Hmmmmm that's good karma!Turing Pharmaceuticals has reported a $14.6 million (£9.6 million) net loss in their third-quarter, from July to the end of September, this year.
In mid-August, the pharmaceutical company purchased the rights of Daraprim and raised the price by over 5,000 percent, making the cost of the pill rocket from $13.50 (£8.70) a tablet to $750 (£485). The drug is used by patients with AIDS or cancer to fight the Toxoplasma gondii parasite. More than 60 million Americans carry the parasite without coming to harm, but it can lead to seizures, blindness or neurological damage to those with a compromised immune system.
Medical groups, politicians and the public were understandably outraged at the move, while CEO Martin Shkreli became an online piñata.
Turing Pharmaceutical’s recent financial report showed that the net revenue on Daraprim and blood pressure drug Vecamyl was $5.6 million (£3.6 million). Defending the losses, the company also stressed that most of their money has been going into investment, expecting to spend 60 percent of their revenue on development and research towards their drugs.
Part of this development will be an intranasal formulation of ketamine to treat post-traumatic stress disorder and depression.
Company That Upped Drug Price By 5,000% loses millions.
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frigidmagi
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#1 Company That Upped Drug Price By 5,000% loses millions.
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#2 Re: Company That Upped Drug Price By 5,000% loses millions.
Couldn't have happened to a nicer guy. All the people who worked for that company have my condolences for even peripherally having to deal with this greedy asshat.
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#3 Re: Company That Upped Drug Price By 5,000% loses millions.
Margically Adequate Karma at best .Good Karma would have been the guy dying from a piano crashing on him or something.
'I wonder how far the barometer sunk.'-'All der way. Trust me on dis.'
'Go ahead. Bake my quiche'.
'Undead or alive, you're coming with me.'
'Detritus?'-'Yessir?'-'Never go to Klatch'.-'Yessir.'
'Many fine old manuscripts in that place, I believe. Without price, I'm told.'-'Yes, sir. Certainly worthless, sir.'-'Is it possible you misunderstood what I just said, Commander?'
'Can't sing, can't dance, can handle a sword a little'
'Run away, and live to run away another day'-The Rincewind principle
'Hello, inner child. I'm the inner babysitter.'
'Go ahead. Bake my quiche'.
'Undead or alive, you're coming with me.'
'Detritus?'-'Yessir?'-'Never go to Klatch'.-'Yessir.'
'Many fine old manuscripts in that place, I believe. Without price, I'm told.'-'Yes, sir. Certainly worthless, sir.'-'Is it possible you misunderstood what I just said, Commander?'
'Can't sing, can't dance, can handle a sword a little'
'Run away, and live to run away another day'-The Rincewind principle
'Hello, inner child. I'm the inner babysitter.'