Shkreli remains unrepentant
The infamous pharmaceutical price-gouger has embraced his image as a public villain.
Martin Shkreli, the poster boy for price-gouging pharmaceutical executives, regularly uses a drug which costs as little as US17 cents a pill.
In a wide-ranging conversation with the Financial Times, Shkreli said he used a version of an antidepressant called Effexor.
‘‘I took this one drug and I’ve been taking it for 15 years,’’ he said. ‘‘One of the reasons I love pharma is my experience of that drug. It has made me invincible in some ways.’’
Shkreli, an entrepreneur and hedge fund founder, became the focus of public fury last year when he acquired the drug Daraprim, which is used in the treatment of Aids and cancer patients, and hiked the cost of a pill from US$13.50 to US$750.
The move was highlighted by presidential candidate Hillary Clinton, and Shkreli was summoned to testify before the United States Congress.
He has since embraced his image as a public villain, while forcefully defending his decision to hike the price of Daraprim – despite initially saying he would lower it. In his interview with the FT, he remained unrepentant.
‘‘To me, the drug was woefully underpriced,’’ he said.
‘‘It is not a question of ‘Is this fair?’ or ‘What did you pay for it?’ or ‘When was it invented?’ It should be more expensive in many ways.’’
Shkreli said he was merely fulfilling an obligation to his shareholders.
‘‘My whole life has been one theme, of self-sacrifice for my investors,’’ he said. ‘‘I did it for my shareholders’ benefit, because that’s my job. The political risk is being shamed, and shame isn’t dilutive to earnings per share.’’
In January, the 32-year-old Brooklyn native struck a different tone in an interview with Vice, which was part of a press tour following the price hike revelation. Though he said then the decision was made out of an obligation to increase revenue, he also emphasised an intention to use profits to help others.
‘‘Yeah, I’m a capitalist, I’d love to make an even bigger fortune than I’ve got now,’’ he said. ‘‘But I’m not gonna do it at the expense of a human life.
‘‘We sell our drugs for a dollar to
My whole life has been one theme, of selfsacrifice for my investors . . . shame isn’t dilutive to earnings per share.
the government, but we sell our drugs for US$750 a pill to Walmart, to Exxon Mobil, to all these big companies, they pay full price because f... them, why shouldn’t they? If I take their money to do research for dying kids, I think I’m a hero.’’
Last December, Shkreli was taken into custody by FBI agents on charges of defrauding investors. He posted US$5 million bail and will stand trial in June. He has maintained his innocence and says the charges are politically motivated.
Shkreli said he was confident he would be acquitted, and compared himself to O J Simpson, Casey Anthony – who both stood trial for murder – and Sean ‘‘P Diddy’’ Combs. He employs Ben Brafman, a lawyer used by Combs and other celebrities, in a case relating to charges of gun possession and bribery. His polarising image and the visibility of his case would more than likely lead to an acquittal, he said.
Shkreli acknowledged that he could end up in jail, but said sources had informed him that he was popular in prison.
‘‘One person told me that the inmates at the white-collar prison are gigantic, huge Shkreli supporters,’’ he said.