Also not defending him but he only charged insurance companies that price. The company gave the medicine to people who didn't have insurance for a low price or even for free. At least that's what the news said. I really don't know what to believe anymore.
Maybe it should be illegal to make 100x profit on medication! I don't agree to control thst can leaf to communism. But in sone cases a line should be drawn. If you want to charge $1000 for a phone fine... but medication?
If you think capitalism is what caused this, then you're clearly not aware of how producing medicine in the US works. The FDA regulation is what allowed him to raise the price that high and get away with it. He had no competition because the government is so deeply involved in the industry that competition can't survive. That's not capitalism. It's closer to socialism. If capitalism truly existed, it never would have happened because there would have been numerous producers of that medicine, and their prices would have all been much lower than his, nobody would have bought his pills, and he would have just lost money by doing that. Keep blaming capitalism if you want more Martin Shkrelis in the world.
"True" capitalism is something like true socialism: it never really existed, and their followers always try to put forward the theory as an argument. Still its completely absurd to brand the extreme influence of fucking corporations to legislation as some kind of socialism. This is hypercapitalism in full effect, and this comparison is clearly a neocon agenda to discredit any slight moderation of the "market logic" of the ruling 1%o creditors we have today.
The thing with drug regulation, is that you buy your patent on the drug for so many years, usually the 15-20 year mark. So, this drug's patent was up and therefore for sale. Now, while it was cultivated in the 70s or whenever, the original makers were probably able to keep it cheap. However, when Shkrelis bought that patent, he probably did pay a shit ton for the patent and is trying to offset his expense within an appropriate time frame. Did he overcharge? Of course. It wasn't illegal, just unethical. However, he's an entrepreneur. Those guys are always jackasses. Blame the involvement of the government for ridiculously high prices on healthcare. Health insurance should be like car insurance to an extent: you have the ability to shop around ahahahahahahahaha I wish.
Actually, Shkreli didn't even own a patent on it. There was no competition simply because it would cost millions and millions of dollars for another company to get the FDA to allow them to make the exact same unpatented drug. The drug was selling for five cents in other countries that didn't have to deal with the FDA because there was still competition in those countries. It was entirely the government's fault (and the fact that Shkreli is an asshole who took advantage of it). But it was nothing near capitalism nor hyper capitalism. It was overwhelming government regulation. It was exactly what Bernie sanders preaches. It was socialism down to the letter.
You just don't understand socialism. The poor don't benefit from socialism. Only the government and the people who strike deals with the government. Socialism fails 100% of the time. Do some actual research.
You just don't understand capitalism. All that "wasted" money is going somewhere. And its not sacrificial bonfires on Karl Marx' grave. This somewhere is actually someone. Now who's that? Bernie Sanders?
Under socialism, the leaders, government officials, and corporate leaders who strike deals with the government get the money. It's a system that makes everyone poorer unless they have a connection to get favors from the government. But don't take my word for it - go do your own research. It's been tried time and time again and hasn't had a single successful implementation.
In reality, capitalism is simply the belief that people have the right to do whatever they want with their own property. Capitalism isn't an "ism", it's simply freedom.
So if it works, its capitalism, if not, its socialism? And who are these "leaders" that have fucked up the health system and are making the profits? Socialists? You are extremely confused and I will stop wasting my time with you. It appears your school system has failed, but then, maybe it did excactly, what it was supposed to do. Sleep tight.
How has this anything to do with socialism? Which I am not even advocating in any way? As I said, youre confused. Its a scheme run to maximise profits which by definition is capitalism. How is that concept so hard for you to grasp?
Funsubstanceuser, the principles of economics proves that a free market (capitalism) is the best way to allocate resources. Supply and demand, incentives, and money drive the world we live in, and these basic components accompany capitalism, and are not found in socialism. Maximizing profits actually benefits more people in the long run than socialism will.
it wasnt "no problem" it was he legally owned the rights to that drug and could charge whatever he pleased. It was legal. People where mad but again he owned it. He then did something ILLEGAL and was arrested. Crime=Illegal.
I'm amazed to see the comments thus far all use common sense. He is way beyond a douche bag, but the drug is his to do with what he wants. Not surprising someone who would charge so much would also fuck over investors, though. He was within the law, but you don't fuck with karma!
The problem with hospital charges, and probably this ass, is that most people never even look at their bills. The insurance companies take care of that for them, so hospitals and drug companies can charge whatever. The insurance companies then pay or deny, and that usually leads to negotiations on price. Healthcare providers know that a certain amount of profit will be lost because insurance, and especially government plans (Medicaid, Medicare, etc) will only pay what they think they should, and too many Americans cannot pay the rest out of pocket, so the prices go up wherever they can to compensate. Jerks like this guy then think they can clean up and get out while they're ahead.
In reality, people dislike him or even hate him for charging the price he wants to on a drug that he owns the rights to. But he was arrested for committing fraud, which is a crime. What you'd like to have happen apparently is for him to be arrested for being mean in your opinion.
But if you want to be "un-mean," then you and all like minded people should join together and pay for a bunch of drugs for people you don't know so they can have the drugs that you want them to have.
In reality, capitalism is simply the belief that people have the right to do whatever they want with their own property. Capitalism isn't an "ism", it's simply freedom.
But if you want to be "un-mean," then you and all like minded people should join together and pay for a bunch of drugs for people you don't know so they can have the drugs that you want them to have.