Public Employee Press

Editorials
Prescription drug profiteering

In September, a former hedge fund manager became the focus of everything wrong with Big Pharma, which enjoys stratospheric profits because of its excessive pricing of prescription drugs.

In the case of Martin Shkreli's Turing Pharmaceuticals, it was a step too far.

Turing owns Daraprim, a drug used to fight toxoplasmosis, a parasitic infection that affects people with AIDS and cancer. Thousands of patients rely on Daraprim.

Last summer, Shkreli raised the price of Daraprim from $13.50 per pill to $750, a 5,000 percent hike, which created a public outrage.

Shkreli's cynical comments about the price hike sparked further criticism. He described the profit on the drug as "reasonable" and said the price increase was "not excessive at all."

The Daraprim controversy is a symptom of a larger problem that must be addressed through legislation.

In Congress, House Rep. Elijah Cummings of Maryland and Sen. Bernie Sanders of Vermont have introduced legislation to stop these outrageous practices by corporate predators that threaten the health of millions of Americans.

The Prescription Drug Affordability Act would allow the importation of more affordable Canadian prescription drugs; require Medicare to negotiate better prices; and call for greater transparency to hold the industry accountable.

This is an act we need, and should support, to stop vulture investors from preying upon our most vulnerable.