Many people have a dim view of the pharmaceutical industry, referred to by critics as the Big Pharma. This reputation is not helped by someone like Martin Shkreli, former CEO of Turing pharmaceuticals. Shkreli came under fire in 2015 when he raised the price of an anti-parasitic drug, Daraprim, from $13.50 to $750.
Daraprim can be a life-saving drug for patients with compromised immune systems like those with AIDS or cancer.
A Reuters report said Shkreli is facing trial this month but for reasons unrelated to the Daraprim price hike. Shkreli is facing fraud charges for what prosecutors say was a Ponzi-like scheme he undertook while he managed a hedge fund and a pharmaceutical company, Retrophin. He founded the drug company in 2011.
According to authorities, Shkreli lured investors into his hedge fund, which was already incurring massive losses. He allegedly lied about those losses and instead, stole millions of dollars from Retrophin to pay investors back.
On the heels of news on Shkreli, another pharmaceutical head, Barry Cadden, was sentenced to nine years in prison for conspiracy and fraud. According to CBS News, prosecutors accused Cadden of violating safety regulations at his facility, the New England Compounding Center. He supposedly did this to hasten production and increase profits.
Cadden was earlier charged with second-degree murder after contaminated medical steroids from his facility were injected into patients. Hundreds of people got sick and 76 died. Cadden was acquitted of the murder charge.
The tug-of-war between profit and public health is likely to continue as long as pharmaceutical firms are in business. One study posted in the National Center for Biotechnology Information website said the conflict of interest between the two is technically unsolvable. The study proposed an “extension of morality” in the existing system and public policy to help reconcile public good with private enterprise.
Global earnings for pharmaceutical companies are estimated at more than a trillion dollars per year. In the U.S. alone drug companies poured $790 billion into the economy. They also support 3.4 million jobs, directly and indirectly. With so much at stake, it’s unclear where this moral shift will come from.
Pet cleanup charges take many travelers by surprise
From rental cars to hotels, the travel industry is now actively charging customers for pet cleanup expenses.
Agriculture markets rally as China looks at TPP compliance
China passed a law on Friday protecting foreign investments and investors. This had been a key demand from the US...
How the building envelope impacts your property investments
The building envelope is the barrier between indoor and outdoor environments. Here’s how it plays an important role in your...
What indicates the start of a bull market run?
Predicting the stock market is difficult. If it were easy, there would be a lot more millionaires in the world....
Boom and busts: Monetary inflation stemming from fractional-reserve banking
This was a constructive week for the Dow Jones, up 1.49 percent in the BEV chart.
- Sponsored2 days ago
White Label Liquid (WLAB) is the custom producer CBD investors should keep an eye on
- Featured5 days ago
5 office design trends that will attract and retain millennial workers in 2019
- Featured4 days ago
Co-working: The office space trend that keeps expanding
- Entrepreneurship5 days ago
How to use Facebook Marketplace ads to quickly boost your income