Monday, September 21, 2015

Hedge fund manager buys drug company, raises price of pill from $13.50 to $750 / Boing Boing

In August Shkreli bought a drug called Daraprim. It's been around for 62 years and is used to treat toxoplasmosis, a life-threatening parasitic infection. "Turing immediately raised the price to $750 a tablet from $13.50, bringing the annual cost of treatment for some patients to hundreds of thousands of dollars," reports the New York Times...Watch Bloomberg's interview with Shkreli about his decision to raise the price. He admits it costs less than $1 a pill to manufacture Daraprim, yet insists at $750 a pill, "Daraprim is still underpriced relative to its peers."

Don't worry. The "market" will sort that all out. No need for any big government socialistic communistic death panels making our health care decisions for us. "Consumers" just need to shop around more.

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