After the explosion of disgust aimed at the hedge fund “genius” who bought the rights to an off-patent drug selling for $13 a pill and promptly raised the price to $750 a pill, attention turned to others who have been following the same strategy, albeit more discreetly.
The implosion of an outfit called Valeant Pharmaceuticals resulted. Here’s a link to a piece describing the oh-so-typical rise and fall of Valeant. It is the same story – Wall Street thuggery maximizing profit extraction in the short term regardless of moral or ethical calculation or the longer term survival of the business. Yes, that’s MBAs at work.