Turing reneges on pill price cut

[Archae]

Source: WBAY, ABC affiliate in Green bay, WI

TRENTON, N.J. (AP) — After weeks of criticism from patients, doctors and other drugmakers for hiking a life-saving medicine’s price more than fifty-fold, Turing Pharmaceuticals is reneging on its pledge to cut the $750-per-pill price.

Instead, the small biotech company is reducing what it charges hospitals, by up to 50 percent, for its parasitic infection treatment, Daraprim. Most patients’ copayments will be capped at $10 or less a month. But insurers will be stuck with the bulk of the $750 tab. That drives up future treatment and insurance costs.

Read more: http://wbay.com/2015/11/26/turing-reneges-on-pill-price-cut/

---

Don't you just want to slap the shit out of that punk?

[PatrickforO]

1. Single payer healthcare. Bernie.

[Recursion]

11. Wouldn't fix this

Medicare's got the same problem insurers do.

[Pharaoh]

24. Because Tom Delay

and the poison pill fed to medicare under Bush, Don't you remember that? That can be undone.

http://som.yale.edu/news/news/poison-pill-why-new-reform-bill-will-make-medicares-problems-bigger-and-even-harder-fix

[Recursion]

29. Yes, and it neatly illustrates a problem with Medicare for all

Every single American's health care at that point can be held hostage by Paul Ryan

[Matthew28]

2. evil

That is what he is to the core.

[FrodosPet]

45. Is it really?

Why read past the outrageous part to learn the whole story?

Whoever dies with the most offended moments wins!

http://www.upi.com/Business_News/2015/11/25/Despite-promise-Turing-pharmaceuticals-opts-to-keep-list-price-of-Daraprim-high/4891448482337/

~ snip ~

Also, the company said some insured patients won't pay any more than $10 per prescription and Daraprim will be available at no cost to uninsured income-limited patients -- a move designed to shift the burden of the drug's cost from patients onto insurance companies and taxpayers.

"By providing affordable access for hospitals and reaffirming our commitment that nearly all patients will receive Daraprim for $10 or less out-of-pocket per prescription," Retzlaff added. "That's what we have done."

~ snip ~

[Xipe Totec]

3. That this behavior is not illegal in our society shows that the system is fundamentally flawed. nt

[2naSalit]

5. +1

[abelenkpe]

7. +1000 nt

[daleanime]

14. Amen....

[Cal Carpenter]

36. Yep

He's the current poster boy but smacking him down doesn't change a thing. For every one of him that gets publicity, there are a zillion other examples that don't. It's just business as usual.

[7962]

4. Yes, I do. I wish someone would grab him off the street,

and beat the shit out of him. With the millions of dollars he has cost people, i cant believe no one has done it yet.
If I had a lot of money and lived in NYC, I admit right here on DU that I would hire some big dudes to do it.

[Hugin]

33. I appreciate your sentiments.

However, there are ways to accomplish your point without violence.

His picture should be up on the wall of every establishment in that area. With a hint that he's "rich", encouraging anyone who has a transaction with him to charge a 50 fold markup for anything he desires. Food, Entertainment, Cab fare... All of it. Yes, in my fantasy world it would become very expensive to be him.

[7962]

34. That would be interesting, but I wonder if he'd care.

He's made so many millions off of stock manipulation its likely charging him 100.00 for a cup of coffee would just make him laugh. Watch his interviews and see how he acts. Its like he's 15 yrs old he's so rude and disrespectful.
This guy has been a bad guy for YEARS. Look up his history. His former company is suing him for 65M. I've seen his work for a long time. I'm just glad he's finally being shown to the rest of the world.

Still like to see him get his ass beat.....

[HeiressofBickworth]

6. It just proves

once a greedy asshole, always a greedy asshole.

It just took him a while to search the scheming, nasty, greedy stone that serves him as a brain to come up with a different plan that still puts piles of money in his pocket at the burdensome expense of others.

"Jerk" doesn't go far enough to describe this one.

[appalachiablue]

8. What are we paying elected representatives and government officials for and

where is the corporate death penalty law?

[JustABozoOnThisBus]

9. I don't think we pay them as much as Big Pharma pays them. nt

[appalachiablue]

10. That's certainly a very serious problem like Big Banks, Big Media, Big Oil,

Big Pharma, Big Ag, legions of lobbyists and stink tanks that are responsible for a reduced, deregulated, ineffective and corrupted Small US Government. This system is killing us and the planet and must change.

[Moostache]

16. We should pass a law that requires full disclosure of all campaign funding...

and then make the Senator, Representative, President or Justice wear a uniform exactly like that picture of McConnell.

[appalachiablue]

18. Absolutely! Until then substantial pay and benefits cuts.

[SoapBox]

12. Yes...to slapping the shit out of him.

The little creep is soulless.

[HDSam]

15. Yes, he is --

The only bright spot is there's another company that has decided to manufacture a nearly identical drug for less than $1.00 per pill.

Imprimis Pharmaceuticals is undercutting Shkreli, who I think either forgot or didn't consider his exorbitant price increase might open the door to competitors that can offer nearly identical drugs for far less and still turn a profit. Shkreli is a dumbass.

[TexasBushwhacker]

20. And there's always the international option

You can buy brand name Daraprim, manufactured by GlaxoSmithKline in Australia, for just $2.20 per pill from Canadian pharmacies. You can buy the generic version, also manufactured in Australia, for $1.20 per pill.

Even the $13.50 that was being charged before was a rip off. It makes me wonder if the little shithead paid WAY TOO MUCH for the manufacturing rights and is trying to get his money back by gouging insurance companies.

[david z]

13. Piece. Of. Shit.

I hope he isn't Jewish!

[Eric J in MN]

17. Drug research-and-distribution is a public need which should be

...publicly funded and publicly owned.

[FiveGoodMen]

22. Amen!

[dflprincess]

19. Insurance companies won't get stuck with the tab

they'll take the drug off their formularies and not pay for it at all.

Besides the price of drugs, another problem is that insurance companies, not your doctor, decide what drug you can be prescribed.

Several years ago I had a problem with one of my knees. Not a big deal and certainly not life threatening. My internist told me I had a choice, I could take the anti-inflammatory that would help or I could take the one my insurance would cover. If I chose option #2 he said he'd also write the referral to the orthopedic surgeon. So I paid out of pocket for option #1. The only problem with that drug was it brought such immediate relief I had to keep reminding myself to baby the knee until I saw the doc again. No problems with it since.

[LS_Editor]

21. Martin Shkreli has a very punchable face. It is smug all the time. What a weasal.

[The Wizard]

23. People should be throwing shit at him

literally.

[ashling]

25. Wow. I sure didn't see that coming

[font size = 3] NOT

[KansDem]

26. Only one solution: Imminent domain

The right of a government to take private property for a public purpose, usually with just compensation of the owner.

Do it now...

[Babel_17]

27. So they failed "The Turing Test"

https://en.wikipedia.org/wiki/Turing_test

They're not human.

Though yeah, it's actually empathy that they fail at.

[Quackers]

28. Omg, I literally just finished watching a movie about that on Amazon Prime.

It was called ex machina.

[Helen Borg]

30. It doesn't matter

There is the competitor company that makes alternative drugs for a few bucks.

[Javaman]

31. while their stock continues to tank. nt

[Gothmog]

32. Who is surprised by this?

[TBF]

35. It's not just one greedy asshole -

the whole system is broken.

[Gidney N Cloyd]

43. Yeah, the whole system's broken but he's the poster weasel.

[TBF]

46. Blaming this all on one person is short-sighted -

although I have no problem putting his face on the poster. Especially if he's posted next to the guillotine.

[niyad]

37. did anybody believe he would actually do the correct thing?

[IcyPeas]

38. He's not the only one raising prices - dermatologic drugs too.

this was just in the news yesterday too:

Between 2009 and 2015, retail prices of brand-name dermatologic drugs rose 401 percent, on average, study authors reported Nov. 25 in JAMA Dermatology.

Even generics have succumbed to price inflation, up 279 percent between 2011 and 2014, based on the drugs surveyed.

http://health.usnews.com/health-news/articles/2015/11/25/retail-prices-of-dermatology-drugs-skyrocket

They are all doing it.... because they can.

[Divernan]

39. Hedge fund owner/managers are kings of the World of Grifters.

Martin Shkreli (born April 1, 1983)[1] is an American hedge fund manager and entrepreneur, specializing in healthcare businesses, and is a co-founder of MSMB Capital Management and the founder of Turing Pharmaceuticals AG.

https://en.wikipedia.org/wiki/Martin_Shkreli

[Enthusiast]

40. +100%!

[chapdrum]

41. He may be a punk but

he's our punk, by our endless embrace of free markets and deregulation.
He's operating as he sees fit, and not breaking any laws.

[Raster]

42. Oh wait... you mean the evil, ugly little shit lied?

[FrodosPet]

44. "Daraprim will be available at no cost to uninsured income-limited patients"

http://www.upi.com/Business_News/2015/11/25/Despite-promise-Turing-pharmaceuticals-opts-to-keep-list-price-of-Daraprim-high/4891448482337/

But hey let's beat up the rich guy for overcharging other rich guys while actually keeping the medicine available FOR FREE to poor people.