How does this happen?
A former hedge fund manager has suffered severe backlash after purchasing the rights to a 62-year-old drug used for treating AIDS patients and raising the price overnight from $13.50 per tablet to $750.
Martin Shkreli, 32, founder and chief executive of Turing Pharmaceuticals, purchased the rights to Daraprim – which is used to treat life-threatening parasitic infections – in August for $55million.
At 62 it should be out of patent, no?
So, why isn’t it simply a generic?
I can think of a couple of things: firstly, that the new use is what is still in patent, not the old anti-malaria one. Secondly, that it’s not actually in patent but it’s bloody difficult to get approval to manufacture it from the FDA etc.
But would very much like to know what actually is the legal protection here. Because I can’t see it surviving without some legal protection that allows that rent gouging.