Tag: big pharma

Senate launches Turing Pharmaceuticals investigation

Martin Shkreli stands in a window

The U.S. Senate sent the CEO of Turing Pharmaceuticals, Martin Shkreli, a letter on Wednesday informing him that the company is under investigation for the massive price increase of Daraprim.   Turing Pharmaceuticals was hit with a lot of negative PR after they raised the cost of Daraprim from $13.50 to $750 per pill, but… Read More

Pharmaceutical industry bias leads to burial of drug side effects

Paxil pills spilling out of a bottle

The antidepressant medication Paxil was found to be not safe for teenagers in September, even though the pill’s original 2001 drug trial said otherwise. The pharmaceutical company GlaxoSmithKline funded the trial, and used their influence to suppress the negative results Paxil presented when used on teens.         GlaxoSmithKline isn’t the only pharmaceutical company that… Read More

Pharmaceutical company embroiled in Enron-sized scandal

Valeant building

Valeant Pharmaceuticals International Inc. is in full-on crisis mode amidst accusations of fraudulent accounting practices. Citron Research, a provider of short-focused market commentary, has reported that the Canadian pharmaceutical company is storing excess inventory in subsidiaries and then reporting that inventory as sales revenue. These types of unethical accounting practices are very similar to those… Read More

Turing Pharmaceuticals somehow gets even more unpopular, meet the $1 Daraprim pill

The San Diego-based Imprimis Pharmaceuticals announced on Thursday that they have developed an alternative to the $750 drug Daraprim, and it will only cost about $1 per pill.   Turing Pharmaceuticals started a big controversy in September, after they increased the price of their toxoplasmosis medication Daraprim from $13.50 to $750 per pill. Many were… Read More

The staggering cost of orphan drugs in the United States

Turing Pharmaceuticals faced public outrage after the company’s CEO, Martin Shkreli, raised the price of the drug Daraprim by over 5,000 percent.     Daraprim helps treat toxoplasmosis, which can be a dangerous disease to people with weak immune systems. Turing Pharmaceuticals purchased Daraprim from Impax Laboratories for $55 million in August and quickly increased the… Read More