Profits are a great thing...Daraprim

Profits are a great thing...Daraprim


A 32-year old hedge fund manager just purchased the rights to an essential medication used by cancer and HIV patients. His first move? Jack the cost from $13.50 per pill to $750 overnight.

Daraprim is a 62-year old drug that treats a parasitic affliction that affects millions worldwide and is common in HIV and cancer patients. With a 5500% increase the drug would cost at least $336,000 for a year's worth of treatment. Martin Shkreli, the new owner of Daraprim, is not a doctor. He is a hedge fund manager intent on making billions.

Under pressure, Shkreli said yesterday he'll roll back "some" of the price increase -- but won't say how much, or commit to return it to the original price. That's just not good enough.

Tell Shkreli to fully reverse the price increase now, and stop exploiting the sick.

This is about more than just one hedge fund manager. This is a worrying new trend -- corporate interests are buying up cheap, old patents and then milking patent monopolies to gouge patients. The lack of price regulation in the US and some other countries means this technically isn't illegal. But it's straight up exploitation of the vulnerable.

Already the massive public backlash has forced another company, Rodelis Therapeutics, to reverse an overnight price increase in an essential tuberculosis medication from $500 to $10,800. And Shkreli is feeling the pressure too, with his pledge to partially reverse the increase.

Shkreli says his company, Turing Pharmaceuticals, will use the extra profits to make a better version of Daraprim — but leading experts say that there is no way to improve the current treatment. Other observers point out that there are other ways to raise capital for new drugs that don't punish existing patients. When challenged on his attempt to gouge the sick, Shkreli replied "I think profits are a great thing."

As if that wasn't enough, Shkreli has taken to social media to berate and insult people who disagree with the rate hike, including journalists. It's not the first time he's done something like this either—the last pharmaceutical company he started turfed him from the board and is suing him for $65 million over fraud allegations.

Demand Martin Shkreli reverse his gouging cost hike now.
Around the world, affordable healthcare is under threat. And SumOfUs is leading the fight. Global trade deals like the TPP and TTIP threaten to further entrench monopolistic patent rights over essential medicine, but thanks to public opposition are still not a done deal. And if we stand up now, we can stop this shocking industry practice and protect those most in need.

Thanks for everything you do,

Liz, Angus, Emma, Rosa and the rest of the SumOfUs team



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More information:

Drug Goes From $13.50 a Tablet to $750, New York Times, September 20, 2015
Daraprim price jump raises concerns among ID groups, providers, Healio, Sept 17, 2015