Laboratory Equipment
Mon, 10/26/2015
Seth Augenstein, Digital Reporter
The outrage over a pharmaceutical company’s decision to increase the cost of an infectious disease drug from $13.50 to $750 per pill rippled into the U.S. Presidential campaign, and has vilified a CEO who made the decision.
Now it’s also caused a backlash from a competitor now marketing its own version of the treatment for just $1 per pill.
“Today, some drug prices are simply out of control and we believe we may be able to help control costs by offering compounded alternatives to several sole-source legacy generic drugs,” said Mark Baum, the CEO of Imprimis Pharmaceuticals. “In response to this recent case and others that we will soon identify, Imprimis is forming a new program called Imprimis Cares which is aligned to our corporate mission of making novel and customizable medicines available to physicians and patients today at accessible prices.”
Daraprim is used for toxoplasmosis and other parasitic infections that are common in weakened immune systems, like those in HIV and AIDS patients, according to the CDC.
Daraprim was originally approved for use in 1953, and was used to treat malaria, among other afflictions. However, the rights to the drug were sold by Impax Laboratories to Turing Pharmaceuticals in August for $55 million.
The consequent price increase was announced by Turing as a program to increase patient “accessibility and affordability.”
Read more: The Rising Costs of Prescription Drugs
“Since Turing acquired Daraprim, our goal has been to ensure that every patient who needs Daraprim has ready and affordable access to it,” Turing said in a recent statement.
However, the public-relations backlash has carried over into the political sphere, with Sen. Bernie Sanders, a Democratic presidential candidate, refusing a contribution from the Turing CEO, Martin Shkreli.
Shkreli has been the source of hostility and even outrage for more than a month. He was asked in a Reddit AMA about how his public-relations team had handled the controversy.
“Poorly,” Shkreli responded.
Shkreli, a hedge-fund manager, has previously overseen major price increases in other drugs controlled by his companies, according to The New York Times.
Imprimis is apparently trying to make a business model out of selling generics. The plan is for other drugs beyond the version of Daraprim, they said. The company said if they serve patients well, the profits will come.
“While we respect Turing’s right to charge patients and insurance companies whatever it believes is appropriate, there may be more cost-effective compounded options for medications, such as Daraprim, for patients, physicians, insurance companies and pharmacy benefit managers to consider,” said Baum, in his statement. “We are here to serve our patients and their physicians. We believe that when we do a great job serving our customers, our shareholders will also benefit.”
However, the Imprimis versions will not have an FDA label – and will instead by prescribed by physicians in accordance with federal and state laws, the company added.
Mon, 10/26/2015
Seth Augenstein, Digital Reporter
The outrage over a pharmaceutical company’s decision to increase the cost of an infectious disease drug from $13.50 to $750 per pill rippled into the U.S. Presidential campaign, and has vilified a CEO who made the decision.
Now it’s also caused a backlash from a competitor now marketing its own version of the treatment for just $1 per pill.
“Today, some drug prices are simply out of control and we believe we may be able to help control costs by offering compounded alternatives to several sole-source legacy generic drugs,” said Mark Baum, the CEO of Imprimis Pharmaceuticals. “In response to this recent case and others that we will soon identify, Imprimis is forming a new program called Imprimis Cares which is aligned to our corporate mission of making novel and customizable medicines available to physicians and patients today at accessible prices.”
Daraprim is used for toxoplasmosis and other parasitic infections that are common in weakened immune systems, like those in HIV and AIDS patients, according to the CDC.
Daraprim was originally approved for use in 1953, and was used to treat malaria, among other afflictions. However, the rights to the drug were sold by Impax Laboratories to Turing Pharmaceuticals in August for $55 million.
The consequent price increase was announced by Turing as a program to increase patient “accessibility and affordability.”
Read more: The Rising Costs of Prescription Drugs
“Since Turing acquired Daraprim, our goal has been to ensure that every patient who needs Daraprim has ready and affordable access to it,” Turing said in a recent statement.
However, the public-relations backlash has carried over into the political sphere, with Sen. Bernie Sanders, a Democratic presidential candidate, refusing a contribution from the Turing CEO, Martin Shkreli.
Shkreli has been the source of hostility and even outrage for more than a month. He was asked in a Reddit AMA about how his public-relations team had handled the controversy.
“Poorly,” Shkreli responded.
Shkreli, a hedge-fund manager, has previously overseen major price increases in other drugs controlled by his companies, according to The New York Times.
Imprimis is apparently trying to make a business model out of selling generics. The plan is for other drugs beyond the version of Daraprim, they said. The company said if they serve patients well, the profits will come.
“While we respect Turing’s right to charge patients and insurance companies whatever it believes is appropriate, there may be more cost-effective compounded options for medications, such as Daraprim, for patients, physicians, insurance companies and pharmacy benefit managers to consider,” said Baum, in his statement. “We are here to serve our patients and their physicians. We believe that when we do a great job serving our customers, our shareholders will also benefit.”
However, the Imprimis versions will not have an FDA label – and will instead by prescribed by physicians in accordance with federal and state laws, the company added.