Martin Shkreli Ex-hedge Funder Who Hiked Aids Pill Cost By 5500 Percent Says Drug Still Underpriced

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Martin Shkreli Ex-hedge Funder Who Hiked Aids Pill Cost By 5500 Percent Says Drug Still Underpriced

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[Martin Shkreli Ex-hedge Funder Who Hiked Aids Pill Cost By 5500 Percent Says Drug Still Underpriced]

[Interviewer:] Source: LYBIO.net
The reaction, particularly when you read the papers today has been quite critical of this move, so why?

[Martin Shkreli:]
Well, you know we needed to turn a profit on the drug. This drug was being sold by several different companies. It came as a package.

[Interviewer:]
Uh-huh.

[Interviewer:]
In the lot of companies no one really knew who knew that they owned it and the price of the drug was…

[Interviewer:]
Right. It was originally, what, GlaxoSmithKline, right?

[Martin Shkreli:]
It’s been passed around a little bit.

[Interviewer:]
Okay.

[Martin Shkreli:]
Glaxo, then Core, then Impax and now us.

[Interviewer:] Okay.

[Martin Shkreli:]
And we’re the first company to really focus on this product and I think that’s a great thing because ultimately, the companies before us were actually just giving it away almost. You know the price that they were pricing it at was…

[Interviewer:]
$13.50, okay.

[Martin Shkreli:]
Yeah, $13.50 and you only need less than 100 pills so, you know, at the end of the day the price for course of treatment, to save your life, was only $1000. And you know these days, modern pharmaceuticals, cancer drugs can cost $100,000 or more, rare disease drugs can cost half a million dollars.

[Interviewer:]
Uh-huh.

[Interviewer:]
Daraprim is still underpriced relative to its peers.

[Interviewer:]
But my understanding was that, to actually produce this pill, what cost only $1?

[Martin Shkreli:]
It costs very little to make Daraprim.

[Interviewer:]
Okay, so then how are they losing money if they were selling it at $13.50?

[Martin Shkreli:]
The cost of production is not the only cost. Right, so you have distribution costs, you have obviously FDA costs, you have manufacturing costs, that not are just included by the cost of it sold for the pill itself the ingredients, but also the people that make the pill and make sure that it’s made to specification, those costs have increased dramatically over the years. So, this product is…

[Interviewer:]
But you’re dramatically up 5000% to 750.

[Martin Shkreli:]
They’re not 5000%, but they were – this drug is doing $5 million in revenue. I don’t think you could find a drug company on this planet that can make money on $5 million dollars of revenue.

[Interviewer:]
Okay.

[Martin Shkreli:]
Most costs are much higher than that.

[Interviewer:]
Okay so, so your contention is that they were losing money, only generating $5 million.

[Martin Shkreli:]
And not providing dedicated patient services. Rare diseases are not like buying, you know, Advil or something. This is a very, very tough disease; it requires a lot of attention and focus from the drug company has to partner with the patients and distributors and really make sure that it’s a very cared for community, and that costs a lot of money too.

[Interviewer:]
Well, Martin, some of the reaction in medical community, from various doctors, you know, there’s one in particular at Mount Sinai, Head Of Infectious Diseases said that, you know, look, this means that we’re going to have to – the prices of this means that we’re going to have to look for alternative treatments, we can’t take Daraprim anymore, and we won’t be able to keep this drug, because it’s so expensive now, in stock, and that may delay treatment for some patients.

[Martin Shkreli:]
So, we’ve put the right protocols in place to make sure, in fact that patients get the drug faster, and with almost no cost. So previously there were copays for this drug, we have a copay system program that will limit that. Previously there was limited free drug program, we’ve expanded that. Half of our drug, we give away for $1. So, I think that shows our commitment to patients. And if you can’t afford the drug, we’ll give it away for totally for free. Especially if the patient’s in need or doesn’t have an income. So…

[Interviewer:]
But then how does that intersect with your, with your, you know, stated objective which is that you need to make money off of this drug?

[Martin Shkreli:]
Well, it’s an impediment. But at the same time, we will never deny someone treatment for their – for their ability to pay. In fact, even if we’re having a disagreement with the insurer –

[Interviewer:]
Uh-huh.

[Interviewer:]
– we’ll send them drug for free in the interim until we resolve that with the insurer, and that’s another thing that, you know, the prior companies have done.

[Interviewer:]
Martin, because it is so much more expensive, though, aren’t there going to be other drug companies who are now going to come on board and say, okay, then we’ll make generic versions of this, then, and we’ll sell it for cheaper?

[Martin Shkreli:]
Sure, and I think that’s a great thing. At the end of the day if you look at diseases like multiple myeloma or multiple sclerosis, they’ve been transformed dramatically by profit incentive. And now that toxoplasmosis has companies actually generating a profit –

[Interviewer:]
Uh-huh.

[Interviewer:]
– remember, this drug’s from 1940’s.

[Interviewer:]
Right.

[Martin Shkreli:]
1940’s. We can make a better drug for this disease.

[Interviewer:]
But is that what you’re trying to do?

[Martin Shkreli:]
Absolutely.

[Interviewer:]
Is put the drug out of business?

[Martin Shkreli:]
Absolutely. We’re spending tens of millions of dollars to make a better version of Daraprim that is more effective, less toxic, Daraprim is a very toxic drug. And these patients deserve a drug company that is turning a profit, a fair profit and also developing a drug that is better for them. They don’t deserve a drug that’s 70 years old. They deserve a modern medicine that can cure toxoplasmosis quickly. There is a lot of issues with toxoplasmosis.

[Interviewer:]
Okay, so let me get this straight. So you are fine with, uh… okay, raising the price on this because you want to make money off of this drug which you will then put into alternative – that you will put that money into alternative research, to see if there’s a better way to treat this infectious disease not with Daraprim?

[Martin Shkreli:]
Absolutely. We know there’s a better way to treat this disease. You know we are developing three or four different kinds of new drugs for toxoplasmosis. Remember, no one’s cared about this illness for a long time, from the pharmaceutical perspective, if ever. And I think that’s a terrible thing if you’re suffering from toxoplasmosis. Now you have a powerful ally in our company that is looking to make new drugs for you; is willing to spend that money. And to do that, we all know drug development is very expensive. They estimate a new drug can cost a billion dollars to develop.

[Interviewer:]
Uh-huh.

[Interviewer:]
It’s only fair that we make profit, and we take that money and put it back into the patient’s hands. I don’t advocate for companies that raise price and don’t do any research, and by the way, there are dozens of those.

[Interviewer:]
Right.

[Martin Shkreli:]
So the spotlight on me is an interesting thing. I’m not thinking too hard about it because I know what we’re doing is right, but at the end of the day we are…

[Interviewer:]
Great. But doctors would say, at the end of the day, if it was working why break it, then?

[Martin Shkreli:] Source: L Y B I O . N E T
It’s interesting, so for infectious diseases, you may know that these bugs evolve. They become resistant. In fact, if we still had to focus on Penicillin, which is about 70 years old, we’d be in big trouble today.

[Interviewer:]
Um.

[Interviewer:]
And the reality is that, you know, by making a better version of Daraprim 2 billion people have this. In fact, there’s a good chance one of the two of us has it. And the latent form is totally fine, but if you become immune-suppressed it can kill you. And so, with this bug evolves, it will be a ticking time bomb, and I think we need to prepare now, in case the toxoplasma mutates. And we know that Daraprim – our drug –

[Interviewer:]
Uh-huh.

[Martin Shkreli:]
– does not cure you 100% of the time, it’s about a 80% rate.

[Interviewer:]
Ok.

[Martin Shkreli:] Source: L Y B I O . N E T
I think we can get that to 100 with research.

Martin Shkreli Ex-hedge Funder Who Hiked Aids Pill Cost By 5500 Percent Says Drug Still Underpriced

Martin Shkreli Ex-hedge Funder Who Hiked Aids Pill Cost By 5500 Percent Says Drug Still Underpriced

Martin Shkreli Ex-hedge Funder Who Hiked Aids Pill Cost By 5500 Percent Says Drug Still Underpriced. We needed to turn a profit on the drug. Complete Full Transcript, Dialogue, Remarks, Saying, Quotes, Words And Text.

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