Martin Shkreli who raised the price of a 60 year old drug and raised the price 5000% was arrested today.
He wasn't arrested for his despicable actions raising the price on a 60 year old drug 5000% but for securities fraud. Seems he thought the hedge fund he ran was a piggy bank meant to bankroll his excessive lifestyle. Karma bites him in the ass.
Company A buys competing drugs from Company B. They dramatically raise the price of both the competing drug and their own. The hospitals and doctors prescribe them anyway, they aren't paying for it. Hospitals continue to use them, they pass on the cost plus. The insurance companies don't care, they simply pass on the cost to their rate payers. People without coverage get screwed.
He is a jerk any way you look at it. That entitled smirk reminds me of someone.
That said, he's still a massive douchebag, and deserves the karmic backlash he's getting. He recently paid $2 Million to buy the only copy of a Wu Tang Clan, effectively making sure no one else listens to it (as the band intended) - that in itself, is not a big deal, but even for a non-violent guy like me, his smug face makes me want to punch him. =/