Irish Health Minister For Health (Leo Varadkar) Slams Greedy Drug Companies.. Plus.. Pharma CEO, Martin Schkreli Is Arrested For Fraud..

The Irish Health minister, Leo Varadkar, made some very damning comments about the pharmaceutical industry recently:

“…Minister for Health Leo Varadkar has condemned the “greed incorporated” in drug companies and said dealing with some of them brought out “whatever socialist instincts may be buried in me”.

His Dublin West constituency colleague and Socialist Party TD Ruth Coppinger had said ordinary people were held hostage by the “profiteering of these companies under our capitalist system. That is why I am a socialist and why I believe health should be a priority.”

She called on the Minister to negotiate a cut in the price of the new Orkambi drug for cystic fibrosis which the HSE estimates will cost €90 million a year. Ireland has the highest cystic fibrosis rate in the world .

Mr Varadkar agreed drug companies “overcharge and use patients as pawns” and in some countries hired PR companies to coach patients to advocate on their behalf. He said “these people also pay themselves massive salaries, draw down massive profits and pay massive dividends. They are people whose bonus every year is based on how much they can overcharge a small country.”

The Minister said they targeted small countries “and get the small country to set the high price and then offer bigger countries slight discounts”.

This, he said, “is a case of greed incorporated. While I am not a socialist, dealing with some of these companies would ring out whatever socialist instincts may be buried in me.”

In other (timely) news, greedy sociopath, and Turings Pharma CEO, Martin Shkreli, (apparently the most hated man in America) has been arrested for fraud..

It has been a busy week for Martin Shkreli, the flamboyant businessman at the center of the drug industry’s price-gouging scandals.

He said he would sharply increase the cost of a drug used to treat a potentially deadly parasitic infection. He called himself “the world’s most eligible bachelor” on Twitter and railed against critics in a live-streaming YouTube video. After reportedly paying $2 million for a rare Wu-Tang Clan album, he goaded a member of the hip-hop group to “show me some respect.”

Then, at 6 a.m. Thursday, F.B.I. agents arrested Mr. Shkreli, 32, at his Murray Hill apartment. He was arraigned in Federal District Court in Brooklyn on securities fraud and wire fraud charges.

Maybe one day the FBI will come for the Glaxo  pharmafia crooks?  (Garnier, Witty, Bob Ingram, Viehbacher… and the rest)

Here’s hoping…










  1. @nellliebly

    Does Shkreli take antidepressants? If so, and the drugs brought on his apparent mania, we could finally have the wealthy crusader we need, once he figured it out, and if he hid his money well. They won’t go for the GSK crooks any more than they’ll go for the banksters who coordinated the collapse of the US economy (again). (“The Big Short” is out; said to cover that topic well.) Shkreli was an outsider and a Georgian at that. Sacrificial black sheep. Maybe has has a few things to tell the FBI about how the others operate, though. Could be interesting.

  2. Publisher-in-Chief

    Reblogged this on Knowledge, Essays, Opinions and Curated News for Savvy Doctors … and their Financial Advisors and Business Management Consultants … and commented:
    Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.
    Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact:
    • CLINICS:
    • FINANCE: Financial Planning for Physicians and Advisors
    • INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
    • Dictionary of Health Economics and Finance
    • Dictionary of Health Information Technology and Security
    • Dictionary of Health Insurance and Managed Care

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s