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'Moral Requirement' to make as much money as possible?

Climber

Climber

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Pharma exec: 400% price hike is 'moral requirement'
A pharmaceutical company executive defended his decision to raise the price of an essential drug by 400 percent, proclaiming the price hike "a moral requirement to make money."

Nirmal Mulye, founder and president of Nostrum Laboratories in Missouri, spoke on the decision to raise the price of a bottle of antibiotic nitrofurantoin from $474.75 to $2,932, in an interview with the Financial Times released Tuesday. The drug treats bladder infections and is considered by the World Health Organization to be an "essential medicine" for a basic health-care system.

"I think it is a moral requirement to make money when you can ... to sell the product for the highest price," Mulye told the Financial Times.

If this all sounds familiar, you may be getting flashbacks to the moment when Martin Shkreli became part of the public consciousness as "Pharma Bro." Shkreli was famously publicly maligned in 2015 for his decision to raise the price of the drug Daraprim from $13.50 to $750 — per pill.
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Perhaps one of the most disgusting justifications for greed that I've heard!

Am I over-reacting or do others find this equally disgusting?
 
Well, if you are a publicly traded company you do have a duty to deliver maximum value to your shareholders.

When it is frozen concentrated orange juice, nobody cares about the moral implications but when it is lifesaving drugs things get sticky.
 
Federal government should pass a windfall profits tax on 100% of profits above $X per unit, for all generic drugs in production for Y years but now made by less than Z manufacturers.
 
We need more corporate tax cuts for these job creators!
 
Morals and ethics have no place in the board room. [sarcasm]Maybe he could sell the drugs on credit to anyone with a pulse. Bundle the debt and sell it while misleading investors about the risk of the underlying debt.[/sarcasm]
 
Climber said:
Pharma exec: 400% price hike is 'moral requirement'

Perhaps one of the most disgusting justifications for greed that I've heard!

Am I over-reacting or do others find this equally disgusting?
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The last freelance job I did was I worked as a financial consultant for the Pharmacos. In the 6 years since, I have only ever worked for nonprofits. U.S. Drug companies are the most evil shit in America. Worse than the Prison Industrial Complex, which is saying A LOT.
 
He has a functionary obligation to make as much money as possible, not a moral one.
 
Disgusting
 
iu
 
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A healthcare system which is beneficial to all people isn't compatible with free market ideologies.
 
Nitrofurantoin was first sold in 1953.[3] It is on the World Health Organization's List of Essential Medicines, the most effective and safe medicines needed in a health system.[4] It is available as a generic medication.[1] The wholesale cost in the developing world is between 0.10 and 9.20 USD for a course of treatment.[5] In the United States, the wholesale cost is about 2400 USD for this amount as of 2018.[6]
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I'm sure that $2400 is now closer to $10k. This is america
 
I think that the US government has the Moral Obligation to make rules to ensure that assholes like this can't fuck up peoples lives through greed.
 
The guy is another amoral sociopath, I am sure, but he is not actually profiting on his greed, despite his blustering. Some other facts in the story:

A. Another company is charging similar gouging prices.
B. His liquid version isn't even being marketed.
C. There are still several other companies that make the drug.

competitor Casper Pharma raised its own prices on the same drug over the course of three years, eventually raising it to $2,800, according to Financial Times' reporting.
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Gottlieb affirmed that the drug in question was not in shortage, underlining the point that Nostrum's liquid version of the drug was not being actively marketed — a fact that was confirmed by Mulye in a follow-up, and the CEO stating that the price could change again, according to the market.
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Drug companies are taking the same track that airlines are....one company does something shitty...Raise prices, charges a surcharge, raises prices on said surcharges, passes on new fuel tax for tickets......other companies wait for moral outrage to subside then they follow suit, repeat ad nauseum.

Pharma Bros are now doing the same thing one company raises a price for X drug then others wait and do the same whether to the same drug or a new one. In their minds everyone wins except the person on the short end of the barbed, unlubricated stick they are now sticking up our collective asses.

All hail Our Corporate Overlords.
 
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