Current Events > Pharma exec says he had 'moral requirement' to raise drug price 400%

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Roshon
09/11/18 7:34:16 PM
#1:


A pharmaceutical company executive defended his company's recent 400% drug price increase, telling the Financial Times that his company had a "moral requirement to sell the product at the highest price." The head of the US Food and Drug Administration blasted the executive in a response on Twitter.

Nirmal Mulye, founder and president of Nostrum Pharmaceuticals, commented in a story Tuesday about the decision to raise the price of an antibiotic mixture called nitrofurantoin from about $500 per bottle to more than $2,300. The drug is listed by the World Health Organization as an "essential" medicine for lower urinary tract infections.

"I think it is a moral requirement to make money when you can," Mulye told the Financial Times, "to sell the product for the highest price."

The Financial Times said Mulye compared his decision to increase the price to that of an art dealer who sells "a painting for half a billion dollars" and said he was in "this business to make money.

According to the Financial Times, the executive defended "Pharma Bro" Martin Shkreli, who was once dubbed the "most hated man in America" after his company raised the price of an AIDS drug by more than 5,000% in 2015. Shkreli was recently sentenced to seven years in prison for fraud due to mismanaging money at his hedge funds.

"I agree with Martin Shkreli that when he raised the price of his drug he was within his rights because he had to reward his shareholders," Mulye was quoted as saying.

FDA Commissioner Dr. Scott Gottlieb issued a sharp rebuke of the CEO on Twitter shortly after the story published, saying "there's no moral imperative to price gouge and take advantage of patients."

Nostrum has not responded to a request for comment.

The Financial Times said that after its initial interview, Mulye followed up with a LinkedIn message with unusually harsh words for the FDA, calling the agency "incompetent and corrupt."


https://www.cnn.com/2018/09/11/health/drug-price-hike-moral-requirement-bn/index.html
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Coffeebeanz
09/11/18 7:35:50 PM
#2:


Fun fact: the CEO of Mylan, the company price gouging Epipens, is the daughter of Democratic Senator Joe Manchin.
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LanHikari10
09/11/18 7:36:35 PM
#3:


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St0rmFury
09/11/18 7:37:18 PM
#4:


Coffeebeanz posted...
Fun fact: the CEO of Mylan, the company price gouging Epipens, is the daughter of Democratic Senator Joe Manchin.

What a twist!
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REMercsChamp
09/11/18 7:37:19 PM
#5:


Ack
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Trigger_Volnutt
09/11/18 7:37:35 PM
#6:


We have "moral requirement" to cut his salary 400%.
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Garioshi
09/11/18 7:38:20 PM
#7:


Fuck this guy.
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Pepys Monster
09/11/18 7:38:25 PM
#8:


Roshon posted...
"I think it is a moral requirement to make money when you can," Mulye told the Financial Times, "to sell the product for the highest price."

This dude is the real life Patrick Bateman from American Psycho.
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DK9292
09/11/18 7:38:52 PM
#9:


Roshon posted...
According to the Financial Times, the executive defended "Pharma Bro" Martin Shkreli, who was once dubbed the "most hated man in America" after his company raised the price of an AIDS drug by more than 5,000% in 2015. Shkreli was recently sentenced to seven years in prison for fraud due to mismanaging money at his hedge funds.

That's all you really need to know.
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gunplagirl
09/11/18 7:39:32 PM
#10:


We have a moral requirement to perform medical experiments upon Muyle. My suggestion? Finding out how much skin we can remove from a person while keeping the tissue alive.
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UnfairRepresent
09/11/18 7:43:58 PM
#11:


You know what's sad is that he could have actually made a decent argument here and I was going to give him the benefit of the doubt.

I can't go into details due to confidentiallity but I used to work for a pharmaceutical company that grew exponentially due to a product that is helping thousands (soon to be millions) of people that only exists because their R'N'D team got massively expanded due to how much profit they were making.

He could have said "It's a businsess and a cycle, we need to raise money now for the future advancement of the company which in turn helps and saves more lives." and that's a pretty ironclad argument.

But no he flat out just went "I think it is a moral requirement to make money when you can," and didn't even attempt to justify it beyond capitalism
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gunplagirl
09/11/18 7:47:27 PM
#12:


UnfairRepresent posted...
You know what's sad is that he could have actually made a decent argument here and I was going to give him the benefit of the doubt.

I can't go into details due to confidentiallity but I used to work for a pharmaceutical company that grew exponentially due to a product that is helping thousands (soon to be millions) of people that only exists because their R'N'D team got massively expanded due to how much profit they were making.

He could have said "It's a businsess and a cycle, we need to raise money now for the future advancement of the company which in turn helps and saves more lives." and that's a pretty ironclad argument.

But no he flat out just went "I think it is a moral requirement to make money when you can," and didn't even attempt to justify it beyond capitalism


But the difference being, that's business planning in your example whereas this guy made the claim on some basis of morality. Incidentally there's that whole "most of the rest of the world doesn't even let anyone own the rights to medicine" stuff.
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UnfairRepresent
09/11/18 7:48:43 PM
#13:


gunplagirl posted...
UnfairRepresent posted...
You know what's sad is that he could have actually made a decent argument here and I was going to give him the benefit of the doubt.

I can't go into details due to confidentiallity but I used to work for a pharmaceutical company that grew exponentially due to a product that is helping thousands (soon to be millions) of people that only exists because their R'N'D team got massively expanded due to how much profit they were making.

He could have said "It's a businsess and a cycle, we need to raise money now for the future advancement of the company which in turn helps and saves more lives." and that's a pretty ironclad argument.

But no he flat out just went "I think it is a moral requirement to make money when you can," and didn't even attempt to justify it beyond capitalism


But the difference being, that's business planning in your example whereas this guy made the claim on some basis of morality.


Erm yes

That's what I said
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3rd_Best_Master
09/11/18 7:50:15 PM
#14:


Pepys Monster posted...
Roshon posted...
"I think it is a moral requirement to make money when you can," Mulye told the Financial Times, "to sell the product for the highest price."

This dude is the real life Patrick Bateman from American Psycho.

It's just more of that good old prosperity theology creeping its way into American life again.
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legendary_zell
09/11/18 7:54:58 PM
#15:


This is the logical extreme or conclusion of shareholder driven capitalism. Profit is confused with and substituted for morality.
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Anteaterking
09/11/18 7:58:28 PM
#16:


This is reminiscent of when people claim that companies are legally required to maximize profit.
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CanuckCowboy
09/11/18 7:59:37 PM
#17:


gunplagirl posted...
UnfairRepresent posted...
You know what's sad is that he could have actually made a decent argument here and I was going to give him the benefit of the doubt.

I can't go into details due to confidentiallity but I used to work for a pharmaceutical company that grew exponentially due to a product that is helping thousands (soon to be millions) of people that only exists because their R'N'D team got massively expanded due to how much profit they were making.

He could have said "It's a businsess and a cycle, we need to raise money now for the future advancement of the company which in turn helps and saves more lives." and that's a pretty ironclad argument.

But no he flat out just went "I think it is a moral requirement to make money when you can," and didn't even attempt to justify it beyond capitalism


But the difference being, that's business planning in your example whereas this guy made the claim on some basis of morality. Incidentally there's that whole "most of the rest of the world doesn't even let anyone own the rights to medicine" stuff.


When your business can potentially help millions then expanding your business can be argued as a moral imperative though so his logic holds up either way.

On topic seriously fuck that guy. I don't wanna see him hurt but I'd love to see him lose everything and wind up homeless with a urinary tract infection.
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RoboLaserGandhi
09/11/18 8:01:41 PM
#18:


I'm not sure he knows what morals are
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frozenshock
09/11/18 8:02:03 PM
#19:


The Trump administration has pledged to tackle the soaring costs of drug prices, with the president unveiling a plan in May to increase competition, reduce regulations and change incentives for players in the pharmaceutical industry.

When he announced his plan, President Donald Trump slammed drug makers, health insurers, pharmacy benefit managers and others for profiting off American patients.
"The drug lobby is making an absolute fortune at the expense of American patients," Trump said.


Appreciate the sentiment Donny, but reducing regulations isn't what's gonna stop people from doing this shit. It's the other way around.
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pebblethefleet
09/11/18 8:02:06 PM
#20:


UnfairRepresent posted...
You know what's sad is that he could have actually made a decent argument here and I was going to give him the benefit of the doubt.

I can't go into details due to confidentiallity but I used to work for a pharmaceutical company that grew exponentially due to a product that is helping thousands (soon to be millions) of people that only exists because their R'N'D team got massively expanded due to how much profit they were making.

He could have said "It's a businsess and a cycle, we need to raise money now for the future advancement of the company which in turn helps and saves more lives." and that's a pretty ironclad argument.

But no he flat out just went "I think it is a moral requirement to make money when you can," and didn't even attempt to justify it beyond capitalism


Nobody here believes you
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Anteaterking
09/11/18 8:03:18 PM
#21:


CanuckCowboy posted...
When your business can potentially help millions then expanding your business can be argued as a moral imperative though so his logic holds up either way.


Yeah, but that's sort of like "Anything that gives me money could be given to charity, so anything I do to get money is morally justified".
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Solar_Crimson
09/11/18 8:04:01 PM
#22:


This is truly a springtime for greedy corporations.
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TheRealDill2000
09/11/18 8:04:16 PM
#23:


It doesn't seem like the guy had much of an option here. On the bright side, insurance will cover the price increase so we feel a minimal impact.
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Prestoff
09/11/18 8:04:47 PM
#24:


I mean this is what happens when you're in the business to make money. Capitalism at its finest.
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MutantJohn
09/11/18 8:05:34 PM
#25:


Just the free market. If you don't like it, compete and undercut his prices. Shouldn't be hard considering he's artificially inflating his own prices.
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treewojima
09/11/18 8:06:17 PM
#26:


TheRealDill2000 posted...
It doesn't seem like the guy had much of an option here. On the bright side, insurance will cover the price increase so we feel a minimal impact.


I admire your dedication to trolling
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skermac
09/11/18 8:09:07 PM
#27:


I think the federal govt should stop this and regulate all medication prices
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monkmith
09/11/18 8:09:14 PM
#28:


MutantJohn posted...
Just the free market. If you don't like it, compete and undercut his prices. Shouldn't be hard considering he's artificially inflating his own prices.

cant compete with drugs that are patented, there are no alternative providers. i guess you can just die though, that'll show them!
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CanuckCowboy
09/11/18 8:09:48 PM
#29:


Anteaterking posted...
CanuckCowboy posted...
When your business can potentially help millions then expanding your business can be argued as a moral imperative though so his logic holds up either way.


Yeah, but that's sort of like "Anything that gives me money could be given to charity, so anything I do to get money is morally justified".


Eh I think that's overstating it a bit. There's a world of difference between "we may find a life changing drug" and "hey I might give it some dude or something". I mean I'm not saying I'd buy it if the guy had used it as his reason I'm just saying it sounds a lot better.
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Questionmarktarius
09/11/18 8:09:49 PM
#30:


Pepys Monster posted...
Roshon posted...
"I think it is a moral requirement to make money when you can," Mulye told the Financial Times, "to sell the product for the highest price."

This dude is the real life Patrick Bateman from American Psycho.

That's how markets are supposed to work. The big failure, is that the other half of the market doesn't really exist.

The ideal is to sell at the highest price the market will accept, and also buy at the lowest price the market will accept. What's actually happened is that we've gotten so used to someone else paying for our stuff, that we have no idea how much the prices are screwed up until said someone else flinches, on top of not even knowing the price until after the transaction.
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monkmith
09/11/18 8:10:04 PM
#31:


skermac posted...
I think the federal govt should stop this and regulate all medication prices

would be easy with socialized health care.
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Zodd3224
09/11/18 8:11:01 PM
#32:


Is this something everyone can join hands on and dislike together?
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TheRealDill2000
09/11/18 8:16:00 PM
#33:


Zodd3224 posted...
Is this something everyone can join hands on and dislike together?

No, this is capitalism at work. Also, you can choose to live a healthy, moral lifestyle so you can avoid the need for these medications. If you decline that option, you can buy insurance and let it cover the bulk of the cost.
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sktgamer_13dude
09/11/18 8:17:14 PM
#34:


TheRealDill2000 posted...
Zodd3224 posted...
Is this something everyone can join hands on and dislike together?

No, this is capitalism at work. Also, you can choose to live a healthy, moral lifestyle so you can avoid the need for these medications. If you decline that option, you can buy insurance and let it cover the bulk of the cost.

Yeah why dont those people with genetic diseases just live a healthier life and not get those genetic diseases.

Holy fuck, just stop talking.
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Questionmarktarius
09/11/18 8:18:49 PM
#35:


Zodd3224 posted...
Is this something everyone can join hands on and dislike together?

Who likes paying more for stuff for no good reason?
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Dragonblade01
09/11/18 8:19:51 PM
#36:


It's rare to see someone so boldly admit that their morality revolves around an economic framework.
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Paper_Okami
09/11/18 8:19:55 PM
#37:


@silentwing26x
capitalism at work
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Zodd3224
09/11/18 8:22:56 PM
#38:


sktgamer_13dude posted...
TheRealDill2000 posted...
Zodd3224 posted...
Is this something everyone can join hands on and dislike together?

No, this is capitalism at work. Also, you can choose to live a healthy, moral lifestyle so you can avoid the need for these medications. If you decline that option, you can buy insurance and let it cover the bulk of the cost.

Yeah why dont those people with genetic diseases just live a healthier life and not get those genetic diseases.

Holy fuck, just stop talking.


I meant to say "can everyone who isnt a gimmick or dedicated shitposter join hands."
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UnfairRepresent
09/11/18 8:26:17 PM
#39:


TheRealDill2000 posted...
Zodd3224 posted...
Is this something everyone can join hands on and dislike together?

No, this is capitalism at work. Also, you can choose to live a healthy, moral lifestyle so you can avoid the need for these medications. If you decline that option, you can buy insurance and let it cover the bulk of the cost.

lolwut

You think the reason people are sick or need medication is solely based on whether they led a "healthy, moral lifestyle"?

Thats beyond sheltered
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silentwing26x
09/11/18 8:26:53 PM
#40:


Paper_Okami posted...
@silentwing26x
capitalism at work


Monopolies that are the product of government bureaucracy preventing competition from taking place != capitalism. Stop tagging me.
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TheRealDill2000
09/11/18 8:29:24 PM
#41:


Zodd3224 posted...
sktgamer_13dude posted...
TheRealDill2000 posted...
Zodd3224 posted...
Is this something everyone can join hands on and dislike together?

No, this is capitalism at work. Also, you can choose to live a healthy, moral lifestyle so you can avoid the need for these medications. If you decline that option, you can buy insurance and let it cover the bulk of the cost.

Yeah why dont those people with genetic diseases just live a healthier life and not get those genetic diseases.

Holy fuck, just stop talking.


I meant to say "can everyone who isnt a gimmick or dedicated shitposter join hands."

Like I've said many times, I'm not a gimmick. My posting style here is a reflection of my personality in real life.
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CanuckCowboy
09/11/18 8:32:34 PM
#42:


TheRealDill2000 posted...
Zodd3224 posted...
sktgamer_13dude posted...
TheRealDill2000 posted...
Zodd3224 posted...
Is this something everyone can join hands on and dislike together?

No, this is capitalism at work. Also, you can choose to live a healthy, moral lifestyle so you can avoid the need for these medications. If you decline that option, you can buy insurance and let it cover the bulk of the cost.

Yeah why dont those people with genetic diseases just live a healthier life and not get those genetic diseases.

Holy fuck, just stop talking.


I meant to say "can everyone who isnt a gimmick or dedicated shitposter join hands."

Like I've said many times, I'm not a gimmick. My posting style here is a reflection of my personality in real life.


I wouldn't spread that around bud.
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pikachupwnage
09/11/18 8:36:39 PM
#43:


TheRealDill2000 posted...
Zodd3224 posted...
Is this something everyone can join hands on and dislike together?

No, this is capitalism at work. Also, you can choose to live a healthy, moral lifestyle so you can avoid the need for these medications. If you decline that option, you can buy insurance and let it cover the bulk of the cost.


Genetics, and other factors out of your control(Like lead poisoning from a bad water supply, horrible parents that fed you a shit ass diet, exposure to toxins like asbestos, contracting a disease from tainted food, smoke/debris inhalation being a firefighter) or things you cant just brush off.
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Zodd3224
09/11/18 8:38:25 PM
#44:


People still respond to RealDill like he's an actual person?
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treewojima
09/11/18 8:45:57 PM
#45:


silentwing26x posted...
Paper_Okami posted...
silentwing26x
capitalism at work


Monopolies that are the product of government bureaucracy preventing competition from taking place != capitalism. Stop tagging me.


you must have a very specific and narrow definition of what capitalism is
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silentwing26x
09/11/18 8:46:49 PM
#46:


treewojima posted...
silentwing26x posted...
Paper_Okami posted...
silentwing26x
capitalism at work


Monopolies that are the product of government bureaucracy preventing competition from taking place != capitalism. Stop tagging me.


you must have a very specific and narrow definition of what capitalism is


Dude you really should read a goddam book or something if you think that is what capitalism is.
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Questionmarktarius
09/11/18 8:48:11 PM
#47:


treewojima posted...
you must have a very specific and narrow definition of what capitalism is

It kinda has a specific and narrow definition, at least in the modern sense: The perversion of free market mechanics into a sort of money-feudalism.
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lincoln002
09/11/18 8:48:35 PM
#48:


I dunno what to say I mean there has to be balance, but maybe there's something I don't know about the drug market and how it works, I think a lot of businesses wait until last second to raise prices for some obvious reasons, but I dunno, when it comes to medicine I'd expect more ethics to be involved in the decision making.

It sounds like the drug is selling good right now and this greedy pos is hiking the price because "more money" which goes to show how addicted modern culture is to money. I know that the next presidential election is going to be fucking nuts cuz having a guy like trump in office encourages people like this scumbag to do the wrong thing.
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Dragonblade01
09/11/18 8:51:45 PM
#49:


While capitalism can absolutely result in this outcome, it's inappropriate to blame capitalism in situations where someone has taken it upon themselves to extract moral obligation from systems of economy.
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Intro2Logic
09/11/18 8:52:33 PM
#50:


silentwing26x posted...
Paper_Okami posted...
@silentwing26x
capitalism at work


Monopolies that are the product of government bureaucracy preventing competition from taking place != capitalism. Stop tagging me.

If the US doesn't have capitalism, then does it exist anywhere?
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