Imprimis Pharmaceuticals, Inc. is producing an alternative to the life-saving drug Daraprim, and the company will sell the pill at about $1 per pill, or $99 for a 100-capsule bottle -- a huge savings for a medication that currently costs $750 per pill.
If there’s a CEO who might benefit from a maximum wage cap, Martin Shkreli of Turing Pharmaceuticals should be at the top of the list.
Turing Pharmaceuticals has yet to lower the price of Daraprim, as promised.
Last month, we reported that the company raised the price of this life-saving drug from $13.50 per pill to $750 per pill, which is a 5,000 percent price increase.The drug treats toxoplasmosis, which affects patients with compromised immune systems, including AIDS and cancer patients.
The Human Rights Campaign and 151 other organizations from across the nation signed an open letter to Turing Pharmaceuticals, urging company CEO Martin Shkreli to immediately act on his promise to lower the price.The Infectious Diseases Society of America also sent the company a plea stating: “This cost is unjustifiable for the medically vulnerable patient population.” John J. Castellani, president and CEO of the Pharmaceutical Research and Manufacturers of America, followed this up by issuing a statement:“We do not embrace either [Turing’s] recent actions or the conduct of their CEO.”
Unfortunately, none of this industry shaming has had any affect on Martin Shkreli’s decision to price gorge a product that many patients cannot live without.
However, Imprimis Pharmaceuticals, Inc. has found a way to use Shkreli’s greed to its advantage. This specialty pharmaceutical company based in San Diego announced today that it has been successful in producing an alternative to Daraprim, and the company will sell the pill at about $1 per pill, or $99 for a 100-capsule bottle, through its website: www.imprimiscares.com
Imprimis Pharmaceuticals’ Chief Executive Mark Baum told The Associated Press that the company plans to start making inexpensive versions of other generic drugs whose prices have skyrocketed. Baum also announced the start of a new program called Imprimis Cares, which will ensure affordable versions of over 7,800 generic FDA-approved drugs.
"Today, some drug prices are simply out of control and we believe we may be able to help control costs,” Baum stated in a press release. “We are here to serve our patients and their physicians.We believe that when we do a great job serving our customers, our shareholders will also benefit."
How do you like them apples, Martin Shkreli?
What Imprimis Pharmaceuticals is doing is also impressive for another reason. As of last week, New York’s Attorney General put forward an official investigation on Turing Pharmaceuticals because the company might be “unlawfully” restraining competition. The Daily Mail reports Turing Pharmaceuticals might be illegally restraining competition because they are distributing Daraprim through a limited number of specialty pharmacies, which in theory would prevent generic manufacturers from obtaining access to samples to make their own versions.With Imprimis Pharmaceuticals ahead of the curve, and with the Attorney General’s investigation underway, it is possible that Turing Pharmaceuticals will be priced out of the market and forced to lower its prices due to the very capitalistic principles of supply and demand that Shkreli was using to his advantage.
Though it might be too early to consider this checkmate for Shkreli, the infamous CEO has also made some enemies on the 2016 presidential campaign trail.
Both Hillary Clinton and Bernie Sanders spoke out against Turing Pharmaceuticals' price gouging, and Americans nationwide were pretty horrified when they looked through Shkreli’s brag-heavy social media profile.
In what seems to be a poorly executed move to improve his image, Shkreli recently donated the maximum individual contribution ($2,700) to Bernie Sanders’ campaign.
Campaign spokesman Michael Briggs said “We are not keeping the money from this poster boy for drug company greed.”
Instead, the campaign donated the money to the Whitman-Walker health clinic in Washington.
Shkreli was reportedly “furious” that he couldn’t buy a piece of Senator Sanders.
After all, what’s the point of owning a drug worth $750 per pill that patients must take once-per-day if you can’t buy the politician of your choice?
What do you make of the battle between Martin Shkreli and Mark Baum? Sound off below!
The views and opinions expressed herein are those of the authors alone and do not necessarily reflect the views of Ora Media, LLC its affiliates, or its employees.
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