What do you think about Martin Shkreli?

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No Flag Jaeger
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What do you think about Martin Shkreli?

Post by Jaeger »

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
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Sweden Gendarme
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Re: What do you think about Martin Shkreli?

Post by Gendarme »

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.
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No Flag Jaeger
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Re: What do you think about Martin Shkreli?

Post by Jaeger »

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?
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Re: What do you think about Martin Shkreli?

Post by Gendarme »

I don't know. You would have to ask out resident expert on ethics, @deleted_user4.
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United States of America Amsel_
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Re: What do you think about Martin Shkreli?

Post by Amsel_ »

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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Re: What do you think about Martin Shkreli?

Post by deleted_user »

Gendarme wrote:I don't know. You would have to ask out resident expert on ethics, @deleted_user4.
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Re: What do you think about Martin Shkreli?

Post by Mr_Bramboy »

How do you think insurance companies raise funds?
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Re: What do you think about Martin Shkreli?

Post by Jaeger »

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).
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Re: What do you think about Martin Shkreli?

Post by Mr_Bramboy »

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.
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Re: What do you think about Martin Shkreli?

Post by Gendarme »

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.
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Re: What do you think about Martin Shkreli?

Post by Jaeger »

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.
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Re: What do you think about Martin Shkreli?

Post by evilcheadar »

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