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Part 1: Martin Shkreli on How Hedge Funds are Secret Way to Make Rich People Really Rich
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Former pharmaceutical executive Martin Shkreli discusses his inclusion in Forbes' 30 Under 30 list and the subsequent controversy surrounding his decision to raise the price of a critical drug. Recognized by Forbes in a much smaller cohort of 30 individuals, Shkreli reflects on the significance of the list and criticizes Forbes for later expanding the list to 600 people per field. He also dismisses the publication, predicting its eventual bankruptcy.
In 2014, Shkreli secured $4 million in Series A funding, acquiring the rights to a life-saving drug for a rare kidney stone disease. The drug's price was sharply increased from $1.50 to $30 per pill under Shkreli's leadership. He defends the hike, stating the previous price didn’t reflect the drug's critical value and noting that the number of patients using the drug doubled despite the increased cost. Shkreli argues that high prices are necessary to sustain the development of life-saving drugs, relying on insurance rather than out-of-pocket payments to cover costs. This controversial approach, he insists, ensures the availability and continuation of essential treatments.
