’s back.

Before her plan was released, her tweet caused the shares of domestic biotechnology companies to plummet. This volatility spread to European companies on Tuesday.

On Tuesday, Hillary unveiled a plan to lower prescription drug costs, as documented in USA Today. The plan includes the following points:

  • Encourage the production of generic drugs

  • Place a monthly cap of $250 on out-of-pocket expenses for patients with chronic or serious health problems

  • Allow Americans to import drugs from other countries

  • Allow Medicare to negotiate prices



 

Interesting Legal Sites You May Like


BCG FEATURED JOB

Locations:

Keyword:



Search Now

Estate Planning Attorney with 6+ years of experience

USA-CA-Los Angeles

Los Angeles office is seeking an experienced estate planning attorney with 6+ years of experience. C...

Apply Now

Litigation Attorney with 2-6 years of experience

USA-OR-Portland

Portland office is seeking a litigation attorney with 2-6 years of experience.

Apply Now

Employment Attorney with 10-20 years of experience

USA-CA-Ontario

Ontario company is seeking a senior labor counsel with 10-20 years of experience. Candidate must hav...

Apply Now

Patent Litigation Attorney with 3-5 years of computer science experience

USA-IL-Chicago

Chicago office of our client seeks patent litigation attorney with 3-5 years of experience. The cand...

Apply Now

RELEVANT JOBS

Attorney

USA-CA-San Francisco

As an in-house legal counsel at Wix’s legal department, you will play a significant role in de...

Apply now

Attorney

USA-MO-Kansas City

Successful, expanding KC personal injury law firm seeks an attorney with 5+ years personal injury li...

Apply now

Attorney

USA-MD-Greenbelt

CRIMINAL LAW ATTORNEY - Houlon, Berman, Finci, Levenstein & Sandler, LLC, an established AV rat...

Apply now

Attorney

USA-MD-Greenbelt

FAMILY LAW ATTORNEY - Houlon, Berman, Finci, Levenstein & Sandler, LLC, an established AV rated...

Apply now

Most Popular

SEARCH IN ARCHIVE

To Top