r/news Jan 14 '22 Evil Cackle 3 Silver 19 Gold 1 Helpful 19 Wholesome 18

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

https://apnews.com/article/martin-shkreli-daraprim-profits-fb77aee9ed155f9a74204cfb13fc1130
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u/ItzMcShagNasty Jan 14 '22

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/lomelyo Jan 14 '22

I would've agreed before reading this article. It says he is losing money and being barred from the drug industry because he raised the prices.

I'm pretty sure that while he did something illegal; the whole reason he was caught, investigated and prosecuted was because he rised the prices. Or maybe the whole reason was that it made congress and the pharmaceutical companies look bad because they were doing the same thing so they decided to bring down the person that was shining light to their own misgivings.

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u/plarc Jan 14 '22

As far as I know he was under investigation couple of times even before hiking up prices. The whoe PR stunt here is catching him illegally stealing from the rich (by manipulating the stock) and trying to trick people into believing he is jailed for legally stealing from the poor (by hiking up the prices).

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u/lomelyo Jan 14 '22

I agree that the public never got why he was jailed and that the guy tried to play it off as a witch hunt against a capitalist.

However his company now has to pay 64 million dollars, has to provide the drug at cost to competitors and the current CEO can't be in pharmaceuticals for 7 years and Shrekeli barred from life (because he was conducting business from jail). So at least some sort of justice came in that regard.

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u/plarc Jan 14 '22

If it is not followed by some changes in law it is not justice it is a decoy.

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u/lomelyo Jan 14 '22

True. When thousands of people do something and only one gets punished it's a scapegoat.

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u/wheresHQ Jan 14 '22

He was ripping off the insurance companies. The people, who needed the medicine, still got the medicine at the prices that their insurance policy offered.

Of course, what he did is not something I would endorse, but it did shine a light on the industry. Although, nothing seemed to have changed. Dude didn't even go to jail because of the price hikes. He went to jail for a totally different reason.

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u/lomelyo Jan 14 '22

I agree. I know that he went to jail for securities fraud. What I'm saying is that the media articles of "Pharma company raises from 13.50 to 750 dollar a pill to save kids with aids" brought a lot of attention to the case. That attention caused politicians and pharmaceutical lobbyists to look for a reason to jail him. Which is true because both Clinton and Trump spoke on the subject.

The people, who needed the medicine, still got the medicine at the prices that their insurance policy offered.

That is true but it also a little bit misleading. It's very niche drug in the US so the situation didn't develop enough to cause a problem. For example Diabetes affects 8 million Americans; they get their medicine, but the prices causes them to ration their insulin, due to doing that 4 people die a year. So if it takes 8 million sick to see the effects of 4 deaths. It's going to take a long time until we see the negative effects on a rare drug that affects people in the hundreds.

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u/wheresHQ Jan 14 '22

For example Diabetes affects 8 million Americans; they get their medicine, but the prices causes them to ration their insulin, due to doing that 4 people die a year.

I think this really comes down to an individual health insurance policy. There is a max copay limit. Of course, insurance companies could in turn jack up the prices to recover their losses, but there is a max limit.

This is why the whole ordeal stinks. The elites think we're all dumb monkeys that would be fooled by political theatrics. Most of them are guilty of this shit and continue without any regards to human lives. Republicans and democrats.

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u/ItzMcShagNasty Jan 14 '22

I don't think that mistake he made can applied to any of the other pharmaceutical companies though. It will take removing money from politics completely, full sale ban on lobbying is what it will take.

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u/lomelyo Jan 14 '22

Yeah other companies are a lot more sneaky with their dealings. It's a shame lobbying is legal on the US and equally important Super PACs which are just a way to circumvent campaign contributions.

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u/cgibsong002 Jan 14 '22

Apparently you didn't even read the headline, let alone the article lol