CEO’s Mistake: Denying This Group Their Drug

The Left only cares about certain issues. They will pretend to care about all human beings, but it’s simply not true.

They didn’t get mad at Martin Shkreli, until he raised the price of the drug to combat HIV. So what he was gouging drugs prior to that.

As the Daily Beast reports,

The crimes that made 32-year-old Martin Shkreli truly the devil were not the multiple counts of securities fraud and wire fraud outlined in 29-page indictment that had resulted in his arrest at his Manhattan home Thursday morning and his afternoon arraignment on the third floor at the Brooklyn courthouse.

His far more serious crime is a moral one not even listed in the penal code. The law makes it no crime at all to acquire the marketing rights of a pharmaceutical drug and then hike the price unconscionably beyond the bounds of decency at the expense of the desperately ill.

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So there is the backdrop. Shkreli is hiking up drugs. In May of 2013 when he was still CEO as well as founder of the pharmaceutical firm Retrophin, the firm acquired the rights to a decades-old drug called Thiola, which is used to treat a chronic and painful kidney disorder. As was reported by Benjamin Davies of Fortune, Shkreli hiked the price of Thiola from about $1.50 suddenly cost $30, a 2000 percent hike.

Next, in early 2014, Retrophin acquired the rights to a second old drug, Chenodal. Among other illnesses, Chenodal is used to treat a rare hereditary condition where a person has difficulty in metabolizing cholesterol. Sufferers are subject to chronic diarrhea as babies and can later develop cataracts, fatty deposits around the brain and degeneration of the neurons. In some cases, death results.

The treatment was already expensive, costing $94 for the standard dosage, yet Shkreli hiked it to $473 a pill. In order to survive, a patient would have to spend more than a half million dollars a year, up from the already expensive roughly $100,000.

None of which appears to have greatly bothered the shareholders and directors of Retrophin, which Shkreli formed in 2011 and turned to a publicly traded company a year later.

The Daily Beast report goes on the discuss how Shrkeli’s actions didn’t bother shareholders, until he began running a Ponsi scheme, but the more important issue in the article comes in the third gouging. The Daily Beast article continues,

Shkreli founded a new firm, Turing Pharmaceuticals. He acquired yet another old drug, Daraprim, used to treat toxoplasmosis, an infection that can pose a particular threat to AIDS and cancer patients. He hiked the price from $13.50 a pill to $750 a pill.

“A great business decision,” he called it on Twitter.

This time, people noticed. He had made himself into an online personality with provocative tweets and a streaming-of-consciousness via a web cam. He now became the most hated man on the internet, not to mention the offline world.

The Daily Beast acts like “the third time is the charm,” but in fact it wasn’t that Shkreli made a business decision, vile as it may be, to exorbitantly raise drug prices. This time, it was his drug of choice. AIDS drugs.

If Shkreli had left AIDS drugs alone, his government-sanctioned criminal enterprise would likely still be flourishing. The problem is, Shkreli picked on an LGBT drug.

Shkreli saw nothing wrong in his actions, as they were legal. However The Daily Beast was miffed at his insolence. The article goes on,

He seemed like the devil himself when he was asked at a Forbes symposium what he would do differently if he had a do-over.

“I would have raised prices higher,” he replied. “That’s my duty.”

I certainly don’t condone Shkreli’s actions, as he appears to be a heartless capitalist, likely filling the pockets of many politicians. My bet is this man is a registerd Democrat, and I’d love to see his record of political donations.

But what I find most interesting is that The Daily Beast only decided to make Shkreli a scoundrel when he gouged on a drug used mostly by gays. Better late than never on Leftist outrage.


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