Pharmaceutical Corruption Media Articles
Below are key excerpts of revealing news articles on pharmaceutical industry corruption from reliable news media sources. If any link fails to function, a paywall blocks full access, or the article is no longer available, try these digital tools.
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When the price of the blood-pressure drug Nitropress leaped from $215 to $881 last year, an increase of 300%, it triggered public outrage. [Drug maker] Valeant Pharmaceuticals International ... would buy patents for unique, lifesaving drugs, hike their prices and then watch the profits roll in. In the wake of the Valeant pricing scandal ... congressional and media investigations have revealed that the embattled companys business model is hardly unique. In a memo from Oct. 16, 2015 ... the global investment bank Canaccord Genuity wrote that the price increases were not out of the ordinary. In a report from the same day, BMO Capital Markets reiterated that Valeants tactics were a common industry practice and that at least 14 different pharmaceutical companies, excluding Valeant, had made similar price hikes in recent years. The drug industry boasts some of the biggest profits of any industry. Wall Street investors have swooned over the sector. From 2012 to the middle of 2015, more than $50 billion in new capital poured into the industry. That influx of cash shifted the character of the industry. Instead of focusing on time-consuming R&D, drug companies began worrying more about delivering short-term gains to shareholders. For 20 of the biggest drug companies, 80% of shareholder earnings in 2014 were the result of price hikes. [The] industry ... spends more on lobbying than any other industry in the country.
Note: For more along these lines, see concise summaries of deeply revealing big Pharma profiteering news articles from reliable major media sources.
In August 2015, Turing Pharmaceuticals and its then-chief executive, Martin Shkreli, purchased a drug called Daraprim and immediately raised its price more than 5,000 percent. Within days, Turing contacted ... PSI, a charity that helps people meet the insurance copayments on costly drugs. Turing wanted PSI to create a fund for patients with toxoplasmosis, a parasitic infection that is most often treated with Daraprim. Having just made Daraprim much more costly, Turing was now offering to make it more affordable. But this is not a feel-good story. Its a story about why expensive drugs keep getting more expensive, and how U.S. taxpayers support a billion-dollar system in which charitable giving is, in effect, a very profitable form of investing for drug companies - one that may also be tax-deductible. PSI, which runs similar programs for more than 20 diseases, jumped at Turings offer. PSI is a patient-assistance charitable organization, commonly known as a copay charity. Its one of seven large charities ... offering assistance to some of the 40 million Americans covered through the government-funded Medicare drug program. A million-dollar contribution from a pharmaceutical company to a copay charity can keep hundreds of patients from abandoning a newly pricey drug. Fueled almost entirely by drugmakers contributions, the seven biggest copay charities, which cover scores of diseases, had combined contributions of $1.1 billion in 2014. For that $1 billion in aid, drug companies get many billions back from insurers.
Note: For more along these lines, see concise summaries of deeply revealing pharmaceutical industry corruption news articles from reliable major media sources.
Nightmare stories of nurses giving potent drugs meant for one patient to another and surgeons removing the wrong body parts have dominated recent headlines about medical care. Lest you assume those cases are the exceptions, a new study by patient-safety researchers provides some context. Their analysis, published in the BMJ ... shows that “medical errors” in hospitals and other health-care facilities are incredibly common and may now be the third-leading cause of death in the United States — claiming 251,000 lives every year, more than respiratory disease, accidents, stroke and Alzheimer’s. Martin Makary, a professor of surgery at the Johns Hopkins University School of Medicine ... led the research. Makary’s research involves a ... comprehensive analysis of four large studies, including ones by the Health and Human Services Department’s Office of the Inspector General and the Agency for Healthcare Research and Quality that took place between 2000 to 2008. His calculation of 251,000 deaths equates to nearly 700 deaths a day — about 9.5 percent of all deaths annually in the United States. Although all providers extol patient safety and highlight the various safety committees and protocols they have in place, few provide the public with specifics on actual cases of harm due to mistakes. Moreover, the Centers for Disease Control and Prevention doesn’t require reporting of errors in the data it collects about deaths through billing codes, making it hard to see what’s going on at the national level.
Note: Read lots more about this disturbing fact. For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption and health from reliable major media sources.
Antibiotic-resistant bacteria has been a growing concern in the United States, leading to thousands of deaths each year. Doctors prescribing antibiotics unnecessarily is a big contributor to the problem, and now a new analysis of government data [has] found that an estimated 30 percent of outpatient oral antibiotic prescriptions in the U.S. from 2010 to 2011 may have been unwarranted. According to the Centers for Disease Control and Prevention, antibiotic-resistant infections affect 2 million people and lead to about 23,000 deaths annually. "Antibiotic resistance is one of the most urgent public health threats of our time," Dr. Katherine E. Fleming-Dutra, of the CDC, told CBS News. "The use of antibiotics is the single most important factor leading to resistance." For the study, Fleming-Dutra and her team analyzed two CDC national surveys. The results showed that about half of the antibiotics prescribed for acute respiratory infections, including the common cold, bronchitis, and viral sore throat, may have been unnecessary. Across all conditions, about 30 percent of antibiotic prescriptions were inappropriate from 2010 to 2011. "This equates to about 47 million unnecessary antibiotic prescriptions written every year in the United States," Fleming-Dutra said. The strategy to improve outpatient antibiotic prescribing is twofold. Doctors need to be more cautious about prescribing antibiotics unnecessarily. Patients can play a role in stopping antibiotic misuse, too, [by expressing] their concerns about antibiotic overuse to their clinicians.
Note: Big Pharma profits handsomely from unnecessary drug prescriptions. For more along these lines, see concise summaries of deeply revealing health news articles from reliable major media sources. Then explore the excellent, reliable resources provided in our Health Information Center.
Ask people to name Pfizer’s best-selling product and many would opt for one of its most famous drugs: Viagra, for erectile dysfunction, or Lipitor, to reduce high cholesterol. But they would all be wrong. The top-seller is not a drug but a vaccine: Prevnar, which prevents pneumonia, meningitis and other infections caused by pneumococcus bacteria. Prevnar generated revenues of $6.25bn last year — almost three times as much as Viagra. This was up 40 per cent from the year before, after the expert panel that advises on US vaccine policy recommended its use in over-65s as well as in children. Pfizer is one of just four pharma groups with large vaccines operations. The others are GlaxoSmithKline of the UK, Sanofi of France and Merck of the US. All four reported stronger sales growth in vaccines than in pharmaceuticals last year and operating margins were comparable with pharma at around 25-30 per cent. Pricing remains a sensitive topic, however, especially in the developing world. Médecins Sans Frontières, the health charity, last month launched a challenge against Pfizer’s patent on Prevnar in a bid to allow Indian companies to produce the vaccine cheaper. Manica Balasegaram, executive director of the MSF Access Campaign, says it could be produced in India for $6 per child, compared with Pfizer’s reduced $10 price. Critics argue that consolidation in the industry has left too few companies, developing too few vaccines — and that those that do exist tend to be aimed at rich countries.
Note: Read this eye-opening article showing how powerful financial interests control the public narrative about vaccines. For more along these lines, see concise summaries of deeply revealing news articles on vaccines from reliable major media sources.
Dr. Fiona Godlee, editor of the BMJ [British Medical Journal], specializes in the unexpected. [A marionette puppet on her desk is] dressed as a doctor, complete with a stethoscope around its neck. Its strings represent the hidden hand of the pharmaceutical industry. Godlee keeps it ... to remind her of the dark forces at work in science and medicine. And she is blunt about the results: "I think we have to call it what it is. It is the corruption of the scientific process." Hundreds of papers are being pulled from the scientific record, for falsified data, for plagiarism, and for a variety of other reasons that are often never explained. Sometimes it's an honest mistake. But it's estimated that 70 per cent of the retractions are based on some form of scientific misconduct. As the editor of one of the oldest and most influential medical journals, Godlee is leading several campaigns to change the way science is reported, including opening up data for other scientists to review, and digging up data from old and abandoned trials for a second look. She has strong words about the overuse of drugs, and the influence of industry on the types of questions that scientists ask, and the conclusions that are drawn from the evidence. "I do have a belief in the fundamentality of science to correct itself. We can't do that under the blanket of secrecy," she says. It matters, Godlee says, because bad science can be dangerous. "We do know that patients are harmed, and we know that the health systems are harmed as a result of poor science."
Note: Retraction Watch is fascinating reading for anyone interested in what goes on behind science's closed doors. Read also the revealing comments of Marcia Angell, former editor-in-chief of the New England Journal of Medicine, on the massive corruption she found in the health industry. For more along these lines, see concise summaries of deeply revealing science corruption news articles from reliable major media sources.
Throughout my career as a psychiatrist, I have found, on a clinical and scientific basis, psychiatric drugs do much more harm than good. My professional website (www.breggin.com) began as an attempt to present my scientific research. At the time that I started my reform efforts in the early 1970s, I was nearly alone among psychiatrists or any other professionals in standing up to the pharmaceutical industry, the electroshock industry, the American Psychiatric Association, the AMA, and other members of what I defined as the “psychopharmaceutical complex.” When taken for months or years, all psychiatric drugs can seriously damage the brain, prevent recovery, and ruin the individual’s quality of life. The psychiatric model of human suffering has caused untold damage to hundreds of millions of victims of involuntary treatment, psychiatric hospitals, drugs and electroshock. It has also set back civilization by undermining Western traditions of individuality, personal responsibility, and love. It has convinced modern society that emotional suffering is based in so-called biochemical imbalances when in reality it is rooted in a complex combination of human nature, individual experience and choice-making, and societal influences. This flawed biological model ignores all the important realities in human life from the dreadful effects of childhood trauma and adult disappointment and loss to the importance of living by worthwhile principles and ideals.
Note: Learn about Dr. Breggin’s key role in stopping lobotomies and much more in this informative interview. For more along these lines, see concise summaries of deeply revealing news articles on Big Pharma corruption from reliable major media sources.
Treating the hepatitis C virus used to require frequent injections and daily pills that had to be taken for up to a year with flu-like side-effects. Tolerable drugs that could eliminate the infection in most patients in about 12 weeks were introduced in 2013. But the retail price for an eight- to 24-week regimen of the anti-virals ranged from $55,000 to $80,000 in 2015. Now the non-profit organization Drugs for Neglected Diseases Initiative and Egyptian drug maker Pharco Pharmaceuticals have signed agreements to provide a combination of the Hepatitis C drugs sofosbuvir and the antiviral ravisdasvir for further clinical tests for $300 US or less per treatment course. The agreement was announced this week at the International Liver Congress ... said Dr. Isabelle Andrieux-Meyer, HIV and hepatitis C medical advisor for Doctors Without Borders. The drugs make such a difference in wealthy countries but the contrast in lower and middle income countries is "brutal," Andrieux-Meyer said. "So many patients can't buy treatment," she said. Under the agreement, the company agreed to set the commercial price at $294 US or less per treatment course once the scale-up is approved. Doctors Without Borders is a member of the Drugs for Neglected Diseases Initiative, which has licensed rights for ravisdasvir in low- and middle-income countries from Presidio Pharmaceuticals.
Note: While it is great that these medications may become more affordable in low-income countries, hepatitis C drugs are priced and marketed to maximize revenue regardless of the human consequences. For more along these lines, see concise summaries of deeply revealing Big Pharma profiteering news articles from reliable major media sources.
A ProPublica analysis has found that doctors who receive payments from the medical industry do indeed prescribe drugs differently on average than their colleagues who don't. And the more money they receive, the more brand-name medications they tend to prescribe. [They] matched records on payments from pharmaceutical and medical device makers in 2014 with corresponding data on doctors' medication choices in Medicare's prescription drug program. Doctors who got money from drug and device makers prescribed a higher percentage of brand-name drugs overall than doctors who didn't. Even those who simply got meals from companies prescribed more brand-name drugs, on average. Doctors who received more than $5,000 from companies in 2014 typically had the highest brand-name prescribing percentages. Among internists who received no payments, for example, the average brand-name prescribing rate was about 20 percent, compared to about 30 percent for those who received more than $5,000. ProPublica has been tracking drug company payments to doctors since 2010 through a project known as Dollars for Docs. The tool now covers every drug and device company, thanks to the Physician Payment Sunshine Act, a part of the 2010 Affordable Care Act. Separately, ProPublica has tracked patterns in Medicare's prescription drug program ... which covers more than 39 million people. This new analysis ... looked at doctors who wrote at least 1,000 prescriptions.
Note: For more along these lines, see concise summaries of deeply revealing news articles on health from reliable major media sources.
Doctors at the University Hospitals of Cleveland see an immediately recognizable symbol pop up alongside certain drugs when they sign in online these days to prescribe medications for patients: $$$$$. The dollar signs, affixed by hospital administrators, carry a not-so-subtle message: Think twice before using this drug. Pick an alternative if possible. The ... approach is just one of the strategies hospitals nationwide are using to try to counter drug costs. The increases often involved brand-name drugs with little or no competition as well as commonly used generics around for decades. Among those tagged were Nitropress and Isuprel, injectable heart medications that are a staple at many hospitals. Their 2015 list prices rose more than 200 percent and 500 percent, respectively. Hospital officials around the United States point to similar experiences, saying their predicament illustrates one dimension of a broken prescription-drug system. A recent Bloomberg Business survey of about 3,000 brand-name prescription drugs found that prices had more than doubled for 60 medications since December 2014 and at least quadrupled for 20. Prices for many other drugs continued to rise at 10 percent or more annually. The patient doesnt initially see the price increase, said Scott Knoer, chief pharmacy officer at the Cleveland Clinic. But it raises the cost for the hospital. Eventually, it catches up and it raises the cost for insurance companies, which is passed on to employers, employees and taxpayers.
Note: For more along these lines, see concise summaries of deeply revealing big Pharma profiteering news articles from reliable major media sources.
The same strategy that Martin Shkreli used to get away with a 5,000-percent price increase on an old drug is used by many other drugmakers. Before the price hike that made him infamous, the former CEO of Turing Pharmaceuticals had to ensure that no competitor would be able to launch a cheaper version of Daraprim, the 60-year-old anti-infection pill that is no longer under patent. Shkreli had the perfect weapon: a tightly-controlled distribution system which would make it virtually impossible for a competitor to obtain enough Daraprim to develop their own version. Many larger drugmakers have also turned drug distribution into a powerful tool against competition. The strategy takes advantage of a simple fact: If generic drugmakers can't get their hands on the original product, they cannot perform the tests needed to develop a generic version. When the original drugmaker controls the drug's distribution, they can simply refuse to sell. The effect on patients is higher prices for drugs. At least 40 drugs worth an estimated $5.4 billion are sheltered from competition by distribution hurdles, according to a study commissioned by the Generic Pharmaceutical Association, an industry trade group. The Food and Drug Administration is aware of the misuse of distribution programs. The agency does not penalize companies for the practice.
Note: For more excellent information on drug prices hikes, read this penetrating article in the Daily Beast. For more along these lines, see concise summaries of deeply revealing big Pharma profiteering news articles from reliable major media sources.
Dr Aseem Malhotra, an NHS cardiologist and a trustee of the Kings Fund health think tank, claims there is a systemic lack of transparency in the information being given to doctors to prescribe medication, in terms of the benefits of drugs being grossly exaggerated and their side effects under reported in studies. Dr Malhotra said the prevalence of pharmaceutical companies, which are profit making businesses being able to fund studies and drug trials causes biased information to be recorded and reported on in medical journals. This is in turn creating an epidemic of misinformed doctors, he said. This lack of transparency ... harms patients through the adverse side effects of drugs, Dr Malhotra said, citing an FDA report that found adverse events from prescribed medications caused 123,000 deaths in the USA in 2014 and 800,000 serious patient outcomes, which include hospitalisation or potentially causing disability. The FDA report also states that the number of adverse events from prescribed medications have tripled in the past 10 years in America. While the UK does not have the same kind of data, Peter Gotze, professor of research design at the University of Copenhagen, has evidence to suggest that prescribed drugs are the third biggest killer behind heart disease and cancer. Last year the Academy of Medical Royal Colleges launched a campaign to stop doctors from over-treating patients.
Note: The editor of The Lancet, one of the most prestigious medical journals in the world, recently wrote that half of all claims made in medical science journals may be untrue. For more along these lines, see concise summaries of deeply revealing big Pharma profiteering news articles from reliable major media sources.
Bill and Melinda Gates are facing calls for their philanthropic Foundation, through which they have donated billions worldwide, to be subject to an international investigation. The Gates Foundation is about benefiting big business, especially in agriculture and health, through its ideological commitment to promote neoliberal economic policies and corporate globalisation, according to [a] report published by the campaign group Global Justice Now. The report accuses the Gates Foundation of [turning] basic needs into commodities controlled by the market. The report is critical of the close working relations between the Foundation and major international pharmaceutical corporations. It accuses the Gates Foundation of promoting specific priorities through agriculture grants, some of which undermine the interests of small farmers. These include promoting industrial agriculture, use of chemical fertilisers and expensive, patented seeds, and a focus on genetically modified seeds. The criticism echoes the accusations made by the Indian scientist Vandana Shiva who called the Gates Foundation the greatest threat to farmers in the developing world. The Foundations emphasis on technological solutions often ignores real solutions involving social and economic justice. This cannot be given by donors in the form of a climate-resilient crop or cheaper smartphone, but must be about systemic social, economic and political change issues not represented in the foundations funding priorities.
Note: The Gates Foundation is heavily invested in GMO giants like Monsanto. It also provided $5 million to Oxitec, a company criticized for secretly releasing GM mosquitoes into the wild in 2009. Oxitec was purchased last August by biotech giant Intrexon for $160 million. By December, the Zika virus was all over the news and Intrexon was ramping up production of these GM insects to "fight Zika" in Brazil. For more along these lines, see concise summaries of deeply revealing corporate corruption news articles from reliable major media sources.
I wonder how many of the readers remember the WHOs pandemic alert on swine flu some years ago? When the WHO was proactive to announce a pandemic then without any scientific justifications I was the one who wrote that that was a business stunt! People did not believe and the British Medical Journal rejected my paper. After one long year what I had predicted came true. Council of Europe Health Committee Chairman Dr. Wolfgang Wodarg said that the declaration of a swine flu pandemic was a false alarm. There are many signs that there is close cooperation between the WHO and pharmaceutical companies. We have to find out whether there was pressure or whether there was money given as an incentive to the WHO to have this pandemic declared, Dr. Wolfgang Wodarg adds. To give a simple example of the swine flu drug Tamiflu when given to a million people, 45,000 will experience vomiting, 31,000 will experience headache and 11,000 will have psychiatric side-effects. These figures might be insignificant if Tamiflu cures swine flu. That is not the case. Raising the fear levels in society is the surest way of depressing their immune system! This is good for business. With peoples immune system depressed they are prone to all kinds of infections. What follows next is the usual history. Greedy drug companies will now vie with each other to produce a vaccine. Vaccination is big business. This pattern goes on and on as long as money and medicine are related.
Note: For more along these lines, see concise summaries of deeply revealing news articles on Big Pharma corruption from reliable major media sources.
After Martin Shkreli raised the price of anti-parasitic drug Daraprim more than 50-fold to $750 a pill last year, he said he wasnt alone in taking big price hikes. The former drug executive was right. A survey of about 3,000 brand-name prescription drugs found that prices more than doubled for 60 and at least quadrupled for 20 since December 2014. Skyrocketing prices are getting increased scrutiny ahead of a U.S. congressional hearing this week: Democratic Representative Elijah Cummings, ranking member on a committee that is probing drug pricing, said Tuesday that pricing tactics are not limited to a few bad apples, but are prominent throughout the industry. The cost of many drugs [rises] at annual rates of more than 10 percent. Drugmakers raised the prices of products as wide-ranging as erectile dysfunction drug Viagra, heart treatments, dermatology medicine and even brands that long have lost their patents. While specialty companies have had the steepest hikes, giants such as Pfizer Inc. and GlaxoSmithKline Plc kept pushing through smaller rises. About 400 formulations of brand-name drugs went up at least 9.9 percent since early December. Valeant Pharmaceuticals International Inc., which in recent months has been under fire for its pricing was among the most aggressive, with 13 drugs that doubled or more since December 2014.
Note: For more excellent information on drug prices hikes, read this penetrating article in the Daily Beast. For more along these lines, see concise summaries of deeply revealing big pharma profiteering news articles from reliable major media sources.
When does Big Pharma profiting become profiteering? This issue was the subject last month of a Senate Finance Committee investigation of pricing practices of Gilead Sciences Inc., a leading provider of hepatitis C medications. After examining 20,000 pages of internal company documents, looking at Medicaid data and interviewing health care experts, the authors concluded that the Foster City drugmaker pursued a calculated scheme for pricing and marketing its hepatitis C drug based on one goal: maximizing revenue regardless of the human consequences. With the hepatitis C virus affecting about 3 million people in the United States, the impact of Gileads pricing strategy is real, measurable - and devastating. With a 12-week course of Gileads Harvoni priced at nearly $100,000, taxpayer-funded Medicare Part D spent $4.6 billion on hepatitis C alone in the first half of 2015. When insurers refuse to pay for treatment, all but the wealthy are left at risk for cirrhosis, liver cancer and death. While anticipating record profits of $30 billion in 2015, Gilead virtually eliminated its medication assistance program. More than 90 percent of hepatitis C patients can achieve a cure with as little as one pill a day. But to realistically address this epidemic at current pricing levels would bankrupt our health care system. Pharmaceutical innovation holds great promise for the future of our health care system. But not if none of us can afford it.
Note: For more along these lines, see concise summaries of deeply revealing news articles about big pharma profiteering. Then read an in-depth essay titled "The Truth About Drug Companies" by acclaimed author Dr. Marcia Angell.
A report commissioned by the College of Family Physicians of Canada to examine the relationship between doctors and the pharmaceutical industry is being criticized. The document ... was completed in 2013 and only released this month after a number of doctors challenged the college board to make it public. In one of its key findings, the report notes, "There have been instances in which marketing messages have been portrayed as education and health care and pharmaceutical industries have attempted in this way to influence physicians' behaviour or practices," it says. "Evidence suggests that there could also be significant influence on the behaviour of individuals who may be offered gifts or other forms of support, even when the recipients perceive neither obligation nor influence." The report makes 20 recommendations dealing with issues such as conflict of interest, financial relationships, marketing and other relationships with the pharmaceutical and health care industries. But they don't prevent a doctor with ties to the pharmaceutical industry from serving in leadership positions, sponsoring certain events, or even from contributing to an "unrestricted" education fund. Alan Cassels, a drug policy researcher at the University of Victoria, is critical of the college for sitting on the report as long as it did. He suspects the college held it back because it's "pretty embarrassing."
Note: For more along these lines, see concise summaries of deeply revealing news articles about the corruption of science and big pharma profiteering. Then read an in-depth essay titled "The Truth About Drug Companies" by acclaimed author Dr. Marcia Angell.
Dr. Nav Persaud, a family doctor in Toronto, asked and received thousands of pages of documents from Health Canada, and what he saw made him question the effectiveness of a popular morning sickness drug. But he can't talk about it, because Health Canada forced him to sign a confidentiality agreement, and threatened him with legal action if he makes the data public. Matthew Herder, [a] health law associate professor ... is calling on other doctors, researchers and journalists to bombard Ottawa with their own demands for drug industry data, using [a] new legislative lever written into ... the Protecting Canadians from Unsafe Drugs Act, which was passed late last year. Today, in the Canadian Medical Association Journal, Herder is urging Canadians to use the clause [to request] data that has long been protected by a wall of bureaucratic and corporate secrecy. The European Medicines Agency has started publishing all of the clinical reports submitted as part of drug marketing authorization applications - the same material Health Canada refuses to disclose. Almost half of the drug trials remain secret. [In the US], one group looked at 12 antidepressants, comparing the published studies with the internal FDA assessments. 94 per cent of the published studies were positive, compared to 51 per cent when they included all of the studies assessed by the FDA. The authors concluded that without seeing all the data, drug effectiveness can be exaggerated, leading doctors and patients to assume the medications work better than they do.
Note: For more along these lines, see concise summaries of deeply revealing news articles about government corruption and big pharma profiteering. Then read an in-depth essay titled "The Truth About Drug Companies" by acclaimed author Dr. Marcia Angell.
Martin Shkreli ... gained notoriety in August when, as CEO of Turing Pharmaceuticals, he acquired a drug to treat parasitic infections, especially in pregnant women and AIDS patients, and proceeded to hike the price to from $13.50 to $750 per pill. He resigned from Turing Friday after being arrested on unrelated charges of securities fraud at a hedge fund. Shkreli was no doubt a first-class tool. But to focus exclusively on shaming Shkreli risks missing the larger problem, that the American health care system allows opportunists like him to [exploit] the lack of transparency on how drugs are priced in the United States. His price gouging was perfectly legal and even justified under the market-based system that underpins the health care industry. Theres no law that he has to be ethical, said [Dr. Jeffrey] Lobosky, author of It's Enough To Make You Sick. His job is not to make drugs available and save patients. His responsibility is to make a profit for his shareholders. On paper, Turing is a drug company, but it more closely resembles a private-equity firm: it buys undervalued assets - older drugs already approved by federal regulators - and makes money by charging more than what it paid. Many firms make drugs that are mere copies of others and offer no real therapeutic value, Lobosky said.
Note: The unrepentant profiteering of big pharma and financial industry corruption go hand-in-hand.
Martin Shkreli, the 32-year-old former hedge fund manager notorious for jacking up the price of an obscure but critical drug, was arrested Thursday on securities fraud charges. The charges are unrelated to Shkrelis leadership of Turing Pharmaceuticals. Instead, the charges brought by the U.S. attorney for the Eastern District of New York are related to Shkrelis time at Retrophin, another bio-pharmaceutical company he founded, and his time at MSMB Capital Management, a hedge fund. Federal prosecutors alleged that for five years, Shkreli lied to investors in two hedge funds and bio-pharmaceutical company Retrophin, all of which he founded. After losing money on stock bets he made through one hedge fund, Shkreli allegedly started another and used his new investors money to pay off those who had lost money on the first fund. Then, as pressure was building, Shkreli started Retrophin, which was publicly traded, and used cash and stock from that company to settle with other disgruntled investors. Shkreli engaged in multiple schemes to ensnare investors through a web of lies and deceit, U.S. Attorney Robert L. Capers told reporters. His plots were matched only by efforts to conceal the fraud, which led him to operate his companies ... as a Ponzi scheme. At his arraignment Thursday afternoon, Shkreli pleaded not guilty. He was released on $5 million bond.
Note: The unrepentant profiteering of big pharma and financial industry corruption seem to go hand-in-hand for Martin Shkreli.
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