Quantcast
Connect with us

WATCH: Ex-hedge funder who hiked AIDS pill cost by 5,500 percent says drug ‘still underpriced’

Published

on

Appearing on Bloomberg TV, the CEO of a pharmaceutical company that recently hiked the price of a drug used for critically ill infants and AIDS patients by 5,500 percent , defended the price increase by promising better things to come for future patients.

Martin Shkreli, 32, the founder and chief executive of Turing Pharmaceuticals, recently purchased the rights to Daraprim and immediately increased the cost from $13.50 to $750 per pill.

ADVERTISEMENT

Asked why the huge increase in cost, Shkreli explained that the old companies who owned the drug were “practically giving it away almost,” and he needs to turn a profit.

Noting that the pill sold for $13.50 and the course of treatment “to save your life was only a $1,000,” Shrkeli said he had to make a change.

“We know, these days, in modern pharmaceuticals, cancer drugs can cost $100,000 or more, whereas these drugs can cost a half of a million dollars,” he explained. “Daraprim is still under-priced relative to its peers.”

RELATED:
‘He looks like a spoiled brat’: Not even Donald Trump likes price-gouging ‘pharma bro’ Martin Shkreli
These 37 tweets show how the pharma CEO gouging AIDS patients is even worse than you think
Pharmaceutical CEO: $750 is a ‘more appropriate’ price for $13 AIDS medicine

Asked if the pill really only costs $1 to manufacture, Shkreli agreed and said, “It costs very little to make Daraprim.”

ADVERTISEMENT

Shkreli then listed off manufacturing, distribution, and FDA costs as well as paying the people “who make it to specifications.”

Pressed even further on the $750 cost per pill, the CEO defended the price by noting how much it brought into the pharmaceutical company annually.

“This drug was making $5 million in revenue,” he said with a smile. “And I don’t think you can find a drug company on this planet that can make money on $5 million in revenue.”

ADVERTISEMENT

Shkreli stated that the drug is made for a “very very tough disease.”

“It requires a lot of attention and focus. The drug company needs to partner with the patients and make sure that it’s a very cared for community. And that costs a lot of money too,” pointing out that the company also “gives away” the drug for $1 for those who can’t afford it.

ADVERTISEMENT

Shkreli added: “Patients now have a powerful ally in our company.”

Watch video below from Bloomberg TV:


Report typos and corrections to: [email protected].
READ COMMENTS - JOIN THE DISCUSSION
Continue Reading

Breaking Banner

Trump security advisor goes off on Antifa rant to duck grilling on president’s ‘vicious dogs’ protester threat

Published

on

Appearing on CNN's "State of the Union" with Jake Tapper, White House National Security Adviser Robert O’Brien ducked directly defending the president's Saturday threat to use "vicious dogs and ominous weapons" of Washington D.C. protesters, by instead talking about supposed Antifa activity during the George Floyd protests.

After reading the president's tweet, host Tapper pressed,  "Do you think messages like that are helping to unite the country and calm fears?”

With O'Brien noting, "[Trump] was trying to de-escalate. He didn’t want violence, he’s trying to stop the violence that we saw that took place overnight," he then went on to drag in reports being pushed by Donald Trump's administration that Antifa -- which he mentioned frequently during the entire interview -- had taken over the protests.

Continue Reading

Activism

WATCH: NYC cop filmed pulling down Black protester’s mask so he can pepper spray him in the face

Published

on

In a video posted to Twitter by Anju J. Rupchandani, a man she claimed was her nephew had his protective COVID-19 mask pulled down by a New York City police officer so that he could spray him in the face at close range with pepper spray.

In the video, the  young man can be seen with his hands in the air and making no move towards the white officer who suddenly reaches out to yank down the mask and blast him with the noxious spray.

As Rupchandani wrote, "I am heartbroken and disgusted to see one of my family members a young black man w/his hands up peacefully protesting and an NYPD officer pulls down his mask and pepper sprays him.

Continue Reading
 

Breaking Banner

Atlanta mayor levels Trump for comments taunting George Floyd protesters: He’s ‘making it worse’

Published

on

Appearing on CNN's "State of the Union" on Sunday morning after yet another night of protests rocked her city, the mayor of Atlanta bluntly told Donald Trump to keep his mouth shut about the killing of George Floyd by Minneapolis police officers and the protests that have followed.

Speaking with host Jake Tapper, Mayor Keisha Lance Bottoms was asked about comments the president has been making on Twitter about the protestors which have included threats of using "vicious dogs" and "ominous weapons."

"President Trump has been tweeting about the violent protests across the country. he vowed to step in and use, quote, 'the unlimited power of our military' and he suggested local officials should, quote, 'get tough and fight.' He's also talked about threatening 'the most vicious dogs and most ominous weapons I have ever seen' to use against protesters in Washington, D.C.," host Tapper began. "What do you make of the way the president has handled this crisis?"

Continue Reading
 
 
You need honest news coverage. Help us deliver it. Join Raw Story Investigates for $1. Go ad-free.
close-image