Turing Pharmaceuticals Tweet from Bernie sariders, U.S. Senator and former democ

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Turing Pharmaceuticals Tweet from Bernie sariders, U.S. Senator and former democratic presidential candidatoe Introduction: In august 2015, doctors treating AIDS patients and cancer victims suffering from a rare parasitic infection that affects people with weakened immune systems suddenly found their work had gotten a lot more expensive. The U.S. price of the drug that had been used to treat such life-threatening infections for more than six decades had jumped overnight from $13.50 per dose to $750. The explanation that emerged in the weeks that followed wasn't a shortage of ingredients or a new development in the treatment formulary. Rather the drug, Daraprim, had become part of what some said was a new trend of investor speculation in drug price. Turing Pharmaceuticals, a new venture started by a former hedge fund manager with a controversial history, had purchased the only company that made the out-of-patent drug in the United States. The next day, Turing increased the price of the mdrug, Daraprim, by more than 5000 percent. Doctors, patients and politicians charged "price-gouging As the story became a media sensation, Turing's 32-year-old founder and CEO Martin Shkreli said the company planned to use the profits to try to develop better treatments for the infection the drug treats, toxoplasmosis. "ultimately," he said on televised interviews, "I'm a capitalist. I'm trying to create a big drug company, a successful drug company, a profitable drug company." Overnight Shkreli rose from obscurity to become the poster child for everything that was perceived to be wrong with the pharmaceutical industry's pricing scheme in the lightly regulated U.S. market. As the charges of price gouging burst onto the political forefront, biotech company stock prices plummeted by nearly 25percent. Social media discussion of the topic exploded, with Twitter posters calling Shkreli "pharma jerk", and "a morally bankrupt sociopath. The BBC pondered whether Shlreli was "the most hated man in America." And American presidential candidate Hillary Clinton laid out new proposals to limited profits made by the entire drug industry The profit of the world's pharmaceutical industry were heavily dependent upon the U.S. market which spend far more than other countries, accounting for 40 percent of global pharmaceutical sales. However, similar price debates were starting to affect even those countries where governments controlled drug pricing - especially as health systems decided whether to allow patients to access new, high-tech treatments that can be incredibly expensive. Turing was far from the only drug company to raise prices in the U.S. in recent years. Studies showed that one out of five of the most used generic drugs increased in price by more than 50 percent in 2013, while brand-name drug prices jumped more than eight times the general inflation rate. But Turing's actions fixed public attention on drug prices and raised the issue of whether the pharmaceutical industry should be able to profit on the plight of theill. Questioning Drug Profits Though they are developed by private companies, pharmaceutical cures serve a public good, improving health and preventing needless deaths. In essence, drug companies are given government patents that allow them to charge high prices for their drugs for a number of years in exchange for undertaking the expensive and risky business of

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Case about Turing pharmaceuticals:

The case is about the price hike of medicines in U.S. Turing pharmaceuticals is one of the well known pharmaceutical company which produces a medicine called "Daraprim" which is very helpful in treating diseases like AIDS AND cancer. Initially the price of a pill is $ 13.50 and by 2015 on an overnight the price was raised as $750 per dose. It was a higher price and all the suffering people couldn't afford it for the treatment.

Martin Shkreli, founder and CEO of Turing pharmanceuticals addressed the people through television and described about the price hike,it is because of the research work and better treatment for the people suffered from cancer,aids and so on..All the pharmacy officials, doctors and health professionals were charged against this price hike as "price - gouging". Once Martin explained about the research status and fund needed to undergo their work to cure the disease, people were get back their charges against Turing pharmaceuticals. Government also helps the pharmaceutical and gives patent to the company.This was a big shot for Turing and became the number one in pharmacy industry.

Martin Shkreli is 32 when he shoots up the price of daraprim, but by the age of 12 itself his business mind had started working.he started investing in stocks and shares of compaq computers at the age of 12 and noticed the ups and downs of a business. He left school and joined a business college and started knowing about the pros and cons of a business.And he find pharmaceutical industry is the one where he can earn a lot and started up his business.Martin was named as "gadfly pharma investor" and "pharma bro" by the pharmacy industry. He worked for Retrophin as CEO for three years and later he developed his own.

In order to attract people and also to get a good name in the minds of people, he voluntarily share the offer to the public that he can serve to the people at a lower cost for the needy. because the medicine is affordable to the people, if only they have a health insurance.

Initially daraprim was developed by a U.K.based pharmacy gaint Glaxosmithklime and sell the dose for below $1, later they sell their rights to corepharma and then to Impax and finally Turing purchaesd the medical right. Once Turing acquired the daraprim, the price of the dose has increased.It became a major fighter for the giants of the pharmacy industry like Pfizer and Eli lilly.

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