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  • Myles Shin

Today I Learned... About Martin Shkreli's Drug Fraud

Martin Shkreli was the chief executive officer of Turing Pharamceuticals and KaloBiomedicalsBios Pharmaceuticals Inc. Shkreli and Turing went under big heat when he made changes to the company when he took over. In 2015, Shkreli changed the price of the 62 year old drug Daraprim from $13.50 to nearly $750. Yes. He rose the price by over 5,000% of the previous cost.

It gets worse. Underneath the table, he was doing some illegal work. He was taking profit from another company, Retrophin, and was giving it to MSMB, another one of his companies, to pay off their debt. He pocketed a lot of that money and try to dig his other company out from debt.

I think that it is not fair that people like Shkreli could hike up the price of essential medicines just so they could make a larger profit. There needs to be regulation of these large medicine corporations because they run a monopoly for things like insulin. People need medicine to treat their illnesses or diseases But with people like Shkreli trying to profit off others' peoples problems, it just makes it seems unfair. These people can't be let to run the medical industry by themselves because they are in it as profiteers, not in the mindset to help those in need.




Sources:

Raymond, Nate. “Martin Shkreli, Who Raised Drug Prices from $13.50 to $750, Arrested in Securities Fraud Probe.” Scientific American, www.scientificamerican.com/article/martin-shkreli-who-raised-drug-prices-from-13-50-to-750-arrested-in-securities-fraud-probe/