'Pharma Bro' Shkreli ordered to pay nearly $65 million, banned for life from pharmaceutical industry

Overnight said:
It is right there, in the link I provided. Sorry it was not evident.

https://www.ftc.gov/system/files/documents/cases/865_2022.01.14_opinion_and_order.pdf
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That is 135 pages, what is the TL;DR:?

Edit: "the Plaintiffs carried their burden to establish that Shkreli violated federal and state laws that ban anticompetitive conduct."

"violations of §§ 1 and 2 of the Sherman Act, 15 U.S.C. §§ 1-2, § 5(a) of the FTC Act, 15 U.S.C. § 45(a), and various state statutes.2"

So the charge was anticompetitive conduct. Seriously, which CEO likes competition?
 
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Pekelo said:
That is 135 pages, what is the TL;DR:?
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Pharma bro manipulated his patented drug availability to the generic drug makers by raising the price so high, they could not competitively obtain the essential ingredient for FDA approval to be able to fairly compete in the same market. He at the same time passed this cost along to the consumers of said drug.

Generic drug makers, who wish to make the drug cheaply, have to obtain that essential ingredient from the pharma bro. But he raised the price so high, it became untenable.

Does that sum it up for you?

I believe it is page 6 of that document that gives the general overview, and then page 16 gets a bit deeper.
 
Overnight said:
Does that sum it up for you?
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Beautifully, you are a doll.

Speaking of dolls, that reminds me of Disney. When a bunch of Disney characters were reaching the age of 50 since their creation, so generic film makers could use them for free, Disney the company lobbied Congress and got an extension of another 20 years. IIRC. (I maybe off a bit with the years, but the gist of the story is the important part)

That was exactly what Shkreli did, but I don't see Disney giving back 3 gazilion dollars.

Edit:"Since the 1976 win, Disney continued lobbying activities to influence copyright law. ... Detractors to this act called it “The Mickey Mouse Protection Act.” This revision allowed copyrights to last the author's lifetime, plus 70 years."

"They lobbied Congress again and the Copyright Term Extension Act of 1998 was born, dubbed the “Mickey Mouse Protection Act.” That law was what extended the copyright protection to 95 years, pushing the deadline back to 2024. If Disney wants to, they can attempt this strategy again before 2024 comes around."
 
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Pekelo said:
Raising the price of a drug is not a monopolistic practice. Now his company was maybe the sole maker of the drug, that would be a monopoly, but raising the price itself has nothing to do with monopoly.

Are they going to sue every Big Pharma company who extend their years of patent by slightly altering a drug (a well known and used practice), so generics can't enter the market for a few extra years? THAT is a monopolistic practice.

How about the insulin industry, if you are talking about price? They are not even that expensive but lots of poor people need it and some died by trying to stretch it out because they didn't have the money. In other countries insulin is dirt cheap. Let's fix this first then we can screw Shkreli.

"Last time I checked, cash price for 10 days of insulin for my kid was $300. Granted, that's been 3 or 4 years, so I'm sure it's increased.

Literally, just the vial of insulin. That's not syringes, test strips, etc."

"and literally the same drug from the same factory in the same quantity is around $20 OTC in Canada without any insurance."
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Yep, like I said, Big Pharma has to have their occasional scapegoats and sacrificial lambs (to use another Biblical example) to give the impression they punish the bad guys. Well, maybe they punish a few, but not the biggest players.
 
Overnight said:
Pharma bro manipulated his patented drug availability to the generic drug makers by raising the price so high, they could not competitively obtain the essential ingredient for FDA approval to be able to fairly compete in the same market. He at the same time passed this cost along to the consumers of said drug.

Generic drug makers, who wish to make the drug cheaply, have to obtain that essential ingredient from the pharma bro. But he raised the price so high, it became untenable.

Does that sum it up for you?

I believe it is page 6 of that document that gives the general overview, and then page 16 gets a bit deeper.
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If it's a patented drug, generic companies can't make the drug without a license.
 
claimed that patients who needed the drug would be able to get it through insurance companies
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I quit paying my last health insurance as it was too expensive to justify... very little return.

Now you know why the cost is so prohibitly expensive.
 
The_Krakenite said:
I quit paying my last health insurance as it was too expensive to justify... very little return.

Now you know why the cost is so prohibitly expensive.
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Oh, this is a tiny drop in the bucket. Fraud, people going to the doctor every time they sneeze ("cause it's only a small co-pay!"), a terribly inefficient byzantine system involving the government and 3rd parties, etc. I won't even go into a very unhealthy population who think it's fine to weigh 300 pounds and be confined to a scooter at age 55--as long as you get all your meds, jabs and surgeries.
 
nooby_mcnoob said:
I guess their crackheads are just as funny as ours. That is sad and depressing... That man is likely dead or something by now.
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I don't think he can afford crack at American prices, he looks like Moses's grandson talking about how Mu se parted the red sea by shaking his ass...LOL...the crack was open so the Hebrews could walk through...
 
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