Current Events –
Martin Shkreli AKA ‘Pharma Bro’ Arrested
Martin Shkreli, the pharmaceutical entrepreneur who raised a life-saving AIDS drug from $13.50 to $750 per pill has finally had his date with karma. Shkreli was arrested last week on charges of security fraud. He also resigned as head of Turing Pharmaceuticals and was fired from his post as CEO of drugmaker KaloBios.
Current Events
Karma issued the man known as “Pharma-Bro” and the “most hated man in America” a severe 1-2-3 knockout punch by sending him to jail and setting him up to lose millions. The 32-year-old was arrested last week for allegedly concocting a Ponzi-like scheme at his former hedge fund MSMB Capital Management and Retrophin Inc., a firm he headed before taking charge of the pharmaceutical company.
Earlier this fall, an investor group led by Martin Shkreli acquired 70% of the outstanding shares for KaloBios Pharmaceuticals, a San Francisco-based drugmaker that specializes in developing treatments for rare and orphaned diseases. Interestingly, KaloBios then announced the appointment of Martin Shkreli as Chief Executive Officer. It was then that “Pharma-Bro” saw a quick way to make a buck — by raiding the pockets of AIDS patients and terminally ill patients by forcing them pay a 5000% increase for a life-saving drug.
Shkreli was paraded in handcuffs by the FBI after his arrest. Photos of him being escorted by authorities spread on the Internet like wildfire, generating social media posts celebrating proof of how the mighty had fallen. News of his arrest delighted patients, advocacy groups and average Joes who found his price-gouging despicable.
After being taken into custody, the unapologetic Shkreli linked his arrest to his decision to dramatically raise the price of his newly acquired drug.
“’Trying to find anything we could to stop him’ was the attitude of the government,” Shkreli said Monday in an interview, adding that the arrest was unjust because of a social experiment and his teasing people over the Internet. He did not speak on claims from an FBI official who said Shkreli pursued “a securities fraud trifecta of lies, deceit and greed,” or the fact that if convicted, he could face upwards of 20 years in prison.
In the interview, Shkreli added that with his departure, Turing Pharmaceuticals will almost certainly change its approach — and it’s drug price. In a statement, Turing made clear that business would continue as usual and that no patient would be denied access to Daraprim, the drug whose price hike made Shkreli a pariah to both patients and other pharmaceutical companies. Turing also said it was sending a similarly worded letter to doctors stressing that it will continue to offer financial assistance to eligible patients needing Daraprim who are either uninsured or have commercial insurance. Medicare patients would be referred to a charity for help.
Or in other words, karma has saved the day and good has won over evil!
Or in other words, karma has saved the day and good has won over evil!. […]
And let the church say …..AMEN. .