Quotes from pharmaceutical exec about soaring Cost of EpiPen

[petra]

Hi All, I just saw this Martin Shkreli (pharmaceutical exec) on the news and I could not believe what he had to say about the soaring price of EpiPen!

I cannot find a quote anywhere so if you want to take my word for it, he said;

"Drugs are supposed to be expensive, because they're valuable."

And;

"Insurance pays for it, my iPhone was $700."

What a crock, I can't even believe he said that on camera! I tried for 1/2 hour to find it but no luck.... I do have one witness though who also saw :)

https://upload.wikimedia.org/wikipedia/commons/thumb/6/6f/Martin_Shkreli_House_Committee_on_Oversight_and_Government_Reform_2016.jpg/220px-Martin_Shkreli_House_Committee_on_Oversight_and_Government_Reform_2016.jpg

Source: https://en.wikipedia.org/wiki/Martin_Shkreli

[Bob]

Kinda fascinating - the raw cost of the medical substance is probably about 39 cents plus or minus 30 cents (considering the quantity made.. in bulk (https://www.alibaba.com/product-detail/High-Quality-99-USP-BP-EP_60423145356.html?spm=a2700.7724857.0.0.sQWxRA))..


the cost of the injection molded device, probably 3 cents, the cost of the spring maybe 0.2 cents.
The cost of the needle, about 5 cents.
The cost of the label, maybe 0.01 cents..
The box probably about 0.5 cents.
The retail cost 700$..

hmmm, racketeering? Criminal activity in the minimum.

[DeDukshyn]

He's in jail. Where he belongs.

[petra]

He's in jail. Where he belongs.

Oh yeah? Best news I heard all day! :)

Edit: Why is he talking on the news then I wonder? What type of foolish world am I living in at all...

[DeDukshyn]

He's in jail. Where he belongs.

Oh yeah? Best news I heard all day! :)

Last I heard - The guy is a complete ass ... On unrelated charges, but still related to how big an ass he is.

On further looking, I guess he bought a free pass ...

http://fortune.com/2016/01/08/martin-shkreli-net-worth/ ... the trial likely still hasn't happened.

More info ...

http://fortune.com/2015/12/17/martin-shkreli-ponzi-scheme/

[petra]

I guess he bought a free pass ...

Oh.... :facepalm:

[DeDukshyn]

Here's an earlier thread on the topic ...

http://projectavalon.net/forum4/showthread.php?85440-Pharma-Co.-buys-62yr-old-critical-drug-and-hikes-price-by-5000&p=1030433

[petra]

Criminal activity in the minimum.

Oh I think so! I'm sure I saw him grin..

I wish I could have found the video. If anyone sees these quotes please tell me so I can add them to my "video quotes of stupid" :)

¤=[Post Update]=¤


Here's an earlier thread on the topic ...

http://projectavalon.net/forum4/showthread.php?85440-Pharma-Co.-buys-62yr-old-critical-drug-and-hikes-price-by-5000&p=1030433&highlight=shkreli#post1030433

5000% ?? What the F... excuse me :P

[petra]

Here is another quote from the article DeDukshyn posted;


He told a Forbes summit this month: "No one wants to say it, no one's proud of it, but this is a capitalist society, a capitalist system and capitalist rules."

Well - at least he's being blunt.

[RunningDeer]

I cannot find a quote anywhere so if you want to take my word for it, he said;

"Drugs are supposed to be expensive, because they're valuable."

And;

"Insurance pays for it, my iPhone was $700."
Here you go, petra. Heard @ 54 sec & 1:24


EpiPen price hike under Congressional scrutiny
SvIfz6N3E_E

Published on Aug 24, 2016

The maker of EpiPen, a potentially life-saving medical device for severe allergic reactions, is now under Congressional scrutiny over how its cost has risen nearly 500 percent since 2009. But one prominent and controversial figure, former pharma CEO Martin Shkreli who has no connections to the EpiPen product, is defending the increase. Vinita Nair reports.

[Bob]

There is no legitimate way to defend RAPE of people needing a medical product.

This is a good reason for nationalization of medical companies, and other critical suppliers of medical care and associated medical products.

"Commercial Medical" is an abuse system across the world.

[rgray222]

Martin Shkreli was put in jail on securities fraud charges, not for jacking the price of his cancer drugs through the roof. Our normal reaction is, who cares.............he is in jail where he belongs. The truth is we should all care because any drug company can increase the price of any drug by any amount and it is perfectly legal.

Heather Bresch is the CEO Mylan, the company that produces EpiPens, her father is the democratic senator from West Virginia Sen. Joesph Manchin, increased the price if the epipen by 600% and it is perfectly legal and perfectly accpetable under the Affordable Care Act.

As usual, the media is telling us that the crime is that these companies are outrageously increasing the price of life sustaining drugs. That is not the crime. The crime is that big phama employees played a major role in writing the Affordable Care Act and it is perfectly legal (Under the AFA) for these price increases to take place.

I am an advocate for small government and if we were talking about trash bags I would say who cares.......let the market sort it out. But we are not talking about a generic commodity, we are talking about life improving and life sustaining drugs. Under Obamacare the government is just as guilty, if not more than the greedy drug companies.


http://www.youtube.com/watch?v=eQ-v3elOx6A

[DeDukshyn]

Martin Shkreli was put in jail of securities fraud, not for jacking the price of his cancer drugs through the roof. Our normal reaction is, who cares.............he is in jail where he belongs. The truth is we should all care because any drug company can increase the price of any drug by any amount and it is perfectly legal.

Heather Bresch is the CEO Mylan, the company that produces EpiPens, her father is the democratic senator from West Virginia Sen. Joesph Manchin, increased the price if the epipen by 600% and it is perfectly legal and perfectly accpetable under the Affordable Care Act.

As usual, the media is telling us that the crime is that these companies are outrageously increasing the price of life sustaining drugs. That is not the crime. The crime is that big phama employees played a major role in writing the Affordable Care Act and it is perfectly legal (Under the AFC) for these price increases to take place.

I am an advocate for small government and if we were talking about trash bags I would say who cares.......let the market sort it out. But we are not talking about a generic commodity, we are talking about life improving and life sustaining drugs. Under Obamacare the government is just as guilty, if not more than the greedy drug companies.
... video trimmed ...

This post's link from the "other" thread explains how a legal loophole re: generic drugs was created (for and/or by big pharma), that Shkreli used to legally be the biggest POS in the universe:

http://projectavalon.net/forum4/showthread.php?85440-Pharma-Co.-buys-62yr-old-critical-drug-and-hikes-price-by-5000&p=1002804&viewfull=1#post1002804

[TargeT]

make sure you sign the petition against this BS... health and greed NEVER mix for the better........

http://petitions.moveon.org/sign/stop-immoral-price-gouging?akid=168459.28029912._CgXAb&rd=1&source=mo&t=4

[RunningDeer]

EpiPen Price Gouge Tied to Clinton Foundation


It's the first of three stories, and six minutes in length.

Story #1: Pharma Firm Mylan Faces Scrutiny Over 548% Price Increase On ‘EpiPen’
Story #2: Secret Sky Cameras Record Baltimore’s Every Move
Story #3: The Federal Reserve's Facebook PR Disaster


ApW8sNbOru8

Published on Aug 25, 2016

Welcome to New World Next Week — the video series from Corbett Report and Media Monarchy that covers some of the most important developments in open source intelligence news. In this week’s episode:

Story #1: Pharma Firm Mylan Faces Scrutiny Over 548% Price Increase On ‘EpiPen’
http://on.wsj.com/2bOBkWC
West Virginia Sen. Joe Manchin Mum On EpiPen Price Hikes By Daughter's Drug Corp Mylan
http://bit.ly/2bXcOpk
Company Gouging Price Of EpiPens Is A Clinton Foundation Donor, Partner Since 2009
http://bit.ly/2c8zNz8
Mylan CEO Is Clinton Donor, Daughter Of WV Senator Joe Manchin
http://bit.ly/2bQqRLj
Jay Rockefeller Op-Ed: “Hillary Looking Fearlessly At West Virginia’s Future”
http://bit.ly/1TOsnMT
Rockefeller Medicine: The Real History Of Modern Healthcare
http://bit.ly/2bxI1i1

Story #2: Secret Sky Cameras Record Baltimore’s Every Move
http://bit.ly/2boQ3b0
Baltimore Police Defend Aerial Surveillance Program
http://bit.ly/2bxJiFC
Radiolab: Eye In The Sky (Jun. 18, 2015)
http://bit.ly/1H5ZXVu
Crime-Sensing Mics Hear, Locate Gunshots
http://bit.ly/2bgUbhf
Baltimore Hires/Fires Neo-Nazi Lawyer To Defend Police
http://bit.ly/2c8zjcc

Story #3: The Federal Reserve's Facebook PR Disaster
http://bit.ly/2bgUVmu

#GoodNewsNextWeek: Feeding The Needy With Olympics Excess + Jailbreaking Freedom & Divesting G4S
http://bit.ly/2bQqy3i

#NewWorldNextWeek Headlines: Most State Dept. Meet-And-Greets With Hillary Resulted In Clinton Foundation Donations
http://bit.ly/2bPjdiV
United Nations Admits to Releasing Cholera in Haiti, Killing 10,000 People
http://bit.ly/2bjnwqh
United Nations Source of Haiti’s Deadly Cholera Outbreak (Dec. 21, 2012)
http://bit.ly/2bQrepf

Previous Episode: Soros Got Hacked. Can You Guess What We Found?
http://bit.ly/2bB5L2p

[petra]

Here you go, petra. Heard @ 54 sec & 1:24


Wow!! Thanks RunningDeer, you're awesome!

It says the uploader has not made it available in my country though (trying not to roll my eyes haha), but I think can get a friend to d/l this for me. I really want that sound sample!!

[petra]

make sure you sign the petition against this BS... health and greed NEVER mix for the better........

http://petitions.moveon.org/sign/stop-immoral-price-gouging?akid=168459.28029912._CgXAb&rd=1&source=mo&t=4

Maybe I'm just pessimistic when it comes to petitions, in my mind we should not have to sign a petition which advocates common sense. People should just have it :P

[Bob]

I just had a lively discussion with a PRO Killary supporter.. She has to use the epi-pen for emergencies and now can't afford it. We had this discussion after reviewing Epi-Pen's website how much subsidy they would give to people so that they could even receive maybe two pens FREELY.. She could not see how subsidy and political paid favors don't help the people in the long run.

Killary=subsidy - the criminal organization marketing the pens subsidized by big government - - hmmmm. how much of that goes on, to allow big pharma, big whatever to get their subsidy kickback allowing them to keep competitors from being able to sell a life saving product at a FAIR market price of 2-5X over manufacturing cost? At worst this pen should sell for 10$ over the counter retail.

[conk]

Lots of pharmaceuticals can be purchased through farm co-ops or veterinarians at a tiny fraction of the cost paid through conventional outlets. Certain meds for sheep diseases are pennies per pill. The very same meds used to treat human ailments are dollars per pill. Many other examples.

[TargeT]

Lots of pharmaceuticals can be purchased through farm co-ops or veterinarians at a tiny fraction of the cost paid through conventional outlets. Certain meds for sheep diseases are pennies per pill. The very same meds used to treat human ailments are dollars per pill. Many other examples.

Oh yeah,...

I've got a connection with several nurses at the hospital.. we get free medical supplies! they just throw them away when the expatriation date is past (an expiration date on a suture kit???? haha) we usually end up with some weird stuff, but it all works out.. I use fish anti-biotics (http://www.thebugoutbagguide.com/fish-antibiotics-for-humans/) for... everything (haha) they are the same Amoxicillin that I'd pay 500% more for from a "doctor".

so many alternate paths out there if your willing to ignore the overly restrictive government mandates.

I don't know about an EPIpen however,, no one is that severely allergic to anything in my life.

epinephrine is very controlled due to it's use in meth production, that might be a very hard one to come by.

[Bob]

Seems to me the way to stop these corporate maggots, read "rape-ists" is to put a cap on the price of products imported. If manufacturing costs for a product are X, then a fair market price IS 3-5X to the first tier distributer. A 10 % markup is reasonable for a commodity. That's it though, no more.

A 1 $ epi-pen product costs at worst 1$ to make product and sold to the first reseller, then 5X let's say.. The pen is now 5$. First tier "marketeer" is allowed their 10% so that they sell to the Pharmacy dispensary (now the product is 5.50$ - the Pharmacy/dispensary which should only be allowed a 10 % markup, a final retail to the consumer is $6.05 (quantity pricing obviously can be obtained to reduce the cost even more so).

THAT is fair honest business manufacturing to resales to the public.

TRUMP campaign, if you can read this, you have a WIN - mandate such an above practice.

In the EPI-PEN case, they ESCAPED (remember Mr. Trump when you said US manufacturers were escaping the US to hide elsewhere?) to the Netherlands (http://www.latimes.com/business/hiltzik/la-fi-hiltzik-mylan-inversion-20160823-snap-story.html). THEN they export into the US at outrageous prices. Same practice as listed above is what would be LEGALLY MANDATED - nothing coming in, nothing especially critical medical products should violate the above fair business practices.

That should address the subsidy kickbacks it seems. CAP the cost of imports from manufacturing to retail. ESPECIALLY with critical life saving drugs.

-- update --

to pour a bit more salt on this rape, the company that makes the tech took such from NASA, which publicly developed such a pen, it was created by US FUNDS (see below quote and link)..

To steal such, put their so called 'patent' on such is obscene and a violation of all ethical principles. A license to "rape" is not ethical.

Reference: http://www.anaphylaxis.org.uk/adrenaline-auto-injectors-needle-length/


History of the Adrenaline Auto-Injector

AAIs were first licenced for use in the UK in 1996. AAIs are prescribed for the first line emergency treatment of a severe allergic reaction (anaphylaxis). They are currently available as a prescription only medication in the UK and three brands are available – EpiPen, Jext and Emerade.

Auto-Injectors were developed in the 1960’s for military use following research between the American military and NASA. The original objective was to develop a self-injecting device that would inject atropine, the antidote for nerve agents in biological weapons.

Similar auto-injector systems were also used with other drugs as part of the NASA Manned Space Flight Program. From this original design platform the AAI was developed and was introduced into the medical field approximately 25 years ago in the USA.

The first marketing authorisation in Europe was for EpiPen which was granted in Germany in 1989 and in the UK in March 1996.

Subsequently other brands of AAIs were licensed: Anapen, Jext and most recently Emerade.

Anapen is no longer marketed in the UK but is still available in the other EU countries.

The "INVERSION ESCAPE PLAN"


Mylan’s 2014 deal involved its buying a generics manufacturer from Abbott Laboratories and reincorporating in the Netherlands, the subsidiary’s home.

As in all inversions, nothing else changed: Mylan’s operational headquarters remained in Pennsylvania, and its main workforce didn’t relocate.

At one point, Mylan even appealed to U.S. antitrust officials to help it block a takeover bid from an Israeli company. But the inversion deal did allow the firm to cut its U.S. tax bill.

Source: http://www.latimes.com/business/hiltzik/la-fi-hiltzik-mylan-inversion-20160823-snap-story.html

[TargeT]

Seems to me the way to stop these corporate maggots, read "rape-ists" is to put a cap on the price of products imported. If manufacturing costs for a product are X, then a fair market price IS 3-5X to the first tier distributer. A 10 % markup is reasonable for a commodity. That's it though, no more.

A 1 $ epi-pen product costs at worst 1$ to make product and sold to the first reseller, then 5X let's say.. The pen is now 5$. First tier "marketeer" is allowed their 10% so that they sell to the Pharmacy dispensary (now the product is 5.50$ - the Pharmacy/dispensary which should only be allowed a 10 % markup, a final retail to the consumer is $6.05 (quantity pricing obviously can be obtained to reduce the cost even more so).

THAT is fair honest business manufacturing to resales to the public.


*devils advocate*
what about research costs etc? is a 5x mark up going to be reasonable to recover those?

*/devils advocate*

I totally agree with you.. I think governments main purpose should be to curtail blatant greed from industry (aka protect "we the people"), in fact I think governments should mainly be policing corporations (primary function, military would be secondary) and corporations should GO BACK to being only allowed for certain high risk projects (building a bridge etc..) and then be dissolved after the project (this is historically how corporations functioned)

[Bob]

The RESEARCH costs were derived, taken from the NASA and US ARMY.

EPI-PEN Netherlands has NO right to call research costs as part of the deal it seems to me.

NASA got their funds from the US taxpayers :)

A US created product being used against people, raping them economically is the Epi-Pen it seems to me. Someone should pull their 'license' :)

(PS - I T O T A L L Y agree with your viewpoint on this - research should be able to be fairly recouped, over time for the lifetime of the product, but not gouging.. just because they can, a 5X markup in experience allows for that, just my observation)

[TargeT]

The RESEARCH costs were derived, taken from the NASA and US ARMY.

EPI-PEN Netherlands has NO right to call research costs as part of the deal it seems to me.

NASA got their funds from the US taxpayers :)

A US created product being used against people, raping them economically is the Epi-Pen it seems to me. Someone should pull their 'license' :)

(PS - I T O T A L L Y agree with your viewpoint on this - research should be able to be fairly recouped, over time for the lifetime of the product, but not gouging.. just because they can, a 5X markup in experience allows for that, just my observation)


are you stealth campaigning for trump?

haha, one of his "bright points" for me is trade re-negotiation... Once we loose the power to tax the world through the USD being the global reserve currency we are going to have to get a LOT more defensive with our tariff laws (aka, make **** produced out side the country cost MORE than **** produced inside the country costs...that's how it SHOULD be done to encourage OUR economy).

I was unaware of hte origins of the epipen... that makes this action so much more despicable... like a patent troll.

[Bob]

Stealth Campaigning for Trump - :) can't say I have taken any active viewpoints - If for instance the Hillary push was more of giving big pharma more subsidy so that they could charge more (and get insurance to pay), that everyone in that food chain gets $$ which comes out of the citizens paying for it all..

Capping and doing good business practices instead of donations to foundations for favors, or donations from foreign powers to foundations for "special favors" seems like it is part of the same corrupt manipulation of master/slave setups. This isn't the thread for that obviously, but my point being as you say "patent troll" behavior by those who took the technology developed by NASA/Army and profiteering on it certainly really irks me, and I consider it despicable, and the politicians pushing for more of the same "subsidy wink wink handshake" to keep the insane costs for petty cost products which are livesaving to be abused as such.

If people wake up, stop the kickback thru subsidy, it probably doesn't matter that Epi-Pen's CEO's Dad is a US senator.. (er... can we say insider scandal manipulation?)


https://theintercept.com/2016/08/24/epipen-uproar-highlights-companys-family-ties-to-congress/

Heather Bresch, whose father is U.S. Sen. Joe Manchin, D-W.Va., became president of Mylan Pharmaceutical in 2009 and CEO in 2012.

She is no stranger to controversy: She moved Mylan’s headquarters to the Netherlands last year after a corporate “inversion” merger with Abbott Laboratories.

The move enabled the company to operate its headquarters in the U.S. but maintain corporate citizenship in Holland, benefiting from a lower tax rate.

But the EpiPen scandal, sparked by a sudden price hike, could cause more trouble for the company, its CEO, and her lawmaker father.

Joe Manchin, D-W.Va "D" for demicrat that is.. familiar bailywick of scandal, more of same ole same ole?

[TargeT]

If people wake up, stop the kickback thru subsidy, it probably doesn't matter that Epi-Pen's CEO's Dad is a US senator.. (er... can we say insider scandal manipulation?)


it is disgustingly obvious & frustrating that nothing happens about it.

[Michelle]

My son has an epipen. He is allergic to peanuts. I'm not sure if people know this but peanut is used as an adjunct in vaccinations. It causes a massive immune response in the body. Peanut allergies were unheard of before. With the introduction to the peanut adjunct, peanut allergies soared over 300%. When vaccinines were looked into the pharmaceutical companies covered this up by stating that peanut is a "trade secret" so it does not have to list it as an adjunct on the list with all the other adjuncts.

The pharmaceutical company that provide the epipen most likely knew that severe peanut reactions were on the rise from this and decided to cash in on it. It's just awful what they do to make money. Some vaccinations use other adjuncts though. Soybean and seasame oil are used as well.