Martin Shkreli on Drug Price Hikes and Playing the World’s Villain

Martin Shkreli on Drug Price Hikes and Playing the World’s Villain


It’s Friday night in Midtown, Manhattan And I’m here to hang out with Martin Shkreli who became famous in October for raising the price of the drug That’s used to treat hiv positive patients by more than [5,000] percent The drug in question is called daraprim it used to cost 1350 per pill turing changed the cost to a whopping $750 that’s price gouging pure and simple Martin Shkreli is a 32 year old entrepreneur and company build it from Sheepshead Bay, Brooklyn After increasing the price of daraprim overnight he became the poster child for capitalistic greed Crowley Ran with the Bad-boy [image] flaunting his trollish behavior in the Media. He’s not your typical [pharma] tycoon anyway Over the past year. He’s funded an Indie record label [claimed] [he] [would] bail Bobby Shmurda out of jail and Purchased the only copy of a legendary wu-tang clan album with no immediate plans to play it In December [Shekhar] [Lee] was indicted on securities fraud charges and is now under [investigation] by both congress and the federal trade commission [for] price Gouging so his time in the spotlight isn’t over yet I Caught up [with] him at his Midtown apartment to meet the man behind the headlines. Oh yeah, I noticed We are right next to pfizer house. It’s on purpose. It’s a little on perfect, so I walk by here every morning I go to work, and I walk about Pfizer’s world clinical world headquarters, and they don’t have one lab in there They don’t have you know any research going on this companies cut billions of dollars of research, and they raise price all the time [I’m] in fact they raise price on a hundred drugs Just last week and nobody wrote anything about it But so it’s fun to kind of walk by here and simultaneously see like what I love and what I hate I love drugs, and how they can help people But I also hate companies that are kind of hypocritical and full of shit and pfizer’s a good example of something like that [so] are you cool by the way? It’s like really good green goo All right previous not impervious You’re getting a heckled right now. No. He said free Shkreli. So aside. [it’s] free is like. I’m gonna hit you so [anyway], [oh] It’s all love So yeah, this is yours what no, oh Yeah, yeah FBI’s messing my business. This is fun Checking [to] see if it’s FBI. I don’t it might be fBI This is the spot [that’s] the album. Yeah [all] right, let’s open a really nice wall This is a 2005 patrice magnum okay, so we’re gonna have some of this maybe play some chess or do whatever you want It’s been a while since I’ve done s I’m assuming you go first right? I do [uh-huh] cool. [I] know that much but Beyond that I might feel a little good. So I hit this every time yeah, okay, so you play the sicilian defense frequently here No, I don’t know what that even means okay, so I don’t understand what wine we’re drinking And I don’t understand the game that we’re playing so that’s fine. The sicilian defense is one of the more popular um grooves in chess but [it] doesn’t appear. You know how to play chess very well no Anyway, what do we want to talk about I kinda Wanna know how you got started in Near the hedge fund business um I got interested in stocks as a kid and my friends made fun of me all the time Ah for that, you know in fact. I remember the kids made fun of me for caring about stock the stock market and I I told them that I’d uh you know that it would someday would matter and you know I got more and more interested investments and the time came for [me] [to] get like [a] part-time job Slash internship and I Found my way into a hedge fund but over time I kind of realized that that um Who gives a shit you know at the [end] of the day like is that? Really a career you know predicting a stock price you might as well gamble and race horses or blackjack or poker? I mean, it’s it’s such a silly I’m threatening your queen. So just keep that in mind. It’s sort of silly It’s sort of silly Queens the most important peace [oh] um. I’ll move her yes, so in any event I kind of went from you know this this kind of ridiculous idea that people should sit around and speculate on a stock price like it’s Something to do and is absurd And and start a drug company one I could do it Most importantly that I understood medicine and science enough to the point where I could [started] our company to is very Profitable [a] lot of people think that you are evil. I Know you know that yeah, are you evil am I evil no? No I i uh I? Think [I’m] the opposite of evil right? I mean I I think that Almost a became thing where I want to agree to do it like Participate in it and say oh yeah. I am evil You know let me let me be the bad guy And I started doing funny and fun stuff that maybe even extended the concept of yes, sure. I’m evil [I’ll] be the bond villain and But the reality is you know you’re you’re you’re talking to someone that cares deeply about helping people’s lives [so] I think the idea [that] I represent firm is insane That I don’t I mean I I don’t like most drug companies. I think most of them do a bad job. [I] think that I’m different. Yeah, I’m a capitalist I’d love to make a even bigger fortune than I’ve got now and I can do at the expense of a human life You know we sell our drugs for a dollar to the government, but we sell drugs for 750 a pill to Walmart to exxonmobil to all these big companies and they pay full price because fuck that and why shouldn’t they and If I take that money, and I’m using it to do research for dying kids. I think I’m a hero [let] Alone evil So how did you decide that you wanted to? Purchase daraprim as opposed to any other drug that treats a rare illness well my team you know looks for drugs to buy and I’ve been fascinated by infections For a long time my sister was dying of an infection And we didn’t know [it’s] an infection. It was this um just a strange symptomatology where she couldn’t move and it was really scary and So I’ve always been sort of fascinated by infections because they’re alive. They’re alive within you and it’s it’s Amazing because we need drugs to kill these these bogs and for daraprim the opportunity presented itself where we could you know Buy this medicine this medicine could have been for sale, so we approached This company and we ended up buying it so we saw that as an opportunity To make money for our shareholders, but also then build a platform of a company that was focused on rare infections We knew ahead of time that we were Gonna Raise the price That we paid so [much] for that medicine relative to the amount of money was making though We we knew that we had [to] raise the price. It wasn’t going to be and the company selling it to us knew Shkreli claims, he’s not hurting people and that if anyone is [to] suffer from the price Hikes It’s greedy insurance companies the critics say that bilking those companies as greedy as they may be amounts to a cost spread out across taxpayers and raises premiums When you do that does that cause [healthcare] premiums to increase? Yeah, it’s a great question. I mean so the u.s. Drug industry is a five hundred billion Dollar industry and One drug even the biggest drug in the world can’t it can’t influence [healthcare] premiums, it’s too big. [it’s] in fact drugs are only a portion of healthcare in General so doctors or Doctors and hospitals are actually bigger than drug costs. So drug costs are about 20% [of] of all healthcare costs and 80% is hospitals and physicians and things like that [and] drugs really take it on the [chin] as as the major Culprit and no one sort of complains about hospitals or doctors raising one of the smallest drugs in the world Say you know our drug was public information was a five million dollar drug Even if that went up twenty fold I could tell you it hasn’t You know it’s a hundred million which on a five hundred billion dollar number. It’s basically meaningless So to me. It’s like it’s a little You know I mean my I have a big mouth and and that’s kind [of] the [reason] a lot of this stuff has happened That’s good move for once and But you know there are more expensive drugs there are bigger drug price increases I’m not the you know, and I’m not saying that like there’s a slippery slope of saying like well I’m not the worst child abuser. I’m not the worst you know domestic violence person. That’s not what I’m saying at all [you] know because I don’t think that’d be a Inappropriate argument, I defend what we’ve done. I think it’s a good thing But at the same time like if you want to think it’s a bad [thing] then you know you can look at other companies and in fact Last thing I’ll say is about 60 to 70 percent of our patients actually do get it [roofie] And you can imagine it if you extend this kind of offer to people They’ll take advantage of it, and they do you know it’s hard to run a business like that Shkreli has touted that people who can’t afford daraprim can contact him and get it for free But physicians and hospital systems managers across the country have reported that they can’t afford to stock the drug Which causes the shortages in emergency situations? I’m sure you know that your company among others Is part of this investigation in the senate committee on aging and there have been you know people that are representing hospital systems Testifying and saying that you know there have been shortages at their hospitals in emergency situations And they can’t afford to stock the drug Beyond just individuals being able to appeal to you personally for free how do you Respond to that kind of a an issue. Yeah. I mean, it’s it’s tricky so before the price increase most hospitals Had a bottle lying around and they were [able] to feel it’s getting hot here um yeah, the they had a bottle and and they You know they’re sort of because this drug is so Rarely used. There’s 5,000 hospitals in the [u.s.] there’s only a few thousand people that get this illness to begin with so most hospitals will actually never see anyone with this illness and so if you have to hold a bottle just in case [and] now the price of that bottle is just skyrocketed I would complain [too] and we got all these complaints and we decided to say why don’t we make you a tiny bottle that is cheaper will lower the price just for you and And that seems to have solved the situation as far as I can tell If you can’t afford my medicine you know where to find me. Oh my oh my and I’ll be on Twitter There’s a way to easily send me a message that says you know I can’t get this drug the co-pays too high help me out Martin You know I will I will race. I will run to help you. I’ve got nothing [better] to Do hMM Yeah, [you’ve] talked about how your [company] plans and spending a lot more than the average drug company on research and development Can you talk about? Specifically you know what percentage [you] plan on on using of toward research in development versus other companies? Yeah? I mean, I love R&D we spend about 60% of our revenue on RD the average our company spends 15 So for us it’s it’s we put all of our extra income into R&D we don’t pay dividends We don’t do anything with our cash and spend it on research And I’m happy you know I don’t care you know for daraprim to cost more money Fine, you know if that’s the price. I have to pay to Find a new medicine for [a] dying kid. I’ll raise it even more. You know, what do I care? You know Microsoft is Gonna lose money Walmart’s Gonna lose money what you know why are we crying about this? You know it’s not like there’s there’s people that are actually going to suffer from this it’s big fat. You know Corporations that pay [health] [care] bills in the United States, but the reality is daraprim is dangerous for you If you took care from right now you’d get very sick, and I don’t see why that needs to be the case I think you should be able to take a drug that doesn’t hurt you That’s not too much to ask and while we’re making all this money Whose responsibility is it’s ours and the people invented daraprim [eighty] years ago didn’t think about that and the companies shame on them? Who owned it between? 1940 [and] last year when we bought it. They didn’t care either to improve it So we’re the first company that said you know what let’s loot Take an honest look at this medicine to kind of socks and again. We’re taking a big gamble like we have no idea if our Second-Generation Drug will work The escalating price of drugs in the us has become a focus in the 2016 presidential race The consolidation and lack of competition within the American pharmaceutical businesses bay scali allowed companies to charge whatever they want Most of Europe where public health care to norm its government’s that determine what drugs the cover and at what price? [you] [know] the united states is one of the few countries that are only countries that doesn’t set drug prices um Why do you [think] that’s a good thing? I’m not sure. It’s a good thing right. I mean, I think if countries that set drug prices um That’s sort of an imaginary concept No country can set a dark price drug company set drug prices. What kind of is Misunderstood and when people don’t understand is Their companies they have owners and their owners demand that they extract as [much] profit as possible And that’s the rule of law today if you don’t like that. You know, I don’t know what to tell you That’s the way the world works Whose turn is it to my is kill your clock went down, but I move my king here. Okay. You’re in check [so] this whole game is is aft but um you know whatever so [we] have maybe we call it a cold game. I’ll be happy to concede that you won although I mean, I have to check so guess that’s fine. Good game in good game. Yeah, cool Shekhar lee’s wu-tang clan album set him back two million dollars although you wouldn’t guess it It’s it’s casually in an embossed case in his living room. The only place that it’s ever been spun they called the Shaolin school the two CDs are a school each schools and No one’s heard that before but one is the Shaolin school and one is the [allah] school I think like personally like I see the Gza and me as like sounds early um Like [I] see him in me and my silver. [I] hope [I] first um he’s like sort of the scientist rapper type good Her people ever gonna be able to hear this album Other than right now um I think um It depends you know it depends on on the world. You know I think that I could see myself in a place where I break it. You know and I have seriously considered that they’re just snap in half and Bury the remains of it. So no one tries to reconstruct it and then I Seen a world where I give away for free and I’ve seen a world where um I charge for it or something like that, or you know and if If people want to hear it. I’ll put it out if people don’t want to hear it and they don’t Appreciate the wu-tang for what I think it is That’s fine too. So [I] don’t know Everything’s sort of open open-ended. I just bought a few months ago, and I was arrested a month ago. So my wife’s sort of All over the place um who knows maybe the Feds will own it Soon, but um you know I have a contingency plan if that happens

100 comments

  1. An exclusive interview with the new poster child of capitalistic greed.

    READ MORE: Everything I Know About the Wu-Tang Album from Hanging Out with Martin Shkreli – http://bit.ly/1NFBt8p

  2. Fucc this stupid bitch interviewer!! Her face jus looks like the kind you wanna poor hot lava on and then throw into the coldest part of the ocean possible

  3. Despite the fact that he screwed Eternal Envy over some Dota 2 money, kid seems to have a point here. However, the bond villain might be just trying to victimize himself and try to be the good guy, David versus the Goliath farmaceutical industry.
    Best part of the interview was he slav-squatting rolling around on his hover board.

  4. He seems like a pretty cool nerdy guy if you forget about how he raised the drug price buy like a million bucks and like screwed a bunch of people over

  5. Reading al this coments, makes me think whats wrong with Americans? Arguing and bulling a reporter and in the meantime celebrating a greedy Robber who fu..s up a humatarian aid to sick people. He just want's to play god an decide what people get and what not. If he could buy all of our water he would do it. Just to let u beg for it. U Guys should defently get ur moral compass right.

  6. this asian chica wanted to give her poonani to an average attractiveness white boi. its in asian chicas genes!

  7. Hate to admit that this interview made him feel lucid, sadly realistic and akwardly relatable despite everything. Don't hate the player, even if it's hard not to. Not ready to forgive for Wu-Tang though, still a D move. Good one Vice!

  8. He knows it’s a trickle affect but still chooses to act like it’s not real lmfao. At least he’s honest about being greedy but damm yo. He thinks he’s saving lives by doing “research” yikes lmfao

  9. Lol I really Iike band on the t shirt he's wearing and now I'm sad he likes it. They're hella emo tho it makes sense that he likes them

  10. Classic case of don’t listen to the media as they intentionally make him look bad but if you listen to him you will understand why he has put it up

  11. Vice:You will be interviewing the worlds biggest evil pharmaceutical genius,He also may ask you to play chess.

    Reporter:I have never played chess but can I get stoned?

    Vice:sure.

  12. I'm fucking giggling seeing all these people in the comments being fooled by this guy. He's not some genius underdog fighting against corruption, he's a sociopathic narcissist who finds nothing wrong with charging over $700 over a single pill and was apparently so smart he thought that he could walk away scot free from court. He's a compulsive liar and you fell for it.

  13. What a weird interview style. Just ask a question to the guest then guest explains and then interviewer voice overs a comment.

  14. I’ve gained more respect for Martin after hearing this interview and his one with Charlemagne. Martin killed both of them

  15. Martin Shkreli: gives explanation on his actions and the landscape of the pharmaceutical business
    Stupid ass vice girl: you look cold! You're just wearing a tiny sweater!?!?
    cuts away to her twisting someone's words who actually said free Shkreli

  16. Motherfucker needs to be shot in the head with a spas 12 and his body pissed on on live TV shit on a that faggot without aids

  17. He said they give it free for Americans without insurance . And the insurance is paid by evil people . So he's fucking over the terrible health care system that America has . He actually seems alright

  18. as much as he LOOKS LIKE a slimy troll. i can tell this guy is just some smart kid who fucked the system, and then the system tried to destroy his life. The health sector in the U.S has dirty little secrets, but people are too stupid to get past their feelings to realize who is really at fault

  19. So does he own the music and writes to the wu tang album, and the most important question is ODB on it? Cause if he ain't you can keep the fucking album

  20. I don't understand the game we're playing or the wine we're drinking… LOVE THAT F you Shkreli she doesn't give a F about your self proclaimed culture.

  21. I'd honestly love to see Bernie sit down with this guy (if he wasn't in jail) ! He donated the max amount to BS in 2016, and Bernie reused it on a moral stance. But they're talking about the same thing, the massive fraud that is American healthcare, this dude is just straw man for big pharma greed and he trolled the elite too hard lol at the absurdity

  22. Raised up the price of daraprim
    Plays chess and league of legends
    Plays guitar
    Rides a hoverboard
    Bought the Wu Tang album
    Has an rc helicopter
    Trolls and memes online
    This man is a legend

  23. ong story short Martin just found a loophole in USA economic system and US didnt like that so they turned the masses against him everyone that had the prescription to the drug who needed it would get it and the goverment didnt want to pay up in conclusion the goverment was the one deciding if people that needed the drug got it or not
    Psst this is how i understood the situation please enlighten me if i missed something

  24. 16:00 Martin- “Who knows maybe the feds will own it soon” LMAOOO this doode called It…. I guess his contingency plan didn’t work out to well lololololol

  25. Pisces are allergic to alcohol …….didn't you learn that in your drug classes…….. You're a fish you idiot you already full of water…….. When you drink one glass of alcohol you start running your mouth and you get stupid………. Miss lady you have no idea what you're dealing with

  26. He is also using all that profit to invest into making new drugs for HIV patients with less side effects. And he also use to give people who couldn't afford the drug for free he had an application for it for people who couldn't afford it, this is legitimately a good guy and people have a bad view on him due to misrepresentation from major media

  27. An unpleasant example of why we need to move towards a system of stakeholder capitalism ie. where a CEO holds responsibilities to its employees, consumers, the wider community, rather than just to the shareholders

  28. I knew nothing about this guy other than what the media portrayed and how evil he is, they failed to ever mention he would give you the medicine for free if needed, and also that he makes money from the US state & health plan than off the person with the infection

    He's a business genius and unless full of shit in this interview, a decent fella

  29. Thanks for this interview but to clarify, we dont need drugs to kill infections. In some cases a pharma antibiotic is life saving. Tho, they were not working for me. I had a very serious infection in the cheek/jaw/sinus from a failed old root canal (tooth already pulled). High swelling and fever. I eradicated completely with skilled chinese medicine doctors, using acupuncture, chinese herbs, vitamins, minerals, energy healing transmission, sauna lamp and my own personal will. I am very healthy now and very thankful for traditional and modern medicine approaches. No side effects. None at all. Nature, god, and humanity has given us many ways to heal. Choose the method that really works, whatever it ends up being. Emotional / stress release and meditation are also very key. Thanks for reading.

  30. Think about it. It still comes down to HIM, causing people to pay more out of pocket. Hes using the insurance companies as a human shield for himself. Yes he went from 13.50 to 750 or what ever per pill but the insurance companies have no choice but to purchase. It comes down to what the insurance companies want to charge patients for these pills. Since he is charging more per pill, insurance premiums and co-pays go up. So don't even pull that crap of "Oh its not my fault its the insurance companies fault'' BULLSHIT! I'TS STILL YOUR EVIL DOING!

  31. Haha and what an ending to this really awkward interview. Each sip of wine is like peeling off a layer of an onion. Whats with that little giggle with the hand thing buddy? I love how the camera switches to her face and she looks awkward and uncomfortable like hes falling in love with her cause she is the first time some one actually wanted to have a conversation with him.

  32. I have never wanted to punch a face more than I do when I see this weasel smirk like he thinks he's just the shit…. #FACEPALM

  33. TO THOSE WHO DRANK THE KOOL-AID :

    Yall dont seem to understand that he took hiv medication from $13.50 to $750 A PILL.

    It aint fucking cough syrup. $750/PILL. HIV Patients take at least 1 pill EVERY DAY. Lets say 50million people have hiv. Thats $37,500, 000,000 A DAY just from people who dont want to die of AIDS, nor GIVE IT TO OTHER PEOPLE.

    He charged 750/pill to people trying to not give YOU hiv. Foh! He's evil af!

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