Nirmal Mulye (left) is facing intense criticism for claiming that he is a ‘moral’ right to increase the price of critical antibiotic medications; He has evoked memories of Martin Shkreli (right), the infamous “pharma-bro’
Move over, ” Pharma Bro.” A new CEO is in the running as the pharmaceutical industry, the most despised executive to claim that he is the “moral” right to raise the price of a vital antibiotic.
Nirmal Mulye, chief executive of the drug company Nostrum Laboratories, is facing fierce backlash after telling the Financial Times this week that he has a “moral obligation” to charge as much money as possible for lifesaving medications.
Nostrum, Missouri-based company that claims its mission is to market competitively priced high quality products and offer maximum benefits for patients,” has come under scrutiny for a quadrupling of the price of an antibiotic drug of $474.74 $2,393 per bottle.
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The drug nitrofurantoin, is listed by the World Health Organization as an essential medicine for basic health care.” It’s been on the market since 1953 and has been used for the treatment of a bladder infection.
Mulye in respect of his decision to blow up the price of an art dealer who sells “a painting for a half a billion dollars” and said that he was in the medicine business to earn money.”
As if that wasn’t ridiculous enough, he went even further when he defended the actions of Martin Shkreli, the grinning “Pharma Bro” who jacked up the price of a lifesaving cancer drug, was sentenced on an unrelated fraud charges and end up crying in the court when he was sentenced to seven years behind bars.
“I agree with Martin Shkreli that when he increased the price of the drug he was in his right, because he had to reward its shareholders,” Mulye explained.
But he slapped himself for his religious comments.
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1/2 Covers @FT story today @bydavidcrow; there is no moral obligation to price gouge and take advantage of the patients. The FDA will continue to promote competition, so that speculators and those who have no regard to the consequences for health could not benefit from the patients who need medicine
— Scott Gottlieb, M. D. (@SGottliebFDA) September 11, 2018
Scott Gottlieb, commissioner of the Food and Drug Administration, who tweeted: “There is no moral obligation to price gouge and take advantage of the patients.”
Gottlieb says the FDA will work for a competition so that with regard to the consequences for health could not benefit from the patients who need medicine.”
Despite the online outrage, there is not much progress made by the Trumpet of directors to take the reins in price gougers.
Shortly after he was elected President, Trump claimed he was just the man, who would big pharma in the place.
“They get away with murder,” he said in January 2017.
While he managed to shame some drug makers on social media, the promises made to delay or roll back efforts are mainly cosmetic.
Michael Rea, the founder and CEO of RX Savings Solutions, told Bloomberg Radio a way to push back on price increases is for consumers to know what they pay and what options are available to them.
He adds that price increases are not always on special drugs and started with the influence of generic medicines.
A recent analysis of the RX Savings Solutions found six triple-digit price increases in the medication, between 30 August to 7 September, including one on a generic medicines.
Mulye, meanwhile, has walked back some of his comments. During a telephone interview with CNBC, he claimed that he was not the defense of Shkreli’s controversial tactics but instead was to shed light on the inefficiencies of the FDA.
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“What I said was, under what conditions, Shkreli was able to do what he did were made by the FDA. That is the real story.”