What do you think about Martin Shkreli?
What do you think about Martin Shkreli?
Martin Shkreli is the guy who, a few years ago, bought the rights to a drug some HIV patients use regularly and raised the price by 5000%, from $13 to $750. Of course when I heard that I just hated him like everybody; but now I've watched some of his interview and past livestreams on Twitch and I'm not sure what to think. Some of the points he makes are:
- Most people have insurance, so individual patients don't end up paying that huge price
- The number of people who need this pill is very small, only a few thousand; if some of those people don't have insurance, they can contact the company and get the drug for free (I've heard this claimed but I haven't seen any evidence of it)
- Other drug companies do these sort of price hikes all the time, but nobody pays attention
- Making so much profit allows his company to invest more into R&D to create better drugs
- We shouldn't be focusing so much on drug companies; the biggest healthcare costs by far come from hospitals/doctors
Does this guy have some valid points or am I being manipulated?
Wiki Page:
https://en.wikipedia.org/wiki/Martin_Shkreli
Vice Interview:
https://www.youtube.com/watch?v=2PCb9mnrU1g
Forbes Interview: (this one I just watched, makes me think more negative of him)
https://www.youtube.com/watch?v=JuQqJYYhKI8
- Most people have insurance, so individual patients don't end up paying that huge price
- The number of people who need this pill is very small, only a few thousand; if some of those people don't have insurance, they can contact the company and get the drug for free (I've heard this claimed but I haven't seen any evidence of it)
- Other drug companies do these sort of price hikes all the time, but nobody pays attention
- Making so much profit allows his company to invest more into R&D to create better drugs
- We shouldn't be focusing so much on drug companies; the biggest healthcare costs by far come from hospitals/doctors
Does this guy have some valid points or am I being manipulated?
Wiki Page:
https://en.wikipedia.org/wiki/Martin_Shkreli
Vice Interview:
https://www.youtube.com/watch?v=2PCb9mnrU1g
Forbes Interview: (this one I just watched, makes me think more negative of him)
https://www.youtube.com/watch?v=JuQqJYYhKI8
last time i cryed was because i stood on Lego
Re: What do you think about Martin Shkreli?
When the system incentivizes people to do these things, it is what you expect to happen. Very little reason to go around witch-hunting Shkreli as if it will fix anything. Some people have a moral compass that doesn't allow them to do this type of thing, and others don't. It should not be possible regardless of a lack of a moral compass.
Pay more attention to detail.
Re: What do you think about Martin Shkreli?
Gendarme wrote:When the system incentivizes people to do these things, it is what you expect to happen. Very little reason to go around witch-hunting Shkreli as if it will fix anything. Some people have a moral compass that doesn't allow them to do this type of thing, and others don't. It should not be possible regardless of a lack of a moral compass.
But is it really wrong morally, in light of his assertions that individual patients don't have to pay for them and the extra money goes into R&D for better drugs?
last time i cryed was because i stood on Lego
Re: What do you think about Martin Shkreli?
I don't know. You would have to ask out resident expert on ethics, @deleted_user4.
Pay more attention to detail.
Re: What do you think about Martin Shkreli?
The healthcare industry is super corrupt. If all he did was raise prices on people who have the insurance to cover it then I don't really mind. Mishandling investor's funds is a big no-no though.
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- Ninja
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Re: What do you think about Martin Shkreli?
funnuGendarme wrote:I don't know. You would have to ask out resident expert on ethics, @deleted_user4.
- Mr_Bramboy
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Re: What do you think about Martin Shkreli?
How do you think insurance companies raise funds?
Re: What do you think about Martin Shkreli?
Mr_Bramboy wrote:How do you think insurance companies raise funds?
They raise premiums. But I think the idea is that he raised the price of a drug which very few people use (only thousands); thus it isn't enough for insurance companies to raise premiums at all (because afaik they can't just raise the premiums for those people needing the pill).
last time i cryed was because i stood on Lego
- Mr_Bramboy
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Re: What do you think about Martin Shkreli?
ovi12 wrote:Mr_Bramboy wrote:How do you think insurance companies raise funds?
They raise premiums. But I think the idea is that he raised the price of a drug which very few people use (only thousands); thus it isn't enough for insurance companies to raise premiums at all (because afaik they can't just raise the premiums for those people needing the pill).
Why not? That's exactly what happened. People could have died because of pure greed if this didn't reach the news in time. Martin Shkreli is a scumbag, and the worst part is that he was never punished for it. He's in jail for insider trading. If you piss off rich assholes, you're up for jail time, but screw over thousands of poor patients and you walk free. The entire practice of making money off of medicine (as opposed to earning break even) is disgusting.
Re: What do you think about Martin Shkreli?
If there is no government meddling, and enough people care about breakeven business, that is what will happen. Your criticism is misdirected towards people aiming to make money rather than towards the tyrannical system called patents that facilitates monopolies. Patents are not necessary to foster research, and if you (addressing everyone here, not just you, Bram) are convinced that they are, please demonstrate it rather than forwarding the burden of proof.
Pay more attention to detail.
Re: What do you think about Martin Shkreli?
Mr_Bramboy wrote:ovi12 wrote:Mr_Bramboy wrote:How do you think insurance companies raise funds?
They raise premiums. But I think the idea is that he raised the price of a drug which very few people use (only thousands); thus it isn't enough for insurance companies to raise premiums at all (because afaik they can't just raise the premiums for those people needing the pill).
Why not? That's exactly what happened. People could have died because of pure greed if this didn't reach the news in time. Martin Shkreli is a scumbag, and the worst part is that he was never punished for it. He's in jail for insider trading. If you piss off rich assholes, you're up for jail time, but screw over thousands of poor patients and you walk free. The entire practice of making money off of medicine (as opposed to earning break even) is disgusting.
Do you have a source saying that the insurance companies did (or can) raise premiums for a select group of people like that? I thought they can't do that.
last time i cryed was because i stood on Lego
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- Gendarme
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Re: What do you think about Martin Shkreli?
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A slushie a day keeps the refill thread at bay
Jackson Pollock was the best poster to ever to post on these forums
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