Wednesday Whoops: Martin Shkreli
You’ve no doubt heard about Martin Shkreli – the CEO of Turing Pharmaceuticals – jacking up the price of their anti-parasite medication from $1 per pill to a shocking $750. His disrespect for his customers and for those who criticized his move was palpable. And you probably heard that Shkreli then became so embarrassed by the public backlash to the hike that he promised to reduce the cost to a much lower number (he hasn’t done either yet). But, what you may not have heard is that this week a competitor, San Diego based Imprimis Pharmaceuticals, has released its own drug that isn’t an exact copy of Turing’s but it does exactly the same thing. And get this, Imprimis is charging…wait for it…$1 per pill. Lest you think Imprimis is just launching a loss leader to boost its PR, you’ll note that Imprimis’ CEO assured Fortune, “We’re not losing money doing this. We’re just not ripping people [off].” Whoops CEO Shkreli – you just got a lesson in good, old-fashioned capitalism and how respect for your customers is priceless.
Read Fortune’s article on a cheap alternative to Turing’s super expensive medicine.