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Private Equity And Hedge Funds Drive Up Health Care Costs

Much-reviled Martin Shkreli is not alone in his efforts to massively increase the prices of older drugs to line his pockets. The one-time hedge fund wunderkind and current biotech big-shot wannabe Shkreli is really just jumping on a fast-moving bandwagon with his plan to increase the cost of Daraprim 50-fold (he has since rolled back the price hike). More than a dozen other private equity groups and Hedge Funds have also bought up older drugs for relatively rare conditions over the last few years, and then jacked the price up by thousands of percent. However, Shkreli likely did a dis-service to himself (and many others) by doing the hike (and responding to the outrage) in such a boorish and inept way.

As a September 30th white paper from nonprofit, progressive, anti-hedge fund activist group Hedge Clippers points out, the American health care system is under siege as powerful financial interests do everything they can to milk the system for every possible dollar. The most recent scam from these antisocial and unpatriotic organizations and...