...and a haughty spirit before a fall, according to the Bible (Proverbs 16:18).
And what a rapid and precipitous fall it has been for Martin Shkreli, former Chief Executive of Turing and KaloBios and now disowned by both companies.
Having tried to apply his hedge fund trader mentality to the biopharma industry and attracting the opprobrium of governments, the media, care providers, patients and – albeit slightly belatedly – pharmaceutical manufacturers, Shkreli’s picture was again splashed across the Internet a week before Christmas.
But gone was the smug grin and jaunty attitude – this photograph was of a figure in a grey hoodie being led away in handcuffs, having been arrested and charged by The Securities and Exchange Commission (SEC) with fraud offences committed during a five-year period when he was Chief Executive of pharmaceutical company Retrophin, while also working as a hedge fund manager.
While this could mark the end of Shkreli’s association with the pharma sector, the echoes of his behaviour are likely to resound loud and long for months, if not years. The massive price hikes he initiated were not, it is true, illegal, but they were of dubious morality and have thrown other companies toying with similar tactics into the spotlight – not what the industry would want with a US presidential election looming.
This is now the time for the pharmaceutical industry to go on the offensive to bolster its reputation by reminding the public and the media about what it does best – discovering and developing drugs to ameliorate suffering, treat unmet medical needs and improve the quality of life for those affected by a huge range of diseases.
But the industry can’t do that unless it is profitable – so for that reason I wish you all a happy, healthy and prosperous new year.
