>> MARTIN SHKRELI OF TURING PHARMACEUTICALS HAS AGREED
TO LOWER THE PRICE OF DARAPRIM.
HE WILL NOW LOWER IT TO SET
ñ OF COURSE HE HAS GOTTEN A LOT OF NEGATIVE ATTENTION FOR
RAISING THE PRICE OF THE PILL.
HE TRIED TO EXPLAIN HIMSELF AND ONLY LEAD TO MORE
NEGATIVE ATTENTION.
HIS REASONING BEHIND INCREASING THE PRICE MADE NO SENSE.
HE SAYS THAT WE NEED NEWER DRUGS TO TREAT SOMETHING KNOWN AS
TOXOPLASMOSIS.
IT TURNS OUT THAT WE DON'T NEED THAT, AND ALSO YOU SHOULD
NOT BE TAXING PATIENTS FOR NEW DRUGS.
MARTIN SHKRELI DID NOT SAY WHAT THE NEW PRICE WOULD BE, BUT
EXPECTED A DETERMINATION TO BE MADE OVER THE NEXT FEW WEEKS.
HE ALSO SAYS OF THE REACTION HE HAS BEEN GETTING, "YES IT
IS ABSOLUTELY A REACTION.
THERE WERE MISTAKES MADE WITH RESPECT TO HELPING PEOPLE
UNDERSTAND WHY WE TOOK THIS ACTION.
I THINK THAT IT MAKES SENSE TO LOWER THE PRICE IN RESPONSE
TO THE ANGER THAT WAS FELT BY PEOPLE."
IT'S INTERESTING THAT HE WON'T ADMIT OR EVEN TELL US WHAT
HE WOULD LOWER THE PRICE TO.
I DON'T THINK HE IS GOING TO LOWER THE PRICE AT ALL.
I THINK HE IS HOPING THAT WE WILL IGNORE OR FORGET ABOUT
HIM IN THE NEXT COUPLE OF WEEKS AND WILL KEEP SELLING THE
DRUG FOR AN INSANE AMOUNT OF MONEY.
>> I THINK THIS GUY IS MONUMENTALLY FULL OF SHIT.
LET ME BREAK IT DOWN FOR YOU.
WILL HE LOWER THE PRICE?
I'M SURE HE WILL TO SOME DEGREE, BUT TO WHAT?
IT USED TO BE $13.50.
WILL HE LOWER IT TO $15?
OF COURSE NOT.
IS HE GOING TO LOWER IT TO $650?
THAT WOULD CONTINUE TO BE A CRIME.
YEAH, HE COULD TECHNICALLY LOWER IT, BUT IT DOESN'T MATTER,
HE IS GOING TO MAKE MONEY HAND OVER FIST.
HE SAYS THEY SPEND A LOT OF MONEY ON RESEARCH, NO ñ
>> YOU DIDN'T SPEND MONEY ON ANYTHING OTHER THAN BUYING
THE DRUG.
>> YOU DIDN'T BUILD THAT.
HE CLAIMS HE IS GOING TO BUILD A NEXT DRUG.
I WILL BELIEVE THAT WHEN I SEE IT.
WHEN THEY ASKED HIM ABOUT IT HE SAYS, "IT IS VERY HARD
STUFF TO UNDERSTAND."
>>HE IS SO SOPHISTICATED AND INTELLECTUAL.
UNFORTUNATELY WE CAN'T UNDERSTAND ALL THE
HARDSHIPS THAT HE IS GOING THROUGH RIGHT NOW WITH BUYING
THIS DRUG AND SELLING IT FOR 5000 TIMES THE ORIGINAL PRICE.
>> IT IS AN OLD WALL STREET AND CORPORATE TRICK TO SAY THAT
DERIVATIVES ARE COMPLICATED.
JUST LEAVE THE HARD STUFF TO US, OKAY.
THERE IS A VERY GOOD REASON WHY I HAD TO ROB YOU BLIND.
IT'S VERY COMPLICATED TO EXPLAIN THOUGH, RIGHT?
IN CASE YOU ARE WONDERING IF THIS IS TRUE, THE
INFECTIOUS DISEASE SOCIETY OF AMERICA AND THE HIV ñ
ALL FIND THE COST COMPLETELY UNJUSTIFIABLE.
IN ALL THOSE COSTS THAT HE TALKS ABOUT, THE ONE COST THAT HE
DOESN'T MENTION IS FINANCE COSTS.
WHY IS THAT?
WHAT HAPPENS IS THIS IS A TRICK THAT HE HAS DONE BEFORE AND
OTHERS HAVE DONE.
YOU BUY A PIECE OF MEDICINE THAT IS NEEDED.
IF YOU HAVE AN INFECTIOUS DISEASE LIKE THIS, IF YOU
DON'T HAVE IT, IT WILL KILL YOU.
SEE YOU BUY IT AND THERE IS NO COMPETITOR.
THEN YOU JACK UP THE PRICE.
NOW THE INDUSTRY IS AWARE OF THAT PRACTICE AND IT
BECOMES A BIT OF A BIDDING WAR.
SO THE PRICE GETS BID UP.
ONCE YOU BID UP THE PRICING, YOU ALREADY PAYED THAT MONEY,
THEY ARE FINANCING COSTS THAT COME ALONG WITH THAT PURCHASE.
HE ALREADY BUILT THAT INTO THE PRICE.
SO SEVERAL DIFFERENT PEOPLE GET RICH OFF OF THIS
ALREADY, INCLUDING THE PEOPLE WHO SOLD IT.
HE CAN'T TELL YOU MOST OF THE MONEY IS GOING TOWARDS
FINANCING BECAUSE IT SOUNDS LIKE THEY ARE FINANCIAL TRICKS,
WHICH IS EXACTLY WHAT IT IS.
THAT IS WHY HE SAYS HE IS GOING TO MAKE OTHER MEDICINES AND
RESEARCH COSTS.
HE IS NOT TELLING YOU HIS MAIN COST.
THAT IS WHY HE CRANKED IT UP TO $750,
SO HE COULD PAY OFF THE FINANCING ON A PURCHASE HE PROBABLY
PAID TOO MUCH FOR BECAUSE HE KNEW HE WAS GOING TO DO THIS.
>> WE LIVE IN A SICK SOCIETY.
ONE OF THE BIGGEST MISTAKES YOU CAN MAKE IN AMERICA IS
GETTING SICK OR INJURED.
THERE ARE PEOPLE OUT THERE PREYING ON YOU SO THEY CAN
TAKE ADVANTAGE OF YOU.
LIKE YOU SAID YESTERDAY, WHAT HAPPENS TO PEOPLE WHO HAVE
THIS CONDITION AND THEY CAN'T AFFORD THIS PRICE?
>> AND YOU DON'T HAVE INSURANCE?
BY THE WAY, THIS IS GROUNDED IN FACTS AND OTHER CONTEXTS
THAT I HAVE READ ñ
I WOULD BE SURPRISED IF THIS GUY DID NOT GET THROWN UNDER
THE BUS, A PLACE HE RICHLY DESERVES, FOR A TON OF REASONS.
ONE, THE INSURANCE COMPANIES ARE GOING TO SAY WAIT, I AM
GOING TO PAY THIS BILL FOR MOST PEOPLE.
HEY, LITTLE 32-YEAR-OLD PUNK WHO IS NOT BACKED BY ANY OTHER
ENTITY, I THINK YOU DON'T KNOW WHO YOU FUCKED WITH.
I WOULD BE SHOCKED IF THE INSURANCE COMPANIES DID NOT
HAVE A ROLE TO PLAY IN THIS GUY ñ IN THE SPOTLIGHT ON THIS GUY.
SECOND, HILLARY CLINTON SENT OUT A TWEET ABOUT THIS.
THIS GUY HAS NO BACKUP.
YOU DON'T HAVE TO FEEL SORRY FOR HIM BECAUSE HE IS A DIRT BAG.
IT IS EASY TO THROW A GUY WITH NO BACKUP UNDER THE BUS.
THERE IS NO GIANT ENTITY THAT IS GOING TO COME IN AND FIGHT
BACK AGAINST YOU.
IT IS AN EASY TARGET FOR A POLITICIAN TO PICK, AND THEY
PICK AN EASY TARGET.
IF YOU ARE GOING TO BE A PROGRESSIVE AND GO AFTER
THE INSURANCE COMPANIES, YOU'RE GOING TO HAVE ñ THEN THEY
ARE GOING TO FIGHT BACK AND THEY WILL HAVE NEGATIVE ADS.
THAT IS THE BACKGROUND FOR THIS VERY INTERESTING STORY.