Following Public Fury, Jim Cramer-Trained CEO Who Raised Price Of Drug By 5000%, Agrees To Lower The Price

Tyler Durden's picture

It took just a few days, and becoming America's most hated man in the process, for Turing Pharma CEO Martin Shkreli to fold.

The 32 year old "hedge fund manager", who started his career on Wall Street working under Jim Cramer, and who subsequently ended up owing now-defunct Lehman Brothers $2.3 million for a Put option gone bad (only to see Lehman collapse before the now defunct bank could collect), was the object of nationwide scorn, derision and outrage after a NYT profile of his decision to boost the price of a drug by over 5000%. Even Hillary Clinton got involved in the public outrage, first tweeting and then making it a matter of her public policy how as a result of his actions she would implement a $250 price cap on drugs to prevent such price gouging.  Earlier today, the Taiwanese Animators took "Big Pharma Douchebag" Shkreli to task with the following clip:

 

Not surprisingly, following the biggest plunge in biotech stocks in 2015 - many have speculated that the real goal of Shkreli's actions was to profit by shorting the biotech sector ahead of the selling which his action would have unleashed - and an epic public outcry against the diminutive "hedge fund" manager (his prior company Retrophin recently filed a federal lawsuit against Shkreli alleging that he created the biotech and took it public solely to provide stock to MSMB investors when his hedge fund became insolvent; the suit seeks $65 million in damages) NBC reported moments ago that "the pharmaceutical company boss under fire for increasing the price of the drug Daraprim by more than 5,000 percent said Tuesday he will lower the cost of the life-saving medication."

Martin Shkreli did not say what the new price would be, but expected a determination to be made over the next few weeks.

 

He told NBC News that the decision to lower the price was a reaction to outrage over the increase in the price of the drug from $13.50 to $750 per pill.

 

Turing Pharmaceuticals of New York bought the drug from Impax Laboratories in August for $55 million and raised the price. Shkreli said Tuesday the price would be lowered to allow the company to break even or make a smaller profit.

He added that his action was "absolutely a reaction — there were mistakes made with respect to helping people understand why we took this action, I think that it makes sense to lower the price in response to the anger that was felt by people." One would not have gotten that impression from reading his tweets over the past 4 days.

In a phone interview with NBC Shkreli said the money from the increase would be used to develop better treatment for toxoplasmosis that have fewer side effects. "It's very easy to see a large drug price increase and say 'Gosh, those people must be gouging.' But when you find out that the company is not really making any money, what does that mean?"

Well, it means it is like 90% of "eyeball" and "biotech" companies out there, that's what it means.

His conclusion: "I think in the society we live in today it's easy to want to villainize people, and obviously we're in an election cycle where this is very, very tough topic for people and it's very sensitive. And I understand the outrage," Shkreli said.

It's even easier to villainize those who deserve it.

But now that Shkreli's 15 minutes of fame are over and his Twitter profile is now in "private" mode (we doubt the SEC will investigate his shorting activity of biotech indices - we are confident the young "hedge funder" will have bigger headaches to deal with soon enough) the attention should shift to the real villains - those truly big pharma companies, who do what Shkreli did but on a far vaster and grander, if less obvious, scale taking advantage of the price cushioning effects that Obamacare provides.

We also are curious to see how Hillary's populist outrage at Shkreli will be explained when the public realizes that it is only thanks to the benefits of socialized insurance programs such as Obamacare, of which Hillary is a staunch supporter, that such price gouging was possible in the first place.

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Tim Knight from Slope of Hope's picture

Everything I've read about this guy seems to make clear he's pretty much earth's biggest douchnozzle, bar none.

Skateboarder's picture

Some people are born with doucheface, and it's a self-fulfilling prophecy. The name sounds like "Shrek" and looks like one too.

These Taiwanese gents or ladies, whoever made the video, are putting our own MSM douchespigots to shame. Kudos!

insanelysane's picture

Then there is this gem:

"Drug boss Martin Shkreli, 32, also allegedly gained access to social media accounts belonging to that ex-employee, and contacted him and his relatives directly, including his teenage son and wife, as he accused the worker of defrauding Shkreli's then-pharma company, Retrophin.

"Your husband had stolen $1.6 million from me and I will get it back. I will go to any length necessary to get it back," Shkreli allegedly wrote the wife of former Retrophin employee Timothy Pierotti in a January 2013 letter, according to court documents. 

"Your pathetic excuse of a husband needs to get a real job that does not depend on fraud to succeed ... I hope to see you and your four children homeless and will do whatever I can to assure this," Shkreli allegedly wrote."

Freddie's picture

Someone needs to meet this douchebag on a dark street or his office and take a bat to his knees.   Trained by Cramer.

duo's picture

Thinking terminal cancer patient.....don't stop at the knees.

Richard Chesler's picture

Public fury would be much better appeased be hanging both of these mutherfuckers by the balls during a Grammy event. Gaga could write a whole new song about investor's rape.

 

 

Manthong's picture

Has he started shaving yet?

ILLILLILLI's picture

He needs some Vitamin Pb...applied two to the chest and one to the head.

BuddyEffed's picture

Gotta come over the top on this douchewad with something extraordinare.

I fart in his "specific" direction.

mtndds's picture

This phucking guy looks like a tool.

NoDebt's picture

The natural backlash against this reprehenisble person is obvious:

We should petition the government to stop people like this!  We need protection against such people!

And the statist train rolls forward.

USE.  YOUR.  FUCKING.  BRAIN.

If this guy isn't an outright patsy he's definitely on the statist payroll.  Exactly the reaction that he was paid for.

 

Richard Chesler's picture

Too bad the scumbags can't be uncircumsiced for the next holocoust round.

 

 

quintago's picture

My money is on the other pharma and biotech companies telling him to back down or die.

Keyser's picture

Some people deserve the nail gun and some deserve to be skinned alive... I vote for the later for this numpty... Nothing like gouging the hell out of the sick for profits... 

TongueStun's picture
TongueStun (not verified) Keyser Sep 23, 2015 6:08 AM

When someone shoots fucks like this in the head and a jury lets them off, things might change in America. Until then Buckle Up

Omen IV's picture

he is actually  a good thing

 

Obama's TTP allows Pharma to extend patents worldwide for 50 years - and unlimted restraint on pricing - by eliminating Country based single payer programs to negotiate with Pharma for an entire country

 

this will destroy the logic of TTP -  easy way of showing effect with cartoons for the general public

Main_Sequence's picture
Main_Sequence (not verified) Manthong Sep 22, 2015 8:59 PM

More like "has his balls dropped yet?"  

This guy is the pinnacle of douchebaggery beyond any shadow of a doubt, and is everything that is wrong in our country.

Sadly though, this mentality is everywhere in the corporate world.

Fucking scum.

goldsansstandard's picture

Isn't this stuff generic.
It should not take long for some competition to come in if he kept the price high.

Perhaps The FDA could be converted to an organization that did not force its thinking onto the sick. Then the sick and the doctors could chose the vendors they desire, instead of vendor status being heavily regulated, greatly increasing barriers to competition, especially in low volume drugs..He did a public service by demonstrating the insanity of the medical welfare system along with the regulatory system, both fascist enterprises.

I take a drug for digestion after gall bladder removal. It used to be over the counter, costing thirty dollars a month.
Then some smart Pharma guy convinced the FDA that the generic stuff was not consistent enough. He would make it consistent and strictly within the FDA regulatory structure.

Now it costs 2700 bennies a month.
Seeing as I am blind and doing my part to bankrupt the system, .gov picks the whole tab.
Thats over thirty housand a year just for one person and one drug.
Zeeesch

ebworthen's picture

Hear, hear!  I'd bet that douchebag called the Hitlary campaign headquarters today and said:

"Okay, how much does she want for her campaign?  I've got the checkbook out! 

NoDebt's picture

I don't know how many are going to get the depth of truth in that comment, but you're absolutely right.  

FireBrander's picture

Hang the author too..."Obamacare, of which Hillary is a staunch supporter, that such price gouging was possible in the first place."

Bull fucken shit....how selective of you...Medicare play any role in drug price gouging?...where's the "repeal Medicare" charge from the NUTJOB Right?

Does the VA Hospital system play any role, free drugs for Vets, in the outragous price of drugs?  The VA Sytem is 100% PURE SOCIALIZED MEDICINE...where is the "REPEAL" charge for that...hmmm.

Does the Private Sector play any role in the outragous price of drugs?..."lobbying FOR OBAMACARE"...for "MORE MEDICARE FUNDING"...MORE, MORE, MORE, public money into the "Health Industry".

If you think the problem here is "ObamaCare"...you're a clueless fucking moron...it's like looking at a decapitated body, noticing a paper cut on the hand, and saying the patient died from the paper cut.

HopefulCynical's picture

...where's the "repeal Medicare" charge from the NUTJOB Right?

A journey of a thousand miles begins with a single step. Since CommieBamaCare is the newest of the 'progressive' parasitic schemes foisted on us, it should be the first one to get shitcanned.

Actually, if you simply make Congress and all Federal employees use the EXACT SAME health care and retirement systems the general public uses, this shit sorts itself out in about 15 minutes, and that's including a smoke break.

Straight. Up. Fact.

FireBrander's picture

"it should be the first one to get shitcanned"

Bullshit. If you're "philosophically" opposed to something, you're opposed to it in all forms...ABSOLUTELY NO TALK of repealing Medicare or the VA...exact opposite..Right is promising more funding!

Uber Rightwing JOni Earnst says of Socialised Medicine (in the case of the VA) "provides good care...it just needs more money to improve access time"...

If you think "Repeal the VA" and "Repeal Medicare" are on deck after "Repeal ObamaCare"...well sir, you're f'n crazy.

ClassicalLib17's picture

Freddie,  have you read "Unintended Consequences" by John Ross?  I downloaded a free pdf on, I think, Western Rifle Association.  I sat at my computer for several days until I finished.  It was a very compelling story.  I don't work anymore so I am afforded, probably temporarily, the luxury of reading from dawn til dusk, if I so desire.  Please do give it a look.

OldPhart's picture

A bat?

I thought these assholes used nailguns.

He needs a number of sixteen penny nails driven into his skull.

How many?

42.  The answer is always 42.

Winston Churchill's picture

Railway sleeper spikes would be better.

klayton biggs bee's picture
klayton biggs bee (not verified) Skateboarder Sep 22, 2015 8:54 PM

Shkreli=cheesepope.........nuff said

Kiwi Pete's picture

Maybe even a buttpope.

 

Urban Dictionary: buttpope www.urbandictionary.com/define.php?term=buttpope
 

Owner of all the asses king of all rectums, holder of the keys to all anus. Also see semperfi.

Grumbleduke's picture

you may like the noagendashow. Give it a try, three of four times

Everyman's picture

WOW.  This guy looks like a completely arrogant "special person".  Shit bag not worth a bag of spent fuck.

johnnymustardseed's picture

Hope Karma fucks this guy real hard

Skateboarder's picture

This guy is another variation of "dindu nuffin."

"Whatchu lookin at me for? This is the right price for the drug. I dindu nuffin..."

One can only wish that the hoodlum variety of dindu nuffins would play their knockout game on better-suited receipients as this fine dickwad right here.

bid the soldiers shoot's picture

Where is Dindu Nuffin?  I miss him.

 

ABRAHAM, MARTIN AND DINDU


Anybody here seen my old friend Dindu?

Can you tell me where he's gone?

OldPhart's picture

For the unwashed who have no reference to Bid the Soldier's reference....

https://www.youtube.com/watch?v=nbnaaz75M4g

 

newbie vampire's picture

"This guy looks like a completely arrogant "special person"."

Typical WS wannabe with arrogance to match.  We should make an effort to make him "immortal" so wherever he is, he will be known for what he did.

FireBrander's picture

"WOW.  This guy looks like a completely arrogant "special person".  Shit bag not worth a bag of spent fuck."

Place your bets:

Martin Shkreli is:

A. Democrat

B. Republican

~~~~~~~~~~

A. "Free Market" Capitalist

B. Liberal Socialist

~~~~~~~~~~

A. Pro Regulation

B. Anti Regulation

~~~~~~~~~~~

A. Trump Supporter

B. Hillary Supporter

~~~~~~~~~~

What is wrong with charging $750 for a drug if the market will pay that price?

So what if those that can't pay eventually die...they should have "Planned Better".

At $750 a pill, won't the CEO eventually see that's damaging to the "Long Term" health of the company, realize his/her error, and reprice the drug back to some lower level?

If we try it, the "Free Market" will eventually work! As long I'm not the one dead due to being unable to afford the drug, I say let the "Free Market" run it's course.

 

Everyman's picture

false narrative and framing of your question.  The answer is not "red team" or "blue team".  So you, like the political parties only allow us an OCD Borderline Personality disorder schizophrenia choice.

"Free Market"??  We do not have capitalism or free markets in the United States.  It is an inside deal all the way and both praties pay the winners.

I don't buy it.  As I said, he is a shit bag and a "special person".  Who the hell cares about his fucking political leanings and what has that got to do with being a shit bag or a douchenozzle????

Jumbotron's picture

This cocksucker sociopath is being sued by HIS FORMER COMPANY THAT HE FORMED for 65 million dollars for fraud.

After he harrassed a former employee that HE said was the fraudster, the employee's lawyer said....."Let's take a look at all your computers you sent those incriminating texts and messages.  And by the way.....hand over all your data concerning YOUR fraud.

Douchnozzle IMMEDIATELY dropped his suit and then got served by HIS OWN COMPANY FOR FRAUD.

And what was the fraud for ?     FOR USING COMPANY FUNDS TO PAY OFF INVESTORS OF HIS CUTE LITTLE HEDGE FUND THAT HE BLEW UP  !!!

 

THIS FUCKER NEEDS TO WALK THE PERP WALK IN CHAINS IN FRONT OF TIMES SQUARE !

AND ONE MORE TIME.....I PERSONALLY CALL FOR ANY AND ALL HACKERS TO HACK EVERY ACCOUNT THIS FUCKER HAS AND DESTROY HIM !!     WIKI LEAKS....ANONYMOUS......EVERYONE  !!

Jumbotron's picture

Here is cock sucker's infamous CNBC interview yesterday that made me lose it in a way I haven't lost it in YEARS....

https://www.youtube.com/watch?v=lrcj_4_k0Vc

Hollywood could not come up with a better douchbag motherfucker than this waste of sperm.

Kina's picture

 

Hollywood could not come up with a better douchbag motherfucker than this waste of sperm.

 

We need to see a lot more like this guy, doing what he is doing. It is the only thing that will get people riled enough to wake up and force change.  

In fact this guys is so bad makes you wonder if it is a plant.

 

Kinda reminds of those grug pusher movies.

Give the people the drug, cheap, get them all using it, relying on it, then raise the price when they have no alternative but to pay.

Max Cynical's picture

Guaranteed he doesn't have a research department and will never develop a drug of his own.

It looks like he put most of his own money in to buy the rights to Daraprim. Just like any other hedge fund investment, he's probably bleeding the company to pay himself back (with a hefty return), hence his claims the company isn't profitable.

In an uncommon move, Shkreli himself led the Series A financing, and Turing isn't naming any of its other backers, calling them "preeminent institutional equity investors" and leaving it at that. In a filing with the SEC last week, Turing counted 34 individual participants in its funding round but reported raising just $62.7 million. A spokesman for the company declined to explain the $27.3 million difference, and further questions about the company's financials were met with a terse email from Shkreli asking FierceBiotech not to contact Turing again.

Meanwhile, Turing has already committed some of its new cash, this week paying Impax Laboratories ($IPXL) $55 million for the U.S. rights to Daraprim

http://www.fiercebiotech.com/story/shkrelis-turing-pharma-banks-90m-murk...

 

imbrbing's picture

His mom should have swallowed him

OldPhart's picture

His mom should have shit him out the next morning.

tarsubil's picture

Watch Nightcrawler. Hollywood did a pretty good job creating this guy.

https://youtu.be/KLrcME5CVPY

Normalcy Bias's picture

Yes, please ANONYMOUS, go to town on this guy! He certainly has it coming...

Bangin7GramRocks's picture

May this cunt be forced to felch a bums asshole!

decon's picture

Had to look it up. Disgusting, but a nice use of the verb.

OldPhart's picture

You had to look up Felch?  Didn't you ever insult your friends with the term?  What a dissappointing lowering of standards.