Martin Shkreli is a former hedge fund manager and current candidate for worst human being of the year. And that’s no small feat with the republican primaries in full swing.
Shkreli founded Turing Pharmaceuticals, and he took over the rights to a drug called “Daraprim.” This drug is used to treat a condition called “toxoplasmosis”, which is a parasitic infection that can cause deadly complications in infants as well as people with compromised immune systems. Many people with Aids and certain cancer patients take this medication.
Shkreli saw fit to hike the price up from $13.50 to $750 overnight. That’s a 5000% increase!
Shkreli had no remorse over his decision, only disdain for those who would dare criticize him. In a statement Shkreli said,
“This isn’t the greedy drug company trying to gouge patients, it is us trying to stay in business,”
“This is still one of the smallest pharmaceutical products in the world,” he said. “It really doesn’t make sense to get any criticism for this.”
Shkreli says that the drug is so rarely used that they could use the profits from the increase to pay for research into a better more effective drug for treating “toxoplasmosis.” But there is good reason not to take Shkreli at his word.
This isn’t the first time Shkreli had been in the center of controversy. He started MSMB Capital, his hedge fund company, in his 2os. He then began to urge the FDA not to approve specific drugs whos stock he was shorting.
In 2011 Shkreli started Retrophin, a company which acquired old neglected drugs and then turned around and sharply raised their prices. A year ago the Retrophin board of directors fired him, and filed a complaint in the Federal District Court located in Manhattan. They accused Shkreli of using Retrophin as a cash flow machine in order to pay back angry investors involved with his hedge fund.
Shkreli of course denied the accusations. He filed for abitration against Retrophin. Shkreli claims they owe him at least $25 million in severance. In a statement Shkreli said this about Retrophin.
“They are sort of concocting this wild and crazy and unlikely story to swindle me out of the money,” he said.
This is not the first time the 32-year-old Mr. Shkreli, who has a reputation for both brilliance and brashness, has been the center of controversy. He started MSMB Capital, a hedge fund company, in his 20s and drew attention for urging the Food and Drug Administration not to approve certain drugs made by companies whose stock he was shorting.
In 2011, Mr. Shkreli started Retrophin, which also acquired old neglected drugs and sharply raised their prices. Retrophin’s board fired Mr. Shkreli a year ago. Last month, it filed a complaint in Federal District Court in Manhattan, accusing him of using Retrophin as a personal piggy bank to pay back angry investors in his hedge fund.
Mr. Shkreli has denied the accusations. He has filed for arbitration against his old company, which he says owes him at least $25 million in severance. “They are sort of concocting this wild and crazy and unlikely story to swindle me out of the money,” he said.
