Turing Pharmaceuticals is a disgrace

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Bloomberg TV screenshot



Martin Shkreli, the hedge-fund-manager-turned-pharmaceutical-CEO, is in hot water after raising the price of the anti-parasite medication Daraprim from $13.50 a pill to $750.


Turing, which Shkreli founded in February, bought the US marketing rights to the drug in August. Shkreli told Bloomberg TV he hiked up the prices because his company "need[ed] to turn a profit on the drug."

It's common practice for drug companies to set the prices for their new products. What puts Turing in the spotlight is that this is a vastly different price on a drug that's been around for six decades.

The New York Times reported the news on Sunday, bringing up criticism of the choice to raise the drug's price.

Shortly afterwards, Shkreli tweeted out a line of Eminem lyrics:
 


















sadly, I have seen a few too many of these Wall Street types in the industry lately. All they do is line their pockets and talk like they just walked out of an mba program with respect to cogs, ebitda, margins and whatever else they want to throw around while taking care of themselves. Hope this asshat fails miserably and some compounding pharmacy circumvents his "patent".
 






This is getting interesting. It seems like he is now changing his tune and is going to roll back the price increase to something more affordable. He built a commercial team based on being able to charge $750 and now that plan is out the window. What now? What will the new price be? It isn't going to go back to $13.50 Me thinks Marty's going to cut the price to be about $250 per pill. The range that I see it being reduced to is $225 to $275 per pill. Turing will defend the new price with plans to give much of the drug away for free for those that can't afford it. Watch it happen, you heard it here first.
 






I'm screwed. I had been selling in the HIV market for a number of years and just joined Turing earlier this month. Now with all the controversy I'm not sure how I would begin to talk to my customers about using Daraprim. It's pretty unrealistic to think that any conversation beyond me getting reamed about our pricing can occur. I'm now in a no-win situation. If Turing lowers the price then there is no reason they need me. If they don't then every ID physician out there will do everything they can to not use Daraprim.
 






anonymous said:
I'm screwed. I had been selling in the HIV market for a number of years and just joined Turing earlier this month. Now with all the controversy I'm not sure how I would begin to talk to my customers about using Daraprim. It's pretty unrealistic to think that any conversation beyond me getting reamed about our pricing can occur. I'm now in a no-win situation. If Turing lowers the price then there is no reason they need me. If they don't then every ID physician out there will do everything they can to not use Daraprim.
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How could you not do your homework on the CEO and realize he has a wolf of wall street attitude? You and every other rep sold out for huge base salaries, shiny new devices, promise of great cars. Good luck buying your dignity back when the HIV community tells you to screw off like they did years ago when Abbott messed with drug prices. Yes, how will you sell this drug to anybody that you've known for years without feeling like you are totally taking advantage of patients with no other choice?
 












Say hello/goodbye to the soon-to-be Enron of pharma. The ceo/punk is a grafter and fraud who owes the Albanian mob big, big $$$$. Look for pieces of him to be floating in the East and/or Hudson River.
 












anonymous said:
Good luck buying your dignity back when the HIV community tells you to screw off like they did years ago when Abbott messed with drug prices.
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Please, the HIV community will complain but still want the drug just like the cancer community or diabetes community or any other community of people that have a chronic disease.
 






I guessed you missed the teenie tiny little story covering the compounding pharmacy who is manfucaturing the pill for $1 as well as the PBM who has snce refused to buy this drug but only the compunding pharmacies drug? Yeah you must have missed that little story over the past few months which makes you think the HIV community will still buy this drug!!

BTW it's not the HIV "community" who buys this it is the hospitals and they in turn Rx it to patients.
 


















anonymous said:
He was just arrested today and is under FBI investigation for fraud. We all saw this one coming.....
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He will be in Aruba by the weekend. The charges will not stick. At worst he will have to pay some fines but no jail time. This guy is smart and knows what he is doing. Too bad that taxpayer dollars will be wasted in this effort.
 






anonymous said:
He will be in Aruba by the weekend. The charges will not stick. At worst he will have to pay some fines but no jail time. This guy is smart and knows what he is doing. Too bad that taxpayer dollars will be wasted in this effort.
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Aruba? LOL clearly you have not been following him, his career,or this story. He LIVES for this and will be living for this and looking forward to the lime light and fighting this day in an day out. What will happen and is happening is the exact opposite of your post.

To even think he would run to Aruba is purely comical.....and that is my nice way of saying you are wrong.
 












He's an idiot!!! Who would fall for this guys BS? You know who ? Other idiots. I know people who went there. The recruiter called me 4 times. I told her that this would not end well and be a mess within a few months. She said oh no!!! Ha BINGO! Folks do your homework! Just becuase the are throwing a 25% raise and some crappy options doesn't mean it's a solid deal. I was aware of his reputation before he even got into Pharma. Slick as shit and a first class sociopath!
 






anonymous said:
He's an idiot!!! Who would fall for this guys BS? You know who ? Other idiots. I know people who went there. The recruiter called me 4 times. I told her that this would not end well and be a mess within a few months. She said oh no!!! Ha BINGO! Folks do your homework! Just becuase the are throwing a 25% raise and some crappy options doesn't mean it's a solid deal. I was aware of his reputation before he even got into Pharma. Slick as shit and a first class sociopath!
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I would highly agree on the your assessment of the business strategy and vision. I too was called for a leadership position here however I turned it down after doing research on the quality and background Sr Leadership Martin brought over as well as the business strategy to purchase orphan products then significantly raise their price.

This business model has been coming to an end for a few years now starting with Questcor a few years ago through insurers. To me, it was obvious this would never last long term starting in 2015 moving forward.

You are also right that the weak minded fools decided to go here for the lure of a large increase in money and options, which will be/is essentially worthless at this point. There is no doubt every single person there highly regrets their decision to go there for the quick buck. I would not even think about interviewing someone with Turing on their resume. I would highly question their judgement, character as well as they would probably just jump ship again when the shiny new offer from a competitor/better monetary offer came knocking.
 






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