People still aren’t getting this right

Shkreli, who hit the headlines last year after he hiked the price a life-saving drug often given to people with HIV or cancer from $13.50 to $750 a pill, is accused of defrauding investors in hedge funds he ran.

It’s not often given. There’s some 750 or so patients a year last I recall.

And the scandal here isn’t Shkreli, it’s the absurd FDA regulatory system which means he was able to game it as he did. It’s the FDA which needs the reform….

13 thoughts on “People still aren’t getting this right”

  1. And the scandal here isn’t Shkreli, it’s the absurd FDA regulatory system which means he was able to game it as he did. It’s the FDA which needs the reform….

    No Citizen, its is The People who must comply with with The State’s instructions. If Wreckers like this would simply do what they were intended to do then The State would have moved us closer to True Prosperity.

  2. The drug is out of patent. There are foreign manufacturers making the same generic. So the FDA, making foreigners jump through hoops for a generic… I hope the US people rise up against their masters and hang them from those wee lampstands they put beside hospital beds.

  3. Well, less reform than closing a loophole. It is an extremely unusual situation (the low number of patients makes it no value to anyone else to market and impossible to do a clinical trial, while Asshole tightened distribution so the lab-based bioequivalence study needed to get one of those cheap Indian generics on the market can no longer be done). There isn’t an easy answer to that that doesn’t open one of Pandora’s other boxes.

    I have to say kudos to him for finding this obscure combination on which to retire handsomely, but that he is a bastard asshole for giving capitalism such a bad name. This kind of abuse of the system does no one any favours. You either get more convoluted regulation, fewer medicines, lower quality generics, or some combination of the three.

  4. Bloke in Germany in China

    And yes, big pharma try to work out how to make money out of their off-patent drugs too. But not this way. Fin.

  5. Bloke in Germany in China

    Perhaps this is time for Tim’s much-vaunted common law approach. The practice is clearly gross evil selfish asshattery and any jury can see that, even if it isn’t technically illegal.

  6. “The practice is clearly gross evil selfish asshattery and any jury can see that, even if it isn’t technically illegal.”

    Can the same rule apply to the State?

  7. Bloke in Germany in China

    @Jim,

    Yes, and it does. In most civilised places the State is, with a few exceptions, subject to the law. Of course some places have crown immunity or its equivalent.

  8. @ Bloke in Germany
    Drop the kudos for finding how to do it – the previous owners of Daraprim had *already* jacked up the price of Daraprim after Glaxo gave up selling direct into the USA and decided to licence a distributor – but keep the condemnation for being an asshole.

  9. but that he is a bastard asshole for giving capitalism such a bad name

    It’s cute that you think this is an example of capitalism. The manipulation of the FDA is anything but capitalism, so fuck you for merely giving in and accepting this as a critique of capitalism.

    If this really is an example of capitalism, then, since the patent ended in 1953 competitors could easily step in and start producing for a much lower price. If the drug is so important and works such miracles, then Shkreli was right when he said “If there was a company that was selling an Aston Martin at the price of a bicycle, and we buy that company and we ask to charge Toyota prices, I don’t think that that should be a crime”. Either consumers get rich off paying very little for very valuable products or suppliers get rich by supplying a very valuable product. Thinking it’s great when consumers get rich, but whining when suppliers do is just sloppy thinking.

    “This kind of abuse of the system does no one any favours.”

    Clearly, you missed the part where he hired a bunch of lobbyists and directed a lot of money to DC. I’m pretty sure a lot of politicians are now getting some pretty good financing for their campaign funds.

    Personally, I think that this is exactly what Americans should be getting for putting so much faith in crooked politicians and petty bureaucrats. Americans deserve expensive, low quality, poorly supplied life saving drugs for hating men like Shkreli for getting rich off the byzantine system Americans want.

  10. “The practice is clearly gross evil selfish asshattery”

    I agree. The grossly evil and selfish politicians looking to cash in on the success of a private business and further erode property rights is asshattery. That consumers cheer on these evil and selfish politicians makes that asshattery complete.

  11. Personally, I think that this is exactly what Americans should be getting for putting so much faith in crooked politicians and petty bureaucrats. Americans deserve expensive, low quality, poorly supplied life saving drugs for hating men like Shkreli for getting rich off the byzantine system Americans want.

    Those of us who don’t put our faith in those asshole politicians (I’ve got Schumer as one of my senators) don’t deserve it.

  12. Bloke in Germany in china

    Alex, the drug regs exist to protect patients, of course they are far from perfect and create perverse incentives. I’m this case competition is kept at bay by knowing the drug works. You cannot ethically do a classic placebo controlled trial under those circumstances. So potential competitors are checkmate.

    The entire pharma industry (yes, somewhat hypocritically) hates this guy.

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