privatize the gains, socialize the losses.
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More on hedge funds versus pharmaceutical companies, from today’s new york times.
My working definition of a hedge fund is “an investment fund with enough capital to force the market out of a microequilibrium and make lots of money doing it.” But I’m not an economist.
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This is an important set of stories that deserve attention. Someone fire up the @Doctorow Signal.
What a tremendous asshole!
So is that what this is? Some kind of crazy short-selling scheme? At least I’d have to credit him as a Machiavellian psychopath then. If the company takes some giant hit and somehow he comes out richer for it, then we’ll know what was really going on.
I’m not sure. Some of these peitions have been denied in recent months.
My father had spent a few years working for a now-defunct R&D centre of one of the big pharma multinationals. According to him, the cost to bring a drug to large-scale human trials was about $100 million. One in ten got approved. So there’s your baseline cost, $1Bn.
I don’t know how true that is for the industry as a whole, and of course the figures apply to new developments, not off-patent drugs.
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