Is This the New Martin Shkreli?
Remember Martin Shkreli’s sinister move back in 2015?
The biotech entrepreneur raised the price of Daraprim by over 5,000% — and was immediately dubbed “the Most Hated Man in America.”
Well, a new contender just entered the ring.
Avondale Pharmaceuticals jacked up the price of Niacor by over 800% last month.
Previously, 100 tablets of Niacor — a vitamin B3 drug that’s commonly prescribed to treat high cholesterol — went for $32.46. Yet Avondale quietly raised the price to $295 in November.
This isn’t the company’s only infraction, either.
Avondale has also increased the price of respiratory drug SSKI by 2,469%.
So who’s pulling the strings this time?
The Financial Times has narrowed it down to executive Mark Pugh…
“Avondale has no website or online presence and lists its address as a business park in Alabama, according to state records. The registered agent for the company is Acrogen Pharmaceuticals, which was set up in 2016 by Mark Pugh. Mr. Pugh has held several executive roles in the drugmaking industry, sometimes at companies that have implemented very sharp price increases.”
— Financial Times
Will Pugh suffer the same fate as Shkreli?
Only time will tell.
Either way, the United States pharmaceutical industry is clearly in dire need of regulatory oversight.
Of course, there are certain sectors that benefit from a lack of government regulation.
The cryptocurrency has now jumped over $17,000. And there appears to be no end in sight.
Now, if you’ve invested in or are planning to invest in bitcoin or other cryptocurrencies…
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