I have to be honest, I was one of the first people who despised everything about this young pharmaceutical executive Martin Shkreli who was responsible for the price increase of a pill from $13.50 to $750 virtually overnight about a year ago. Recently, CEO Heather Bresch of Mylan makers of EpiPen was put on the stand to explain the price hike on Epipens. I came across an article titled "Martin Shkreli weighs in on the rising costs of EpiPen, fraud charges" and of course I felt compelled to find out why the most hated man in America would weigh in on EpiPen's charges.
Martin, then CEO of the company Turing Pharmaceuticals that owned rights to the pill Daraprim. This medication is used with other medication (such as a sulfonamide) to treat a serious parasite infection (toxoplasmosis) of the body, brain, or eye or to prevent toxoplasmosis infection in people with HIV infection. Rarely, pyrimethamine is used with sulfadoxine to treat malaria. The CDC no longer recommends using pyrimethamine alone to prevent or treat malaria. Pyrimethamine belongs to a class of drugs known as antiparasitics. It works by killing parasites. Though no generic drug company has taken up manufacturing Daraprim (there are only about 2,000 U.S. patients who use the drug every year), it’s been available for reproduction for more than 60 years. Any licensed pharmaceutical company can reproduce Daraprim but because very few people need this drug it doesn't return great profit margins for pharmaceutical companies. There is no effective competition among both the insurance companies and big pharma.
What does this price increase mean for YOU and MARTIN SHKRELI?
What It Means For YOU
The pill is also 65% free. However, the price increase of the drug causes the insurance companies to foot the bill. In the cases where people cannot afford it or they don't have insurance, the pharmacy gives you a form to fill out, where Martin's drug covers the cost 100%. Big Pharma has no incentive in reproducing or upgrading drugs that have few users like 2,000. In this instance, YOU win because you stand a chance of new medicine being developed to reduce side effects by using newer technology.
What It Means for Martin Shkreli
Martin Shkreli found a niche and loop hole to stick it to the insurance companies and they are not happy. Martin's company has yet to make money, and his salary is zero. The price increase was therefore not for profit, all income goes into research and development of a new better version of the drug. He is only taxing insurance companies, who are run by the same billionaires who run media outlets and other pharmaceutical companies.
Do you have any questions or concerns for Martin Shkreli? To talk to Martin Shkreli or ask him questions directly is by his YouTube Channel when he is live, or his favorite social media platform Periscope as @MartinShkrel or his telephone number (646) 217-2783 which he seems to answer when there is a live session.
It is important to always do research before you get sold on any idea. Never be too convinced of anything that you have not researched yourself.
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