TuringPharmaceuticals: AnAnalysisoftheTuring PriceGougingControversy.

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TableofContents

I. CASESTUDYA. Overview……...…………………………………………………………..……….. 2B. CompanyBackground………………………………………………..……….. 2

1. FounderandCompanyFoundation………………….……..… 22. Products………………………………………………………...……….. 3

C. SequenceofEvents……………………………………………………..……… 3D. PublicResponse…………………………………………………...……….….... 5

1. MediaandHealthIndustryResponses……………………… 52. GeneralPublicandSocialMediaReactions………..……… 6

E. ResponsefromTuringPharmaceuticalandShkreli…….……….. 6F. BusinessPerformance…………………………………………………...…… 9

1. FinancialImpact…………………………………………………...…. 82. MarketImpact…………………………………………………...……. 9

G. OtherPharmaceuticalControversies………………………………...... 9H. Summary…………………………………………………...……………………… 10

II. REFERENCES…………………………………………………...…………………….…….. 11

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Overview

AfterbeingoustedastheCEOofRetrophinin2014forallegationsofinappropriatelyhandledlegalsettlements,poormanagementskillsandbadpublicrelations,MartinShkrelilaunchedTuringPharmaceuticalsinFebruaryof2015(Keown,2015).OnAugust10,2015,TuringPharmaceuticalsraised$90millionandacquiredthedrugDaraprimfor$55million.

InAugustof2015,ShkreliraisedthepriceofDaraprimfrom$13.50perpillto$750perpill,a5,455percentincrease.HisactionssparkedquickmediaattentionandeventheattentionofpotentialpresidentialcandidatesBernieSandersandHillaryClinton.ShkrelispoketoABC,NBCandCBSaboutthepriceincreaseandwhattheoddswereonreducingthecurrentprice.Shkrelididnotstateanewpricebutnotedthatitwouldbeasmalldecrease.Theoutbreakonlinecontinued,andMartinShkreliandTuringPharmaceuticalshasgonequietonthesubject.

Daraprimisjustoneofmanydrugsthathavebeenpricegougedrecently.AccordingtoanarticleinTheWallStreetJournal,branded-drugpriceshaveincreased127percentsince2008.Thearticlestatesthatdrugcompanieshikepricesasaneasywaytoboostsaleswithoutyearsofexpensive,riskyresearchtofindnewmedicines(RockoffandSilverman,2015).

CompanyBackground FounderandCompanyFoundation:

ShkreligraduatedwithabusinessdegreefromNewYork’sBaruchCollegein2004(BBC,2015).At17,hestartedinterningatCramerBerkowitz&Co,thehedgefundfoundedbyJimCramer(BBC,2015).Twoyearsaftergraduating,ShkrelistartedhisownhedgefundcalledEleaCapitalManagement(BBC,2015).Hishedgefundclosedayearafteropeningduetoa$2.3millionlawsuitfromLehmanBrothers,whichcollapsedbeforeitcouldcollectontheruling(BBC,2015).In2008,ShkrelistartedMSMBCapitalManagement,aNewYork-basedhedge-fundandprivateequityfirmthatfocusedonhealthcareinvestments(BBC,2015).Thisfundservedashislaunchpadforstartingbiotechfirms(BBC,2015).

In2011,ShkrelifoundedabiotechnologycompanycalledRetrophinthatdevelopedtreatmentsforrareandcatastrophicdiseases(BBC,2015).Shkreliwasoustedasthecompany’sCEOin2014becauseofallegationsthatheinappropriatelyhandledlegalsettlements(BBC,2015).ShkrelilaunchedTuringPharmaceuticalsafterbeingforcedoutofRetrophinduetopoormanagementskillsandbadpublicrelations(Keown,2015).

InJanuary2015,ShkreliwasinvestigatedbyU.S.prosecutorsforpossiblesecuritiesviolationandbytheU.S.SecuritiesandExchangecommissionfordistributionofstockwithoutinformingshareholders(Keown,2015).Inaninternalprobe,Retrophinalleged

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thatShkreliusedthecompany’sfundstopayoffpersonallegaldebtsandwasconcealingcompanylegalbusinessfrompublicdisclosure(Keown,2015).TheprobealsostatedthatShkreliusedcorporatefundstoresolvelegalmatterswithMSMB,thehedgefundheusedtomanageandthathepassedofflegalsettlementsasconsultingagreementswithRetrophin(Keown,2015).Allofthiscausedthecompanymillionsofdollarsduetothetransferofthousandsofsharesofstock(Keown,2015).

MartinShkrelilaunchedTuringPharmaceuticalsonFeb.24,2015(PRNewswire,2015).Turingisafullyintegratedbiopharmaceuticalcompany(PRNewswire,2015).Accordingtothecompanywebsite,itstatesthatitwillfocuson“developingandcommercializinginnovativetreatments”tohelppatientswholackeffectivetreatmentoptions.

Products:

Duringitslaunch,TuringannouncedtheacquisitionofthreemajorassetsfromRetrophin:anintranasalformulationofketamine,anoxytocinnasalsolutioncalledSyntocinonandmecamylamineHCltabletscalledVecamyl(PRNewswire,2015).Syntocinonisusedtoinducelabororincreasestrengthanddurationofcontractions(UnitedPharmacies,2015).Turingisdevelopingketamineforpsychiatricuseasthemedicationisusedtotreatseveredepression(Keown,2015).VecamylprovidedTuringwithitsfirstFDA-approvedproductandearnings(Keown,2015). Thecompanywebsiteshowsthatitcurrentlyofferstwoproductsnow.TheseproductsareVecamylandDaraprim.Vecamylisusedtomanagemoderatelyseveretoseverehighbloodpressure(Drugs,2015).Daraprimisanantiparasitemedicinethathelpspreventparasitesfromgrowingandreproducinginthebody(Drugs,2015).Itisusedwithcertainmedicationstotreatandpreventmalariaandcanbeusedtotreattoxoplasmosis,aninfectioncausedbytheToxoplasmaparasite(Drugs,2015).ItalsocanbeusedtopreventparasiteinfectioninpeoplewithHIVinfection. SequenceofEvents October13,2014

● ShkreliresignedfromRetrophinaftertheirboarddecidedtoreplacehim. February24,2015

● ShkrelibeganTuringPharmaceuticalsbyusinghisknowledgefromRetrophin.

August10,2015

● TuringPharmaceuticalsraised$90millioninequityanddebt.Thesameday,TuringacquiredexclusiverightstoPyrimethamine(Daraprim)for$55million.

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August17,2015

● Retrophinfileda$65millionlawsuitagainstShkreli.DuringthistimeShkreliraisedthepriceofDaraprimfrom$13.50perpillto$750perpill.Thisisa5,455percentincrease.

September17,2015

● Healio,ahealthcarenewssite,firstreportedonthepriceincrease. September18,2015

● USATodayreportedonthepriceincreaseandquotedanHIVpatientandhowhospitalsandhealthcareprovidersareworkingwithpatientswhoneedit.

September20,2015

● AndyPollack,theveteranbiotechreporterattheNewYorkTimes,placedthepriceincreaseinabroadercontext.Thatsameday,FierceBiotechaskedShkrelionTwittertoexplainthepriceincrease.

September21,2015

● Mediaandpopularwebsitesbegancoveringthenewpharmaceuticaldilemma.

September22,2015

● ShkrelispoketoABC,NBCandCBSabouthowhewouldreducethecurrentprice.Shkrelididnotstateanewpricebutnotedthatitwouldbeasmalldecrease.Theoutbreakonlinecontinued,howeverShkreliwassilent.

October12,2015

● BernieSandersandSen.ElijahCummingsgaveTuringPharmaceuticalsthreeweekstorespondtoaletterthatrequestedmoreinformationregardingthepriceincrease.

October23,2015

● ImprimisPharmaceuticalsintroducedanalternativedrugthatretailsat$1apill.Stillunabletoansweranyone’squestions,ShkreliopenedaRedditpageonOct.25.Hepostedanopeningstatementthathewillansweranyquestions.Morethan200questionshavebeenpostedandstillnoresponse.

November2,2015

● JoshRobbins,anHIVadvocateonTwitter,interviewedShkreli.● NoreductioninpricehasbeenpostedandTuringPharmaceuticalshasyetto

respondtoanycommentsorquestions. PublicResponse

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MediaandHealthIndustryResponses:

Besidestheusualsportsreportsandworldcrisisupdates,theInternetbroughtanewissueintoview.ThemediaquicklypickeduponTuringPharmaceuticals5,455percentincreaseinpriceonDaraprim(Isidore,C.,2015).

ThemediapromptlysoughtoutanswersastowhyShkreliincreasedthe62-year-olddrug’sprice.Healio,ahealthcarenewssite,wasfirsttoreportonthepriceincrease.TheyremainedunbiasedandgatheredviewsfromTuringandotherhealthcareproviders.Mosthealthcareprovidersrespondedwithconcernoverthepriceincrease(Healio,2015).Theyquestionedhowconsumerswouldattainthepilliftheylackedinsuranceorhadotherhealthcarebarriers.TheirotherconcernsfellonhowhospitalsarenowinshortsupplyofDaraprimduetothepriceincrease.

“Wearenotindireneedofnewdrugsfortoxoplasmosisrightnow,”saysDr.DavidRelman,chiefofinfectiousdiseasesfortheVAPaloAltoHealthCareSysteminCalifornia.“There’snopublichealthneedforsuch.Thisissimplyaboutgreed”(Lorenzetti,2015).

GeneralPublicandSocialMediaReactions:

ThenewsofthepriceincreasegainedinterestallovertheInternetandShkrelibecamethe“mosthatedmaninAmerica”(Long,H.,2015).TheInternetbegantofloodShkreliwithoneimportantquestion,“whenwillthepricedecrease?”TVstationsABC,NBCandCBSweredrawntotheInternethypeandsoughtouttointerviewShkreli(Forbes,2015).AsinterestgrewontheInternet,thegeneralpublicrespondedwithfireintheireyes.

Thepriceincreaseevengainedpoliticalinterest(BusinessInsider,2015).OnOct.19,2015,DemocraticpresidentialcandidateHillaryClintonurgedtheFoodandDrugAdministrationandtheFederalTradeCommissiontodeterminehowtobringinlower-costgenericdrugstofightanticompetitivepracticesinthepharmaceuticalindustryintheUnitedStates(RawStory2015).

“TheFDAshouldexpediteanypendingreviews,andencourageapplicationsforreview,ofothergenericalternativestoDaraprim,”Clintonwrote(RawStory,2015).

AnotherDemocraticpresidentialcandidate,BernieSandersrejectedthe$2,700

donatedtohiscampaignbyShkreli(Addady,2015).Instead,Sandersdonatedthemoney

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toahealthclinicinWashington,D.C.,thatspecializesinHIV/Aidscare(Addady,2015).RepublicanpresidentialcandidateDonaldTrumpwasnotimpressedwithShkrelieither.

“Helookslikeaspoiledbrattome,”saidTrump.“He’sahedgefundguy.Ithoughtitwasdisgustingwhathedid”(Lorenzetti,2015).

EveryonewantedTuringPharmaceuticalstoexplainwhyitmadesuchadrasticchangeandalsoforthemtodecreasetheprice.Shkreli’sRedditpagefloodedwithmorethan4,000questionsandopinionstatements(Reddit,2015).

HIVadvocatesalsoreachedouttoShkreliforanswers(Imstilljosh,2015).Thecommon,overarchingquestionsthatthemedia,healthindustryandgeneralpublicwantedtoknowwhythepriceincreasedsuddenlyandwhenTuringplanstodecreasetheprice. ResponsefromTuringPharmaceuticalsandShkreli

TuringPharmaceuticalsgainedunusualinterestfromthepublicwhenShkreli

drasticallyincreasedthepriceofDaraprim(Isidore,C.,2015andHealio,2015).AccordingtoTuring’scompanywebsite,itmadethedecisiontoincreasethepricesothattherewouldbemoremoneytoputbackintodevelopingandcommercializinginnovativenewtreatments,toincreasediseaseeducationandearlydiagnosis,andimprovefinancialassistanceprograms(Turingpharma,2015).

"Thisisadiseasewheretherehasn'tbeenonepharmaceuticalcompanyfocusedonitfor70years,”Shkrelisaid.“We'renowacompanythatisdedicatedtothetreatmentandcureoftoxoplasmosis.Andwiththesenewprofitswecanspendallofthatupsideonthesepatientswhosorelyneedanewdrug,inmyopinion,"(CBSnews,2015).

Turingisnowtaskedwithbalancingitsimageanddecisiontothepublic.ShkrelitookactionandspokewithABC,NBCandCBS.Hestatedthattherewouldbeapricedecrease,butdidnotdefinewhenorhowmuch(Forbes,2015).

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Afternodecreasewasmade,BernieSandersgaveShkrelithreeweekstoexplainhis

reasonforthepriceincreaseandhowthemoneywouldbeusedforresearch(BusinessInsider,2015).Thethreeweekspassedwithnoresponse.However,ShkreliopenedaRedditpageforanyonetoposthisorherquestionsovertheissue(Reddit,2015).

Therearemorethan4,000commentsandTuringPharmaceuticalsremainssilent.TheRedditpageremainsopenforcomments,buthasturnedintomoreofaplaceforcriticismordebatebetweenredditors.

InresponsetothebacklashfrompresidentialcandidatesHillaryClintonandBernieSanders,ShkrelichallengedthemonTwitter,askingifthey’dratherhavepharmaceuticalcompanieskeeplowerpricesorusetheirresourceforresearch(Addady,2015).

OnTwitter,JoshRobbins,aHIVadvocate,contactedShkreli(Imstilljosh,2015).They

spokeovertheInternethypeandifandwhenthepricewouldbedecreased.Shkrelistatedthathewasnotapologeticforhisdecisionbutdidregretthathestatedhewoulddecreasetheprice.HisreasoningisbasedonotherdrugssuchasCivaldi,aHep-CdrugthatcostsmorethanDaraprimandisneededbymorepeople.

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InthevideochatRobbinsdugdeeperintowhenandhowmuchthewillthepricedecrease.ShkrelivaguelysaidthathewouldlowerthepriceofDaraprimbeforeThanksgivingandthenlatersaidthathewoulddefinitelyloweritbeforeChristmas,2015.However,TuringPharmaceuticalshasbeensilentinregardstoresponseovertheincreaseinpricesince. BusinessPerformance FinancialImpact:

Duringthethreemonthsofthethirdquarter,TuringacquiredtheU.S.marketingrightstoDaraprim.AftergainingtherightsinAugust,Turingquicklyraisedthepricefrom$13.50to$750perpill(BusinessInsider).

AccordingtoTuringPharmaceuticalscompanywebsite,itmadethedecisiontoincreasethepricesothattherewouldbemoremoneytoputbackintodevelopingandcommercializinginnovativenewtreatments,toincreasediseaseeducationandearlydiagnosis,andimprovefinancialassistanceprograms(Turingpharma,2015).

"Thisisadiseasewheretherehasn'tbeenonepharmaceuticalcompanyfocusedonitfor70years,”Shkrelisaid.“We'renowacompanythatisdedicatedtothetreatmentandcureoftoxoplasmosis.Andwiththesenewprofitswecanspendallofthatupsideonthesepatientswhosorelyneedanewdrug,inmyopinion,"(CBSnews,2015).

TuringhasreleaseditsthirdquarterfinancialresultsendingonSeptember30,2015.Netrevenuewas$5.6millionrepresentingDaraprimandVecamylsales.Researchanddevelopmentspendingwasapproximately$7million,whichTuringsaysreflectsprogressadvancingTUR-002andTUR-004withtheFDAandmultiplepreclinicalprogram(Turingpharma,2015). ThereisnomentionoftheincreaseinDaraprimpriceinthethirdquarterearningsreportandthethirdquarterreportiscurrentlytheonlyoneofferedbyTuringPharmaceuticals,whichwillmakeitimpossibletoknowthefullextentofrevenuechangeandwheremoneywillactuallygountilthefourthquarterearningsreportcomesoutandpropercomparisonscanbemade. ThefollowingrepresentsexpectationsforselectedfinancialfiguresinthequarterthatendedonSeptember30,2015(Turingpharma,2015). TuringPharmaceuticalsAGandSubsidiaries

ThreeMonthsEnded

30-Sept-15

NineMonthsEnded

30-Sept-15

Netrevenues $5,657,000 $5,975,000

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ResearchandDevelopment

$6,969,000 $11,467,000

Netloss ($14,590,000) ($27,729,000) MarketImpact: TheriseinpricehaspromptedseveralcompaniestotryandoffercompoundalternativestoDaraprim.InOctoberof2014,SanDiego-basedImprimisPharmaceuticalsreleasedacustomizedvariationofthedrugforlessthan$1apillasanalternativetoDaraprim.Imprimisisnowofferingcustomizablecompoundedformulationsofpyrimethamineandleucovorininoralcapsulesstartingaslowas$99fora100countbottle,oratacostofunderadollarpercapsule(Imprimispharma,2015). OtherPharmaceuticalControversies

Turingisnottheonlycompanyinvolvedinpricegouging.TheTuringcontroversy

shinedalightonpricegouginginthepharmaceuticalindustry.AnothercompanythathasrecentlybeeninthespotlightforpricegougingisValeantPharmaceuticals.OnFeb.10,2015,Valeantboughttherightstoapairoflife-savingheartdrugscalledNitropressandIsuprel(RockoffandSilverman,2015).Thecompanyincreasedthepriceforthedrugsby525percentand212percentthesamedayitboughtit(RockoffandSilverman,2015).

InanNBCarticle,BernsteinanalystRonnyGalpointedoutthatmanycompanies

hikeupdrugpriceswhenpresentedwithanopportunity.AccordingtoGal,manypharmaceuticalcompaniesbuydrugsthatlackagoodalternativesotheycanraisethepricesky-hightomakeprofits(Tirrell,2015).Galpresentedthreeexamples:JazzPharmaceuticals’drugXyrem,Questcor’sActharandMylan’sEpiPen(Tirrell,2015).

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In2005,JazzacquiredXyrem,adrugapprovedin2002fordaytimesleepinessandsuddenattacksofmuscleweaknessinpeoplewithnarcolepsy(Tirrell,2015).Thecompanyreported$29millioninrevenuefromXyremthefirstyearafteritsacquisition(Tirrell,2015).In2014,JazzreporteditsrevenuefromXyremwas$778.6million(Tirrell,2015).Althoughthecompanysaidthatithadanincreaseinpatientsthatusedthedrug,datadistributedbyEvercoreISIanalystMarkSchoenebaumshowsthatthecostofthedrugincreasedanaverageof29percentayearfrom2011to2015(Tirrell,2015).

Questcor’sH.P.ActharGelwasapprovedin1952fortreatinginfantilespasmsandexacerbationsofmultiplesclerosisinadults(Tirrell,2015).TheActharvialoriginallycost$50(Pollack,2012).In2012,TheNewYorkTimesreportedthatitspriceincreasedfrom$1,650to$23,000avialonasingledayin2007(Tirrell,2015).Althoughthecompanywasscrutinized,itcontinuedtoraisetheprice(Tirrell,2015).Asof2012,thedrugcost$28,000.DatafromBersteinshowthatthedrug’scostincreasedbymorethan19timesbetweenFebruary2007andJune2015(Tirrell,2015).

Mylan’sEpiPenisusedinemergencytreatmentforlife-threateningallergicreactions(Tirrell,2015).AccordingtodatafromEvercoreISI,thepricerose27percentayear,onaverage,from2011to2015(Tirrell,2015).WhenMylanacquiredtheproduct,thewholesalepricewasonly$57(CynthiaKoonsandRobertLangreth,2015).TheEpiPencosthasrisentomorethan$300eachdose(Tirrell,2015).PrescriptionsforEpiPenhasalsoincreasedaswell(Tirrell,2015).AccordingtodatafromIMSHealth,therehasbeena9.5percentincrease,onaverage,inprescriptionsforEpiPenfrom2011to2014(Tirrell,2015).Datashowsthatsalesroseanaverageof42percentayearduringthistimeperiod(Tirrell,2015).

AccordingtoaWallStreetJournalarticle,branded-drugpriceshaveincreased127percentsince2008(RockoffandSilverman,2015).Thearticlestatesthatdrugcompanieshikepricesasaneasywaytoboostsaleswithoutyearsofexpensive,riskyresearchtofindnewmedicines(RockoffandSilverman,2015). Summary

AfterraisingthepriceofDarapriminAugustof2015,TuringPharmaceuticalshas

garneredalotofattention.Turinghastheimportanttaskofrepairingitsimagewiththepublic.InthebeginningShkrelitookactionandspokewithABC,NBCandCBS.Hestatedthattherewouldbeapricedecrease,butdidnotdefinewhenorhowmuch(Forbes,2015). AccordingtotheTuringcompanywebsite,itmadethedecisiontoincreasethepricesothattherewouldbemoremoneytoputbackintonewtreatments,toincreasingeducationanddiagnosis,andimprovingfinancialassistanceprograms(Turingpharma,2015). However,TheriseinpricehasledtocompaniestryingtooffercompoundalternativestoDaraprim.ImprimisPharmaceuticalswilltryandoffercustomizedvariationsofthisdrugandothersforlessthan$1apill.Imprimisisnowofferingcustomizablecompoundedformulationsofpyrimethamineandleucovorininoralcapsulesstartingaslowas$99fora100countbottle,oratacostofunder$1percapsule(Imprimispharma,2015).

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ShkreliandTuringhavesaidthatapricedecreasemaycomebeforeChristmasofthisyear,butallthatthepubliccandoissitback,waitandwatchasthecompanyremainsunderfirebythemediaandthegovernment,allwhilebeingsilentaboutitsplansforthefuture. LatestUpdate AsofNov.24,2015,TuringhasreducedthelistpriceofDaraprimforhospitalsbyupto50percent(Campbell,2015).Turingplanstosupplysmallerbottlesof30tabletsforhospitalstomakeDaraprimmoreaccessibleatalowercarryingcostinearly2016(Turingpharma,2015).In2016,thecompanywillalsosupplysamplestarterpackagestohospitalsatzerocosttoensurepatientshaveimmediateaccesstobegintherapyinurgentsituations(Turingpharma,2015).TuringplanstoincreasecommitmenttofederalandstateprogramssuchasMedicaidandtheSection340Bdiscountprogram(Turingpharma,2015).

OnDec.17,2015,Shkreliwasarrestedforsecuritiesfraudandwirefraudcharges(Creswell,CliffordandPollack,2015).Thecriminallychargesbroughtagainsthimwerefromhistimeasahedgefundmanagerandwhenheranhisfirstbiopharmaceuticalcompany(Creswell,CliffordandPollack,2015).TuringannouncedthatitappointedRonTilesasitsnewinterimCEO(Turingpharma,2015).

References

Companyprofile: DevelopingandCommercializingInnovativeTreatments.(n.d.).RetrievedNovember19,2015,fromhttp://www.turingpharma.com/ Keone,A.(2015,February24).OustedRetrophin(RTRX)CEOMartinShkreliLaunchesTuringPharma.RetrievedNovember19,2015,fromhttp://www.biospace.com/News/ousted-retrophin-ceo-martin-shkreli-launches/366027 LaunchofTuringPharmaceuticalsAnnounced-NewDrugCompanytoFocusonTreatingUnmetMedicalNeedsAcrossBroadTherapeuticAreas.(2015,February24).RetrievedNovember19,2015,fromhttp://www.prnewswire.com/news-releases/launch-of-turing-pharmaceuticals-announced--new-drug-company-to-focus-on-treating-unmet-medical-needs-across-broad-therapeutic-areas-300040452.html

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Syntocinon.(n.d.).RetrievedNovember19,2015,fromhttp://www.unitedpharmacies.com/Syntocinon-Nasal-Spray-Oxytocin.html TuringPharmaceuticalsLLCCompanyInformation|Drugs.com.(n.d.).RetrievedNovember19,2015,fromhttp://www.drugs.com/manufacturer/turing-pharmaceuticals-llc-545.html WhoisMartinShkreli-'themosthatedmaninAmerica'?-BBCNews.(2015,September23).RetrievedNovember19,2015,fromhttp://www.bbc.com/news/world-us-canada-34331761 Timeline: Timmerman,L.(2015,September23).ATimelineoftheTuringPharmaControversy.RetrievedNovember9,2015,fromhttp://www.forbes.com/sites/luketimmerman/2015/09/23/a-timeline-of-the-turing-pharma-controversy/ PublicResponseandTuringPharmaceuticalsResponse: Addady,M.(2015,October16).BernieSandersRejectsDrugPrice-raisingCEO'sDonation:'WeDon'tWantHisStinkin'Money'RetrievedNovember24,2015,fromhttp://fortune.com/2015/10/16/bernie-sanders-turing-donation/ HillaryClintonurgesregulatorstoexamineMartinShkreli’sTuringPharmaceuticals.(n.d.).RetrievedNovember24,2015,fromhttp://www.rawstory.com/2015/10/hillary-clinton-urges-regulators-to-examine-martin-shkrelis-turing-pharmaceuticals/ Isidore,C.(2015,October13).Companythathikeddrugprice5,000%nowunderantitrustprobe.RetrievedNovember4,2015,from http://money.cnn.com/2015/10/13/news/companies/new-york-ag-probe-drug-price-hike/ Levitz,E,(2015,October23).MartinShkreli’sSuper-ExpensiveDrugHasaNew,CheapCompetitor.Retrieved,November4,from http://nymag.com/daily/intelligencer/2015/10/turing-ceo-martin-shkreli-just-got-disrupted.html#

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Long,H.(2015,October9).Drugthatskyrocketed5,000%hasn'tcomedowninprice.RetrievedNovember4,2015,fromhttp://money.cnn.com/2015/10/09/investing/drug-ceo-daraprim-price/ Lorenzetti,L.(2015,September22).DoctorsrespondtoTuringdrugpricehike.RetrievedNovember24,2015,fromhttp://fortune.com/2015/09/22/doctors-respond-to-turing-drug-price-hike-its-scare-mongering/ Lorenzetti,L.(2015,September24).DonaldTrumpWeighsinonTuringCEOMartinShkreli.RetrievedNovember24,2015,fromhttp://fortune.com/2015/09/24/donald-trump-daraprim-martin-shkreli-turing/ Mclaughlin,K.(2015,October13).DrugcompanythatraisedpriceofAIDSmedicationby5,000%isbeinginvestigatedbytheNewYorkAttorneyGeneral.RetrievedNovember4,2015,fromhttp://www.dailymail.co.uk/news/article-3271309/Pharmaceutical-company-hiked-price-medication-used-AIDS-cancer-patients-5-000-investigated-New-York-Attorney-General.html Muoio,D.(2015,September17).DaraprimpricejumpraisesconcernsamongIDgroups,providers.RetrievedNovember19,2015,fromhttp://www.healio.com/infectious-disease/hiv-aids/news/online/%7B745d9cc5-df37-4139-b1ac-6dde7b8ae463%7D/daraprim-price-jump-raises-concerns-among-id-groups-providers Ramsey,L.(2015,October12).PharmaCEOMartinShkrelifailedtorespondtoBernieSandersabouthisdrughike—andSandersisnothappy.RetrievedNovember4,2015,from http://www.businessinsider.com/martin-shkreli-never-responded-to-bernie-sanders-about-turing-2015-10 (imstilljosh)Robbins,J.(2015,November3).Breaking:TheMartinShkreliInterviewfor#HIVscoop.RetrievedNovember4,2015,from http://www.imstilljosh.com/martin-shkreli-interview-hivscoop-1101/ Sainato,M.(2015,October9).Over5000%PriceGougeStillNotLoweredbyTuringPharmaceuticalsCEO,MartinShkreli.RetrievedNovember4,2015,fromhttp://observer.com/2015/10/over-5000-price-gouge-still-not-lowered-by-turing-pharmaceuticals-ceo-martin-shkreli/ Shkriel,M.(2015,October24).RetrievedNovember4,2015,from https://www.reddit.com/r/IAmA/comments/3q38qg/iama_martin_shkreli_ceo_of_turing_pharmaceuticals/

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BusinessPerformance: DevelopingandCommercializingInnovativeTreatments.(n.d.).RetrievedNovember19,2015,fromhttp://www.turingpharma.com/ NewsReleases.(n.d.).RetrievedNovember14,2015,fromhttp://imprimispharma.investorroom.com/2015-10-22-Imprimis-Pharmaceuticals-to-Make-Compounded-and-Customizable-Formulation-of-Pyrimethamine-and-Leucovorin-Available-for-Physicians-to-Prescribe-for-their-Patients-as-an-Alternative-to-Daraprim Ramsey,L.(2015,November7).MartinShkreliisstillrefusingtoanswertotheU.S.governmentforjackingupthepriceofacriticaldrug,andhe'snotalone.RetrievedNovember16,2015,fromhttp://www.businessinsider.com/martin-shkreli-refuses-to-respond-to-congress-2015-11 TuringPharmaceuticalsCEOMartinShkrelidefends5,000percentpricehikeonDaraprim.(n.d.).RetrievedNovember15,2015,from http://www.cbsnews.com/news/turing-pharmaceuticals-ceo-martin-shkreli-defends-5000-percent-price-hike-on-daraprim-drug/ Historyofpricegouging: Koons,C.,&Langreth,R.(2015,September23).HowMarketingTurnedtheEpiPenIntoaBillion-DollarBusiness.RetrievedNovember19,2015,fromhttp://www.bloomberg.com/news/articles/2015-09-23/how-marketing-turned-the-epipen-into-a-billion-dollar-business Pollack,A.(2012,December29).QuestcorFindsProfits,at$28,000aVial.RetrievedNovember19,2015,fromhttp://www.nytimes.com/2012/12/30/business/questcor-finds-profit-for-acthar-drug-at-28000-a-vial.html Rockoff,J.,&Silverman,E.(2015,April26).PharmaceuticalCompaniesBuyRivals'Drugs,ThenJackUpthePrices.RetrievedNovember19,2015,fromhttp://www.wsj.com/articles/pharmaceutical-companies-buy-rivals-drugs-then-jack-up-the-prices-1430096431 Tirrell,M.(2015,September24).TuringIsn'ttheOnlyDrugCompanyHikingPricesbyLeapsandBounds.RetrievedNovember19,2015,from

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http://www.nbcnews.com/business/business-news/turing-isnt-only-drug-company-hiking-prices-leaps-bounds-n433176 LatestUpdates Campbell,A.(2015,November25).PharmaCompanyBreaksPromiseToLowerPriceOfExpensive,LifesavingDrug.RetrievedJanuary12,2016,fromhttp://www.huffingtonpost.com/entry/turing-price-daraprim_565633c6e4b079b2818a31bc Creswell,J.,Clifford,S.,&Pollack,A.(2015,December17).DrugC.E.O.MartinShkreliArrestedonFraudCharges.RetrievedJanuary12,2016,fromhttp://www.nytimes.com/2015/12/18/business/shkreli-fraud-charges.html?_r=0 TuringReducesCostofDaraprim(pyrimethamine).(n.d.).RetrievedJanuary12,2016,fromhttp://www.turingpharma.com/