Source: Wells Fargo/MediSpan PriceRx
Increases of 9 percent on the average wholesale cost of Celgene’s cancer medicines Pomalyst along with Revlimid, for example, added more than $4,000, the data show.
“Shkreli played a pretty simple game: Raise the cost along with juice the profit,” said Michael Rea, CEO of Rx Savings Solutions. “yet there are cost improvements in which happen in which yield far greater profit than anything in which Shkreli did.”
Biotech bristles at Shkreli’s insinuation he’s one of the group.
“He was in a different business,” said Stelios Papadopoulos, chairman of biotech giant Biogen. “People need to appreciate what he’s being sentenced for has nothing to do with his activities with regards to drug pricing — along with even his drug pricing has nothing to do with what people do inside drug business, who invest hundreds of millions of dollars to discover drugs.”
“I see him as essentially a hedge fund manager,” Cohen added.
Shkreli will be set to be sentenced for convictions on three counts including securities fraud, having to do with hedge funds he ran along which has a former biotech company, Retrophin, in which he founded before Turing. Government prosecutors have asked for a sentence of no shorter than 15 years. Shkreli’s attorneys have asked for 18 months or less.