The pharmaceutical company behind Martin Shkreli's infamous 4,000 percent price hike—now known as Vyera Pharmaceuticals—filed for bankruptcy this week and plans to sell its assets to pay off millions in debts.
In court documents filed Wednesday, Vyera's chief restructuring officer, Lawrence Perkins, largely blamed Shkreli for dooming the company and its affiliates.
[...]
Shkreli founded Vyera in 2014 under the name Turing Pharmaceuticals. His focus was to acquire sole-source drugs that treat life-threatening conditions in small populations of patients—and then dramatically jack up the price. In August 2015, he did just that, buying the rights to the decades-old anti-parasitic drug Daraprim for $55 million and abruptly raising the price from $17.60 per tablet to $750, a more than 4,000 percent increase.
[...]
Shkreli's influence wasn't shaken until January 2020, when the Federal Trade Commission and several state attorneys general sued Shkreli and the company—then called Vyera—for allegedly violating antitrust laws. Soon after, Vyera appointed a new board and management to purge ties to Shkreli. Vyera later settled the FTC's lawsuit, while Shkreli insisted on going to trial, where he lost, was banned from the pharmaceutical industry for life, and ordered to pay roughly $65 million in disgorgement. He is appealing the ruling.Meanwhile, Vyera never reversed Shkreli's price hike.
Previously:
Cost of Daraprim Medication Raised by Over 50 Times 20150922
Stories mentioning Shkreli on Soylentnews 21+ stories (Famous/infamous, same dif, right?)
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Medicine that costs $1 to make raised in price from $13.50 to $750.00
The head of a US pharmaceutical company has defended his company's decision to raise the price of a 62-year-old medication used by Aids patients by over 5,000%. Turing Pharmaceuticals acquired the rights to Daraprim in August.
CEO Martin Shkreli has said that the company will use the money it makes from sales to research new treatments. The drug is used treat toxoplasmosis, a parasitic affliction that affects people with compromised immune systems.
After Turning's acquisition, a dose of Daraprim in the US increased from $13.50 (£8.70) to $750. The pill costs about $1 to produce, but Mr Shkreli, a former hedge fund manager, said that does not include other costs like marketing and distribution.
Cost of Daraprim Medication Raised By Over 50 Times
BBC is reporting on a massive price hike of an essential drug used by AIDS patients:
The head of a US pharmaceutical company has defended his company's decision to raise the price of a 62-year-old medication used by Aids patients by over 5,000%. Turing Pharmaceuticals acquired the rights to Daraprim in August. CEO Martin Shkreli has said that the company will use the money it makes from sales to research new treatments.
The drug is used treat toxoplasmosis, a parasitic affliction that affects people with compromised immune systems. After Turning's acquisition, a dose of Daraprim in the US increased from $13.50 (£8.70) to $750. The pill costs about $1 to produce, but Mr Shkreli, a former hedge fund manager, said that does not include other costs like marketing and distribution. "We needed to turn a profit on this drug," Mr Shkreli told Bloomberg TV. "The companies before us were just giving it away almost." On Twitter, Mr Shkreli mocked several users who questioned the company's decision, calling one reporter "a moron".
Why not switch to a generic pyrimethamine tablet? They don't exist right now, according to the New York Times (story includes examples of other recent price hikes):
With the price now high, other companies could conceivably make generic copies, since patents have long expired. One factor that could discourage that option is that Daraprim's distribution is now tightly controlled, making it harder for generic companies to get the samples they need for the required testing.
The switch from drugstores to controlled distribution was made in June by Impax, not by Turing. Still, controlled distribution was a strategy Mr. Shkreli talked about at his previous company as a way to thwart generics.
The drug is also used to treat malaria and appears on the World Health Organization Model List of Essential Medicines. Toxoplasmosis infections are a feline gift to the world.
Martin Shkreli, sometimes known as "Pharma Bro", earned notoriety after obtaining the patent for an anti-parasitic drug and hiking the price from $13.50 a pill to $750. An FTC lawsuit ordered Shkreli in January 2022 to return almost $65 million in wrongfully obtained profits, and banned him for life from the pharmaceutical industry.
[...] If this was anyone other than Martin Shkreli, I might have been surprised to hear that, only a little over two months out of prison and while still staying in a halfway house, Shkreli is launching a "web3 drug discovery software platform".
From the press release:
"We started Druglike because in our experience, traditional drug discovery software is too difficult and expensive to use," said Martin Shkreli, Co-Founder of Druglike. "Druglike will remove barriers to early-stage drug discovery, increase innovation and allow a broader group of contributors to share the rewards."
[...] Druglike is building a decentralized computing network which provides resources for anyone looking to start or contribute to early-stage drug discovery projects. Unlike competitors, Druglike will be web-based and completely free to use. Druglike will soon release a web-based suite for target identification, drug design, and tools for both constructing and running large-scale virtual screening workflows.
Infamous ex-pharmaceutical executive Martin Shkreli is yet again in trouble with the Federal Trade Commission, which announced today that the convicted fraudster has failed to cooperate with the commission's investigation into whether he violated his lifetime ban from the pharmaceutical industry by starting a company last year called "Druglike, Inc."
[...]
At the center of the dispute is whether Shkreli's co-founding of Druglike runs afoul of his lifetime ban from the pharmaceutical industry, which was in response to Shkreli's infamous move to raise the price of the cheap, life-saving anti-parasitic drug, Daraprim, from $17.50 a pill to $750 a pill in 2015.
[...]
The FTC also noted in its court filing that Shkreli has so far failed to pay any of the $64.6 million in disgorgement he was ordered to pay alongside his lifetime ban.
Previously:
Martin Shkreli Launches Blockchain-Based Drug Discovery Platform
Martin Shkreli Accused of Running Business From Prison With a Smuggled Smartphone
Sobbing Martin Shkreli Sentenced to 7 Years in Prison for Defrauding Investors
Martin Shkreli's $5 Million Bail Revoked for Facebook Post Seeking Hillary Clinton's Hair
Martin Shkreli Lists Unreleased Wu-Tang Clan Album on eBay
Martin Shkreli Convicted of Securities Fraud Charges, Optimistic About Sentencing
Martin Shkreli Points Fingers at Other Pharmaceutical Companies
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In an effort to avoid being held in contempt of court, former pharmaceutical executive and convicted fraudster Martin Shkreli made an eyebrow-raising argument to a federal judge Friday, stating that his company Druglike, which he previously described as a "drug discovery software platform," was not engaged in drug discovery. As such, he argued he is not in violation of his sweeping lifetime ban from the pharmaceutical industry.
Last month, the Federal Trade Commission and seven states urged a federal judge in New York to hold Shkreli in contempt for allegedly failing to cooperate with an investigation into whether he violated the ban. The FTC said Shkreli failed to turn over requested documents related to Druglike and sit for an interview on the matter.
In the filing Friday, Shkreli claims that he responded to the FTC's requests "promptly and in good faith."
Previously:
FTC: Shkreli May Have Violated Lifetime Pharma Ban, Should be Held in Contempt
Martin Shkreli Launches Blockchain-Based Drug Discovery Platform
Shkreli Released From Prison to Halfway House After Serving <5 of 7 Years
Martin Shkreli Accused of Running Business From Prison With a Smuggled Smartphone
Sobbing Martin Shkreli Sentenced to 7 Years in Prison for Defrauding Investors
Martin Shkreli's $5 Million Bail Revoked for Facebook Post Seeking Hillary Clinton's Hair
Martin Shkreli Lists Unreleased Wu-Tang Clan Album on eBay
Martin Shkreli Convicted of Securities Fraud Charges, Optimistic About Sentencing
Martin Shkreli Points Fingers at Other Pharmaceutical Companies
Related:
"Pure and Deadly Greed": Lawmakers Slam Pfizer's 400% Price Hike on COVID Shots
U.S. Hospitals Band Together to Form Civica Rx, a Non-Profit Pharmaceutical Company
FDA Has Named Names of Pharma Companies Blocking Cheaper Generics [Updated]
EpiPen Maker is Facing Shareholder Backlash
Mylan Overcharged U.S. Government on EpiPens
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(Score: 2, Funny) by Runaway1956 on Monday May 15 2023, @12:44PM (1 child)
Founded by a man who is not Turing complete.
(Score: 2) by Freeman on Monday May 15 2023, @02:34PM
I think the elevator is getting all the way to the top. I just also think that there is a very large amount of hubris / narcissism going on. And just because the elevator goes all the way to the top, doesn't mean he's not susceptible to his own puffery of himself.
Joshua 1:9 "Be strong and of a good courage; be not afraid, neither be thou dismayed: for the Lord thy God is with thee"
(Score: 3, Insightful) by HiThere on Monday May 15 2023, @02:00PM (4 children)
That they reversed the price hike is appropriate, but hardly sufficient. That's just a thief promising not to steal any more.
Javascript is what you use to allow unknown third parties to run software you have no idea about on your computer.
(Score: 2) by Freeman on Monday May 15 2023, @02:36PM (3 children)
They never reversed the price hike. They did slightly reduce it just after they introduced it, but they never reversed it. The company is subsequently filing for bankruptcy, due to their fine management skills.
Joshua 1:9 "Be strong and of a good courage; be not afraid, neither be thou dismayed: for the Lord thy God is with thee"
(Score: 2) by RS3 on Monday May 15 2023, @03:11PM (2 children)
Hunch: management got used to huge cash flow, they became wasteful and stupid because they could. But mostly (FTFA) due to generics coming onto the market (market economics working as it's supposed to) and Shkreli's deservedly horrible reputation, creditors and lenders pulled back- again, economics working as it should.
The sad / frustrating / very unethical part: time. There's a timeline where many people suffered, possibly died due to being unable to afford the medication before the generics came onto the market.
(Score: 1, Insightful) by Anonymous Coward on Monday May 15 2023, @06:08PM (1 child)
You mean, handed out massive executive bonuses for improved performance?
(Score: 2) by RS3 on Monday May 15 2023, @06:30PM
Yup, short-term profits rule. Long-term, safety, critically important food, water, shelter, medications? Bah!
(Score: 2) by Barenflimski on Monday May 15 2023, @02:12PM (3 children)
This guy live streams almost every day to an enthused crowd of wanna be business critters -> https://www.youtube.com/@realmartinshkreli [youtube.com]
Its garbage, but figured someone might want to take a peak.
(Score: 2) by Freeman on Monday May 15 2023, @02:39PM (1 child)
Wow, that makes a lot of sense. I mean, he is a narcissist after all. YouTube would definitely fuel that addiction. I figure you have to have a certain amount of narcissism to make it on YouTube, but you don't have to be like Shkreli to make it . . .
I am slightly curious as to what in the world he would possibly bring to a YouTube channel and garner followers. But, not curious enough to ever voluntarily hear his voice.
Joshua 1:9 "Be strong and of a good courage; be not afraid, neither be thou dismayed: for the Lord thy God is with thee"
(Score: 2) by RS3 on Monday May 15 2023, @03:01PM
I didn't look at his videos (nor will I) but I'll surmise it's a bit like gawkers slowing down looking at a car wreck?
(Score: 0) by Anonymous Coward on Tuesday May 16 2023, @06:46AM
All it would take is the congresscritters to roll back copyright and patent protections to make predatory business practices a risky thing to do.
If somebody was misusing a gun, we take the gun away. Predatory law can also be used as a gun. Simply remove the destructive anticompetitive legal code.