Feel free to hate Martin Shkreli, but realize that the drug in question has been around for more than...
Feel free to hate Martin Shkreli, but realize that the drug in question has been around for more than 60 years, and the only reason he could charge what he was charging for it is because the government makes it very difficult for competitors to make generic versions of the same drug (in this case, the patent expired, but Shkreli was attempting to use other government regulations to prevent competitors from doing what was necessary to get FDA approval for generic versions).
This drug is so common and cheap that it costs less than $1 US in most countries, but Shkreli was charging $750. Reportedly some hospitals just make the drug in-house, on-demand.
Apparently, there now is a generic equivalent in the U.S. But the only reason why the price could be so high is because there wasn't any other option. And yes, the reasons why there was only one option wasn't entirely caused by government -- it was a low-demand and low-margin product -- but the reason why Shkreli could raise the price without worrying about competition undercutting him is mostly due to government regulation.
This drug is so common and cheap that it costs less than $1 US in most countries, but Shkreli was charging $750. Reportedly some hospitals just make the drug in-house, on-demand.
Apparently, there now is a generic equivalent in the U.S. But the only reason why the price could be so high is because there wasn't any other option. And yes, the reasons why there was only one option wasn't entirely caused by government -- it was a low-demand and low-margin product -- but the reason why Shkreli could raise the price without worrying about competition undercutting him is mostly due to government regulation.
"It is the common fate of the indolent to see their rights become a prey to the active. The condition upon which God hath given liberty to man is eternal vigilance; which condition if he break, servitude is at once the consequence of his crime and the punishment of his guilt."
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