The Case Of Turing Pharmaceutical - 1079 Words

So-called ‘most hated man in America’ hiked price of Daraprim 5,000% Description Turing Pharmaceutical has been sued for 5,000% price increase of Daraprim drug. The company that was headed by Martin Shkreli faces breach of contract charges. Mr. Martin is claimed to have hiked the prices and also faces charges of defrauding. Later on, he had invoked the fifth amendment during the grill by the concerned congress he has been condemning the politicians and the members of the congress. The company, Turing, also facing charges of breaching the contract (Kevin, 2016). The entrepreneur refused to testify the charges of his unethical acts of raising the prices of the drugs in all his associated drug companies last year. The drug, Daraprim, is essential for many people suffering from AIDS. The patients will have to cater for the higher prices hiked by the entrepreneur. He was arrested in December 2015 after his reassignment. Hiking the price have been referred as â€Å"blood money† (Joanna. 2016). The hiking of the prices has been unaffordable. The hiking is said to be 5 000% for Daraprim, that is from $13.50 to $750 a pill (Joanna, 2016). Surprisingly, the hiked prices were done after the company acquired the drugs from another company. The company was expected to provide accurate data on prices which they failed to provide. Martin is said to have been purchasing the medicine from other companies and selling them at abnormal prices. He had promised to lower the cost of the drugs but itShow MoreRelatedThere Was An Ethical Issue Which Arose In The United States1043 Words   |  5 Pagesthe United States of America regarding Turing Pharmaceuticals messed up drug pricing (Timmerman 2015) that has gained a lot of attention in recent times. Ethics is the rules of conduct acknowledged in respect to a class of human actions or a group (Diffen 2016). Ethics is important as it affects not only the organization but the community and society at large (Spooner n.d.). This essay will discuss about how unethical Turing Pharmaceuticals acted in the case of price hiked in a 62-year-old AIDS drugRead MorePharmaceutical Companies And The Pharmaceutical Industry1664 Words   |  7 PagesThese pharmaceutical companies can increase their prices dramatically without the fear of losing profits because there is a lack of competition in their field. Since there is no other companies in the field to compete prices with, companies like Turing Pharmaceuticals can dramatically increase their price to increase their revenue. Even prior to Turing Pharmaceutical’s price increase, there was no competitors and large profits were being made. What is odd about this situation is that despite theRead MoreLeadership Styles Of The Marine Corps1713 Words   |  7 Pagesthe leadership. The boards of directors, stakeholders and the followers have as much as an obligation to the organization as the CEO. Martin Shkreli was the CEO of MSMB Capital, MSMB Healthcare, Retrophin,Turing Pharmaceuticals and has been charged with fraud. Prior to Turing Pharmaceuticals, Martin founded the company Retrophin and had two hedge funds. He was using stock from biotech companies to pay of the debts of his two hedge funds. He ultimately was misleading his investors and lied aboutRead MoreMajor Drug Companies Taking Hefty Price Increases Essay886 Words   |  4 PagesNEW YORK (Reuters) - Major drug companies took hefty price increases in the U.S., in some cases more than doubling listed charges, for widely used medications over the past five years, a Reuters analysis of proprietary data found. Prices for four of the nation s top 10 drugs increased more than 100 percent since 2011, Reuters found. Six others went up more than 50 percent. Together, the price increases on drugs for arthritis, high cholesterol, asthma and other common problems added billions inRead MoreGoogle, Calico, And The Ethical Implications Of New Healthcare1672 Words   |  7 Pagesreaffirm that every human being has the inherent right to life†(Article 10). A situation in which this applies, is the drug, Daraprim, a revolutionary drugged used in the treatment of HIV, being increased by 4000% from $13.50 a pill to $750 by Turing Pharmaceuticals (Johnson). This drug could be potentially life-saving for a disease which was previously guaranteed to cause death. However, many people could not afford it once the price was increased and insurance would not cover it, so many hospitals wereRead MoreThe Pharmaceutical Industry1566 Words   |  7 PagesAlong with saving lives and helping people live an ordi nary life in comfort, the pharmaceutical industry makes billions of dollars every year; money that is invested in research/development as well as lining the pockets of shareholders. However, in the past two years the system has been abused by those hoping to make a hefty profit from buying or acquiring a drug and then raising the price ten or twenty-fold, often with the simple reason of greed or matching what other companies do (Johnson). OccasionallyRead MoreHiv And Human Immunodeficiency Virus888 Words   |  4 PagesIt has been over 30 years since the first known cases of HIV (human immunodeficiency virus) which is the virus that causes AIDS (acquired immune deficiency syndrome) was reported. HIV attacks and disables the body s immune system. The virus attacks, the T lymphocyte (T cell), a type of white blood cell. Formed in the bone marrow the T cell helps the body fight off germs and diseases. Once HIV enters the body, it attacks this cell, copies itself and destroys the cell. Being HIV-positive indicatesRead MoreManipulation Of Patents And Market Pricing940 Words   |  4 PagesHypothesis: The manipulation of patents and market pricing have allowed pharmaceutical companies to raise the prices on drugs necessary for individuals in the US compared. With no competition, the companies are able to exploit the patent system to maximizing profits with no regard to the consumers economic welfare. The price of pharmaceuticals are constantly higher than the rest of the world and the people of America are paying that price. Method of Inquiry: After conducting a thorough analysisRead MoreThe Ethical And Management Issues1466 Words   |  6 PagesIntroduction This report will address the ethical and management issues presented in the case studies Seven Eleven, Are organisation’s exploiting ‘non-employees’ and New and challenging HRM issues in China and India. The main ethical issues raised by these case studies are cultural diversity issues, discrimination and employee working conditions. Along with these ethical issues there are also management issues outlined Corporate Greed and an issue Human resource. This resulted in loss of thousandsRead MoreThe Issue Of Prescription Drugs1425 Words   |  6 Pagesactions from pharmaceutical companies, the most recent case being the arrest of Turing Pharmaceuticals’ CEO, Martin Shkreli. Shkreli was arrested on federal fraud charges a week before Christmas, but his infamy stems from his company’s price jack of Daraprim, an anti-parasite drug that is pivotal in the treatment of cancer and HIV patients. In at least 14 states, legislators have introduced â€Å"drug pr icing transparency† bills, which have been designed to gather information from pharmaceutical companies