r/news 13d ago Wholesome 18 Evil Cackle 3 Silver 19 Gold 1 Helpful 19

Shkreli ordered to return $64M, is barred from drug industry

https://apnews.com/article/martin-shkreli-daraprim-profits-fb77aee9ed155f9a74204cfb13fc1130
54.8k Upvotes

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u/smokecat20 12d ago Helpful All-Seeing Upvote

In other news: Judge tosses $4.5 billion deal shielding Purdue’s Sackler family from opioid lawsuits

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u/lunchpadmcfat 12d ago

This is a good thing. The sacklers are no longer immune to prosecution.

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u/theRealLotzz 12d ago

That family needs to get lynched, financially and literally. I’ve lost a good friend from opioids

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u/LeBoujee 12d ago

They really do, everybody’s lost people from what they did. I’ve lost 2 cousins and sister, rural Utah was hit pretty hard

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u/incognito_ginger 11d ago

If they aren't made completely destitute and barred from ever running a business then there is no justice and maybe some people should do that because our system is fucking WHACK dude

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u/Ffffqqq 13d ago Silver

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u/WishIWasOnACatamaran 13d ago

36M for 7 years is still a helluva deal

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u/_mach 12d ago

I wonder how much money that 100 million has made him in the interim, too...

the absurd fact is that money makes people richer, which is part of the inequality equation here.

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u/CptTurnersOpticNerve 12d ago

If he wasn't the kind of moron that spends money on exclusive albums he should easily be able to live off interest

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u/hardknockcock 12d ago edited 12d ago

That album is legitimately a better investment than more things you would think.

-This is a sponsored message from Wu-Tang financial-

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u/cfetzborn 12d ago

Protect yo goddamn portfolio! Shit was basically the first NFT

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u/Juicepit 12d ago

You need to diversify yo bonds

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u/Nord4Ever 12d ago

Diversify yo bonds!

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u/iVirtue 12d ago

His investments were spot on. Just look at REGN. It probably did better than he even expected thanks to covid.

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u/timisher 12d ago

Stocks damn near doubled since he was in jail.

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u/Alpha_Decay_ 12d ago

That's $14k per day. I would certainly spend a considerable amount of time in jail for $14k per day, but not 7 years. At that point you're just missing out on too many life experiences that you can never get back. No amount of money can buy your 30s back.

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u/RehabValedictorian 12d ago

Right, it scales down really well. Who wouldn’t spend 24 hours in jail for $14,000?

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u/TocinoPanchetaSpeck 12d ago

Yes but you get to have 7 years of new experiences you would have missed out on if not in jail.

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u/girafa 12d ago

This was how a lot of robbers would work. Jewel thieves/etc- they knew they'd get caught so the operation was to rob/steal, bury the loot, go to jail for 5 years, then come out and dig up their money.

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u/GorillaX 12d ago Silver

Saw a documentary about this called "Blue Streak". Martin Lawrence was in it.

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u/BNLforever 12d ago

I also enjoyed his documentary with Tim Robbins "nothing to lose"

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u/f3ydr4uth4 12d ago

I also enjoyed his documentary series, “Bad Boys”. It really showed me the challenges of public service in Miami.

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u/sticky-bit 12d ago

The problem with Shkreil's plan was that he didn't have a Senator as a father, like Heather Bresch does.

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u/JollyGreenGiraffe 12d ago

In the states there was a BMV car full of people that would rob 24/7 grocery chains a few years ago in NC and worked their way around the east coast. Just completely disappeared.

https://greensboro.com/news/public\_safety/harris-teeter-stores-in-charlotte-robbed/article\_1f61cf11-45e7-5b41-a54f-32730a660f52.html

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u/pm_me_actsofkindness 12d ago

The Silkroad guys did this for sure. Right around when their sentences were ending a lot of BTC in old wallets moved around lol.

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u/JayCroghan 12d ago

Didn’t one of them get life?

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u/squeevey 13d ago

It's a fun theoretical question - but gah, top cringe.

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u/jml011 12d ago

Welcome to tomorrow’s top r/askreddit post

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u/ajb32 12d ago

He def sounds like a sociopath. And of course he doesn't pay taxes. Fucker

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u/De3NA 12d ago

His plan was pretty genius. Raising the cost of some medicine so that he could charge the insurance company an insane amount and also offer cheap medicine if you contact him directly. If someone were to do both it’s a win win lose for the insurance company.

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u/Thx002 12d ago

if you contact him directly.

It was for free if you contacted him.

However that was after the huge backlash so it's smart damage control.

I never understand why the guy went so public about everything, he was actively seeking the infamy. Doing a reddit AMA, doing livestreams... The Wu Tang thing.

If he had shut his mouth he would still be making millions and people would only only him by name.

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u/De3NA 12d ago

I get it. He went crazy.

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u/ajb32 12d ago

Yeah. Except the insurers just pass the cost on to the people they insure. It's not like they're taking a loss. So yeah it's lucrative for him but he's just taking money from people playing insurance premiums.

The system in the US is beyond fucked. The fact we have a health insurance industry seems like a symptom of a problem to me. Insurers serve the shareholder first and the insured second.

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u/rephyus 12d ago

Except that its the standard for the ENTIRE industry. Look up any life saving drug, be in awe at the cost and then look up if they have a subsidy program. They always do.

Its much easier to paint a target on an individual versus a faceless corporation. Big pharma shifted all the spotlight on Shkreli because he was an individual. Doesn't help that he also has a punchable face. Another example would be the Elizabeth Holmes from Theranos. Not only was she found as a fraud, she actively kept trying to get into the spotlight. The media gets its tributes, and Big pharma gets to run away with the profits and the general public lose.

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u/drumology2001 12d ago edited 12d ago

You’re right about the life-saving drug thing. I have Multiple Sclerosis, and I take Vumerity. I am on the manufacturer’s Co-Pay Assistance program…but if I wasn’t? They want FIVE THOUSAND dollars a month for those pills. It’s insane.

Also, Shkreli’s face is 1000% punchable. Smug AF.

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u/Buy-N-Sell 12d ago

You’re not wrong at all, but he was doing what every other drug CEO does, and unluckily became the poster boy for our fucked up healthcare system. So many people in this thread think he was literally charging individuals hundreds of dollars directly, when, in fact, you could literally buy it directly from the company for like a dollar if you didn’t have insurance coverage. The masses just took the sensationalist headlines and ran with them.

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u/Gingorthedestroyer 13d ago Silver Gold Helpful Take My Energy Starry

Let’s do insulin producers now.

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u/Colorado1996 13d ago

Made millions from hiking prices from $13.50 to $750

Damn, saw that line and thought they were talking about insulin. Price gouging has happened on multiple life saving drugs? People are the worst

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u/Farrageau 13d ago

Insulin should have a co-pay of about $2. Or less.

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u/Colorado1996 12d ago

I think there’s a strong case that insulin should be free. But ya I’ll take $2 or less

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u/Reutermo 12d ago

It is free by law here in Sweden. Have been since the 60s.

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u/SnooPineapples494 12d ago Helpful

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u/biggestbroever 12d ago

If this is communist california, sign me up

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u/cool---coolcoolcool 12d ago

We can also buy alcohol of all types from almost every store on any day. Fuck you utah, zion you’re cool

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u/fawks_harper78 12d ago

Canyonlands and Moab is pretty dope. Navajo country, Bears Ears. There is a lot to love in Utah. There just happens to have backwards assholes in lots of places. Like most places.

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u/kkeut 12d ago

so, the good parts of Utah are the parts that are essentially uninhabited and under federal or indigenous control. this definitely jibes with what my ex-mormom friends say and what I observed during my visits

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u/SeriouslyUnknown 12d ago

Can confirm, just moved from Utah to California

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u/--0IIIIIII0-- 12d ago

And Texas. Totally loves that freedom, but can't buy liquor on Sundays. Lol. Packaged liquors anyway.

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u/Saith_Cassus 12d ago

No, it’s far worse…. socialism!!!

I heard from Tucker that this can only mean the death of America if we don’t charge people a fee for being born with a genetic condition that can’t be cured and can only be treated daily.

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u/ViniVidiOkchi 12d ago

Remember when gay marriage was going to destroy the fabric of American society. And now nobody gives a shit.

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u/Bigleftbowski 12d ago

They need to find the next thing that will destroy America, otherwise, how else will they keep their audience in a constant state of paranoid frenzy?

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u/myrddyna 12d ago

There's people that give a shit, blame all their woes on it, and are actively trying to bring cases before our conservative SCOTUS to have that ruling reversed.

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u/GETitOFFmeNOW 12d ago

Oh, of course. "Destroying the fabric of American society" actually means "pisses me off that these people are allowed to exist."

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u/gbuub 12d ago

In communist California, diabetes have you

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u/milk4all 12d ago

If ever there was a state financially and socially ready to leave the union, it’s us. If it could be done without closing borders or too big a disruption to transport and trade, i wonder what that would look like with a few decades of preparation.

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u/Splice1138 12d ago

With our ~54 electoral votes gone, the US would never elect another left president. It'd be Jesusland for real

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u/Hotshot2k4 12d ago

The last time some states were serious about leaving the union, it didn't end well though.

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u/erc80 12d ago

Yeah even in the capacity that they’re talking about it; it would still be a territory (which would still be wild). “Union let’s it’s best earner go independent”; is a headline that’s never going to happen.

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u/Haughty_n_Disdainful 12d ago

Frankly, my dear…

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u/jwmosher 12d ago

I was under the impression that a good amount of infrastructure was based off power generation and water from the Colorado river?

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u/MBThree 12d ago

Your link is from 2020, is there any recent developments on this? Really hoping this plan moves forward

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u/[deleted] 12d ago

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u/HoseNeighbor 12d ago

I don't think Sweden has as many idiots so easily convinced that universally accessible healthcare impinges on their personal rights. I mean, if someone really would rather accept insanely inflated costs, I'm sure someone will start boutique healthcare for them. I'd like to point out that they're currently giving a big thumbs up to making money from people who have NO choice but pay or DIE, while knowing those making the money certainly do NOT need it.

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u/IronicBread 12d ago

But muh communism

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u/[deleted] 12d ago

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u/TailRudder 12d ago

Let them, then invade them, turn them back into a territory, and don't let them have senators.

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u/Chillbruh469 12d ago

You might have a harder time fighting cartels off in Texas then actual Texans. The cartels basically own the bottom half of Texas. It Texas ever leaves they are going to have a bloody cartel fight to keep their land.

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u/xpdx 12d ago

Give their place to Puerto Rico, Texas can get back in once PR votes to let them back in.

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u/HHH-mods-are-snakes 12d ago

Argued with a dude in /r/conservative and he hit me with "So you blue states would have no problem if we decided we want to secede then right?". These people are delusional and have no idea how the world works.

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u/tiefling_sorceress 12d ago

Oh no whatever shall we do.

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u/Leviathan3333 12d ago

Problem is, anything like laws and lines are person made and subject to social construction. So when enough delusional people believe it’s possible to do something…well you get people storming Capitol Hill.

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u/cire1184 12d ago

This is America

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u/Interesting_Market 12d ago

Don't catch an illness here

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u/onetwenty_db 12d ago

It is the bill you fear

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u/NotFlameRetardant 12d ago

It is my freedom to spend twice as much on healthcare as the next closest country while receiving none of the benefits!

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u/meco03211 12d ago

Won't someone think of the poor stakeholders? Should they suffer because people choose to become diabetic? Have they tried not being diabetic?

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u/jetsetninjacat 12d ago

Ive been trying 25 years. You know 120 years ago when diabetics were real diabetics, they just slipped into comas and died like real men and women. Not like us sissies today.

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u/Basgerin 12d ago

Yeah you should just die like a real man.

People have become so soyified.

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u/monstrinhotron 12d ago

They weren't real men! Most of them died as toddlers before they could grow up.

T1 diabetic for 4 years. Very grateful for the insulin.

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u/RWGlix 12d ago

Novak said of you have a really positive attitude about it you will be okay

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u/cedarapple 12d ago

We all pay higher insurance premiums due to price gouging on basic medicines that are covered by insurance.

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u/PanJaszczurka 12d ago

That pill cost 0,04-0,50 USD worldwide.

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u/_KingKaliYuga 12d ago

Insulin should be free, like any other life-saving drug. What the fuck else are taxes for.

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u/ripvannwinkler 12d ago

Bailing out bad investments and playing world domination station, of course.

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u/slurricanemoonrocks 12d ago

poor people, duh.

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u/TittyMcNippleFondler 12d ago

But how would they make money after all the expenses related to research and development that were funded by grants that were funded by our tax dollars?

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u/Gingorthedestroyer 12d ago

When inventor Frederick Banting discovered insulin in 1923, he refused to put his name on the patent. He felt it was unethical for a doctor to profit from a discovery that would save lives. Banting’s co-inventors, James Collip and Charles Best, sold the insulin patent to the University of Toronto for a mere $1. They wanted everyone who needed their medication to be able to afford it.

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u/Lisa-LongBeach 12d ago

Same for Jonas Salk… I believe his response to why not patent his cure for polio was “Would you patent the sun?” A different world and morals today sadly.

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u/_greyknight_ 12d ago

Would you patent the sun?

Uh, duh!

- Fortune 500 CEO

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u/horseydeucey 12d ago

Nestle, would you patent... water?!

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u/Jonne 12d ago

Yeah, ask a capitalist if they would patent the sun and they'd be on the first rocket to the interplanetary patent office.

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u/Discreet_Deviancy 12d ago

THIS! It was never intended to be a for-profit product.

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u/GreenStrong 12d ago

That insulin is still very cheap; modern versions last longer and enables better regulation of blood sugar. They still shouldn’t cost as much as they do. The researchers who invented them should be rich, but it should not be such a racket for the corporations that produce it.

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u/StinzorgaKingOfBees 12d ago

Anything related to healthcare and medicine shouldn't be for profit. Then you are literally putting price tags on lives.

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u/enleeten 12d ago

Fuck that. I'm not a diabetic but it should just be covered.

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u/SlamMeatFist 12d ago

How bout no co-pay and make it free without insurance? Insurance is awful and its crazy we exist in a world where insurance is needed for anything medical otherwise you pay our the ass for it.

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u/Farrageau 12d ago

Lots of European countries work that way. I don't know why the US can't.

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u/Vlad_the_Homeowner 12d ago

Price gouging has happened on multiple life saving drugs?

Yes, this has happened all across the medical field. For Epi pens, BMS's cancer treatment, Questcor's pediatric epilepsy treatment, Valeant's heart medication...

Shkreli just became the poster boy for it because of this face. It is physically impossible to not hate that face, ask his mom.

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u/TheLurkingMenace 12d ago

A more punchable face doesn't exist.

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u/lizardtruth_jpeg 12d ago

Price gouging happens with nearly every drug in America. We are the only country in the world that does not allow a regulatory body to negotiate drug prices with drug companies. They can charge literally anything they want and our government is set up to facilitate that.

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u/xenomorph856 12d ago

If only that was all of it. Not only do we pay the tag price, but we give them our tax monies to fund early research.

We're paying them twice to fuck us over.

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u/ktkoolaid 12d ago

https://www.pharmaskeletons.com/2018/04/big-pharma-skeletons-in-closet-by.html?m=1

Funny thing is this was written by Martin Shkreli to expose the rest of the industry when he was scapegoated. Certainly what he did was wrong but literally it plagues the whole indistry

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u/NinjaLanternShark 12d ago

Certainly what he did was wrong but literally it plagues the whole indistry

The very worst thing that could happen would be for people to somehow think that now that Shkreli has been punished, everything is good. There's so much more to be done.

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u/meepmeep13 12d ago

How is it exposing them, if it's mostly links to lawsuits and fines? Isn't that evidence that they haven't been getting away with it?

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u/SupaSlide 12d ago

When the lawsuits/fines are so low that it's more profitable to just keep breaking the law, they're getting away with it.

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u/omgburritos 13d ago edited 13d ago

Joe Manchin's daughter

Edit: EpiPen, not insulin. But still...

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u/Reddituser45005 12d ago

And she got a $30 millions golden parachute to exit the company after the EpiPen scandal. It has since, rebranded under a new corporate name and shuttered it’s primary manufacturing ( and only unionized ) plant in North America

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u/polyrhetor 12d ago

She was also the central player in the WVU executive MBA scandal, in which she claimed to have it, didn’t complete it, and when called on it the WVU admin falsified records rather than contradict her. As a Mountaineer grad I still feel perpetual outrage about this.

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u/Sage2050 12d ago

Don't forget that daddy Manchin was friends with the CEO of said pharma company that made her COO out of college with no qualifications that she would later became CEO of.

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u/QuickAltTab 12d ago

Double don't forget that mommy manchin was the head of the WVa board of education and spearheaded the campaign to require schools to purchase epipens, which coincidentally enough coincided with her daughter's campaign to price gouge on the price of said epipens.

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u/ArtisanSamosa 12d ago

And now they are going around blocking infrastructure spending, child tax credits, minimum wage increases, etc... Ya'll ever seen the embodiment of evil? I've heard of this Satan guy, but he doesn't seem as bad as these people.

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u/Sage2050 12d ago

Wow it's almost like the entire family is shit

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u/jacobpellegren 12d ago

That is completely fucked.

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u/IHeartBadCode 13d ago

Interesting thing about EpiPen is that eventually generics and alternative forms got made. Around 2018 EpiPen was about 90% the market, today it’s about 10%.

That said, the makers of EpiPen are also the makers of one of the generics. I’m currently using one of the generics made by someone else Auvi-Q. There’s also one done by CVS. That said, the cash price of generics is still pretty high.

For mine, there’s a website you can go to that you sign up for and it takes about $200 off the price, so I pay about $25 per year for the medication. And that’s a similar situation for a lot of the other generics. Hoops one must jump through to get more affordable prices. I’ll never understand why they must have these hoops one must jump through. But we have at the very least gone from one maker to like three, so there’s a bit of hope that it’s changing somewhat.

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u/wiggins-ender 12d ago

Having hoops to jump through makes it more likely that people with the means to just pay will do so rather than jump through said hoops.

Super shitty antics.

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u/TheFAPnetwork 12d ago

I take an injection for psoriasis. My copay was $3,000 with insurance. I was given a phone number to call where I get a break in the price so I only pay $5.00 . The fact that I had to go through three separate people to get where I needed to is bonkers.

I've seen the medication as high as $19,000.00

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u/LookingintheAbyss 12d ago

And if you don't have time to hunt for hoops, you get to pay the full price.

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u/Dr_Nik 12d ago

Look at Mr Fancy here using non-expired medication.

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u/morbie5 12d ago

From what I understand the generic EpiPen still cost more now than the original EpiPen cost before Joe Manchin's daughter raised the price.

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u/najing_ftw 13d ago

That surprises me, but it shouldn’t

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u/omgburritos 13d ago

If Biden had more balls, he would've used her corruption as leverage to pass the budget reconciliation package

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u/theantig 12d ago

Can we go after Manchin’s daughter?

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u/Gingorthedestroyer 12d ago

Yes, light the torches.

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u/theantig 12d ago

We need to put pressure on him and she’s evil for the same reason. It’s a win/win

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u/Good_old_Marshmallow 12d ago

Or EpiPens. Wild that for all the hate Shkreli gets, the daughter of a prominent US Senator (Joe Manchin's daughter) does the same damn thing and got the job through him

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u/droi86 12d ago

See, he marking up the medicine, was totally cool, but he stole money from rich people which is a big no-no

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u/lomelyo 12d ago

Regarding Pharmaceuticals the only difference between him and other companies is that he didn't have a PR team. And more important medicines than Daraprim are ruining life the life of people and Congress doesn't do anything because it's more difficult.

I think that guy deserves what he got; but it bothers me when justice is only applied to one person. Because then I don't know if it's really justice or just a witch hunt.

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u/Technosyko 12d ago

It’s so fucking sad what insulin producers do now considering the team that came up with a way to synthesize it sold the patent for $1

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u/Frankenmuppet 13d ago

It floors me how much people pay for Insulin in the States.

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u/IdasMessenia 12d ago

It floors some diabetics too.

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u/ItzMcShagNasty 12d ago

People always forget. He is not gong to jail and losing his money for the moral crimes of stiffing patients for tons of money and being a general POS, he's going to jail because he ripped off some rich people.

They will not go after insulin producers, the problems in this country will not be fixed with healthcare because of this. Shkreli is a shitbag but this is unrelated to any of our countries other problems with healthcare.

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u/alexanderpas 12d ago edited 12d ago

Insuline prices would have been limited to $35/month as part of the Build Back Better Act, but we all know how that ended after Manchin pulled his support.

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u/Helphaer 13d ago Silver Gold Wholesome

Don't forget too easily that while this guy is a good poster boy for bad behavior, he is the convenient scapegoat that everyone can point to as a distraction from their own issues.

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u/PrehistoricDawg69420 13d ago

He's the face of what everyone else is doing.

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u/jml011 12d ago Wholesome

Hoarding the only copy of unreleased Wu Tang clan albums?

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u/righttoplay 12d ago

It was auctioned off and now belongs to the PleasrDAO group

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u/BraveFencerMusashi 12d ago

Who is working with GameStop and Loopring on something

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u/Loverboy_91 12d ago

Something something ape tits jacked something.

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u/ittozziloP 12d ago

The original NFT

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u/ImpossibleParfait 12d ago edited 12d ago Gold

His problem was simply that he wasn't part of the club. The big market players all do what he did.

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u/Ph0X 12d ago

Nah, the problem is that he craved attention, streamed and showed off publicly. Most people who do shit like this stay behind 10 layers of corporate structures and keep away from the light.

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u/Helenium_autumnale 12d ago

It's LLCs all the way down...

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u/the_cnara 12d ago

Thank you. He’s the fall guy they’re hoping to throw at us so we don’t go after the rest of them. Keep prosecuting.

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u/TinyGoldCharm 12d ago

Exactly. This guy is the scapegoat for Big Pharma, who are sliding by doing the same thing unnoticed. And they love it.

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u/framk20 12d ago

Everyone who's done an ounce of research knows his only mistake was going after the rich

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u/Rickshmitt 13d ago

Wow lifelong banishment from the drug consortium. Suprised its not just a couple months slap on the wrist like all these others sentences being handed down on pillows and apologies

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u/toiletting 13d ago

If he didn’t make himself such a prominent name he probably would have received a lesser punishment. This is a statement more than anything.

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u/rddtact 13d ago

That's exactly what this is.

He found himself in a room full of other greedy sociopaths and didn't know how to act; they had to sacrifice the new guy so nobody looks any deeper at all the other assholes.

"Do we really want to cure cancer ? Seems like a bad idea for business."

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u/InflamedLiver 13d ago

that smarmy little worm is just going to burrow himself into another industry and do the same thing. He's shown zero remorse so I'm pretty sure he's just a greedy sociopath

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u/DragonTHC 13d ago

Smarmy pharma bro has crypto bro written all over his smarmy face.

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u/nau5 13d ago

I mean he is a little worm but he was in an industry rife with little worms.

Glad our justice system can pat itself on the back though while people die not being able to afford insulin

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u/KickNaptur 12d ago

Return the money to who exactly? Is the government just taking it? Or does it go to the insurance companies, or the drug companies???? Nobody thats actually going to touch this money deserves it

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u/cat_using_a_computer 12d ago

From the article –

“Vyera and its parent company, Phoenixus AG, settled last month, agreeing to provide up to $40 million in relief over 10 years to consumers and to make Daraprim available to any potential generic competitor at the cost of producing the drug.”

If I understand this correctly a sizable chunk is being refunded to customers.

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u/KickNaptur 12d ago

Thank you

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u/lihoman 12d ago

Surprised no one is pointing this out. This money is not getting back to the poor people who needed the drugs the most

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u/KallenGuren 12d ago

The drug was free for uninsured people

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u/YourDamnRightItIs 13d ago

MSM makes a big deal about this guy but it's a show. There's no movement on drug reform in the US. Insulin prices are still how much?

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u/the_busticated_one 12d ago

Last time I checked, cash price for 10 days of insulin for my kid was $300. Granted, that's been 3 or 4 years, so I'm sure it's increased.

Literally, just the vial of insulin. That's not syringes, test strips, etc.

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u/thrilla-noise 12d ago

and literally the same drug from the same factory in the same quantity is around $20 OTC in Canada without any insurance.

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u/BikerJedi 12d ago

If any of us ever need it, I'll drive to Mexico or Canada once a year and stock up using tax money.

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u/Folium249 12d ago

With good insurance it’s 300 for a 3 month supply. (9 pen) Or roughly 75 a pen. Vials are about about a third for that. But the cost of needles balances it out. That’s for the short lasting. I didn’t factor in the long lasting in the above.

Without it and it was an emergency it was close to 175 for a pen… sucks high hell but it’s a needed medicine.

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u/heresyforfunnprofit 12d ago

Shkreli should have known better. That sort of behavior is only legal if you’re a member of Congress!

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u/jenna_hazes_ass 12d ago

Im thoroughly convinced he wouldve walked on everything if he didnt offer 5grand for a locke of hillarys hair.

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u/ADarwinAward 12d ago

Now do the sackler family

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u/4606120 12d ago

Last I heard they're drawing out the trial as long as possible by appealing everything they can.

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u/[deleted] 12d ago

[removed] — view removed comment

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u/bserum 12d ago

Padme meme: we’re applying this standard to all price gougers, right?

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u/JohnnyMnemo 12d ago

The only mistake that Shkreli made was talking out loud about this stuff.

You're not supposed to be a public dick about it and then taunt Congress. You're just supposed to do it and then sail off into the sunset.

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u/lrkt88 12d ago

100% this is the only reason. He did not come up with this strategy on his own, he just botched the execution and now needs to be publicly flogged to make us think the current system can be fair.

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u/Griffisbored 12d ago

While he did do many unscrupulous things, punishing him is the equivalent of cheering about putting a local drug dealer in prison while ignoring and refusing to prosecute the massive cartels.

He was the head of a small start-up that employed a strategy that is used by almost all the largest multi-billion dollar pharmaceutical companies in the world. What he did effected a really small group of people (and he actually offered case by case discounts to those whose insurance wouldn't cover it) compared to the companies manufacturing products like insulin who have millions of patients.

He was made an example of because he was a small time player who didn't have the lobbying and financial power to control the system like the big pharma companies who are the biggest criminals. He did bad things but calling this a win only distracts from the real problem.

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u/GoneFishing4Chicks 12d ago

Reminder that iran contra means reagan was a cartel boss

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u/TNGJ 12d ago edited 12d ago

Friendly reminder that sterile water IV bag still cost $800.

Manufacturing cost $1.

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u/luckydice767 12d ago

Just remember, he didn’t get sentenced to jail for price gouging. It was securities fraud.

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u/m0n3yman 13d ago

Ok. Then do Manchin’s daughter next!

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u/amiaffe 12d ago

A sacrifice for the appeasement of the unwashed masses.

What Shkreli did was completely in line with the economic system of the USA and the so-called free market's logic. Shkrelli's crime was openly admitting to it.

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u/WelpSigh 12d ago

i mean, he did not openly admit to securities fraud. his shit with drug price gouging raised his profile and made prosecuting him easier, but that wasn't what he got convicted for. he defrauded investors, especially large hedge funds, which is generally not OK for anyone (see: elizabeth holmes)

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u/EvolD43 12d ago

Ive started watching some of his lessons on youtube. Surprisingly good (if not too long) and, yes, he seems well within for what is normal in that 'industry'. There do seem to be worse villians out there.

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u/Budderfingerbandit 12d ago

Cool, let's go after all the other drug making CEO's who's life saving medications have increased multiple times over for no reason other than pure greed.

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u/MikoWilson1 12d ago

Everyone should look up how much the USA spends each year on free dialysis. Now, ask why people who need dialysis deserve life saving treatment, and people with diabetes do not.

There is no answer to that -- they both deserve lifesaving treatment.

Then ask why people who need acute care, do not deserve life saving treatment.

There is no answer to that -- because health care should be universal.

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u/whowasonCRACK2 12d ago

My mother tried to ban me from the drug industry in high school. Can’t say it worked.

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u/rahvan 12d ago

He didn't even go to jail for the deraprim price hike, I think it was fraud/misleading investors.

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u/SquirrelRailroad 12d ago

Price gouging has been going on for decades in the US. He took advantage of the broken system and became the poster boy for bad pharma. Not the first and won’t be the last. Perhaps new laws could put in place to prevent this from happening? Probably won’t happen soon enough.

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u/Hyperion_-_ 12d ago Silver

It’s incredible how uninformed and wrong most of these commenters are. Nobody even knows that his drug’s excessive cost was only for insurance companies. If you have no insurance, you could get his drug for pennies per dose, by contacting the company. The entire manufactured outrage was that people couldn’t afford the medication and would die. Which is 100% the opposite of the truth.

Secondly, him going to jail had nothing to do with that. They investigated him and found that he had basically made some poor investing decisions with other people’s money. And nearly lost it all. And then he was able to get it all back and then some, by short squeezing a small cap stock.

He went to jail, even though he made back all of the investor’s money.

Big insurance propagandized outrage, because he purposely was milking them too much for money. And you’ve all been mislead. They then got their army of paid for government officials to investigate and prosecute him for anything they could get away with. The people he short squeezed probably also pushed for this. If a stock can be short squeezed, it’s basically being artificially manipulated down to a level that is absurd.

(By the way, shorts have never closed in GME, AMC, or BBBY, like the media wanted people to believe. The SEC investigation found that the massive price spike in Jan 2021 was just average joe buying.)

His biggest fuckup was being publicly unlikeable. Despite not doing anything wrong in actuality.

Making risky investment decisions that lost investors money. Then making it all back. = Scales of wrong vs right are balanced.

By the way, no laws have been passed to limit medical/pharma costs. They don’t give a fuck about you

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u/Quinquilharia 12d ago

Now do the rest of them

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u/mrbriandavidanderson 13d ago edited 12d ago

What about the Wu Tang album?!?!

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u/RollUpTheRimJob 13d ago

He doesn’t own it anymore

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u/zigaliciousone 12d ago

He was punished for saying the quiet part out loud.

It's probably some Ferengi law of acquisition that days not to rub your customers nose in the fact that you are ripping them off

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u/BigPapaPage716 12d ago

I’m confused - why does he get in trouble but other pharma companies don’t?

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u/Say_no_to_doritos 12d ago

He fucked hedge funds

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u/Han_Slowlo 12d ago

Not even that he fucked hedge funds. Just that he fucked them publicly. Everyone fucks everyone in business. The only thing they care about is their image to investors.

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u/BigPapaPage716 12d ago

So it bc rich people aren’t allowed to get fucked over like us poors

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u/persondude27 12d ago

Yes. Take a look at the Elizabeth Holmes trial.

Defrauding investors? Guilty on four counts.

Three felony counts of defrauding patients? Conspiracy to defraud patients? Not guilty.

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u/Sumocolt768 12d ago

He didn’t get in trouble for hiking prices. He got in trouble for taking rich people’s money.

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