And the Winners of the 2024 Shkreli Awards for Worst Healthcare Profiteering Are...
"All these stories paint a picture of a healthcare industry in desperate need of transformation," said the head of the think tank behind the awards.
The "winners" of the annual Shkreli Awards—named after notorious "pharma bro" Martin Shkreli and given to the 10 "worst examples of profiteering and dysfunction in healthcare"—include a Texas medical school that sold body parts of deceased people without relatives' consent, an alleged multibillion-dollar catheter scam, an oncologist who subjected patients to unnecessary cancer treatments, and a "monster monopoly" insurer.
The Shkreli Awards, now in their eighth year, are given annually by the Lown Institute, a Massachusetts-based think tank "advocating bold ideas for a just and caring system for health." A panel of 20 expert judges—who include physicians, professors, activists, and others—determine the winners.
This year's awardees are:
10: The University of North Texas Health Science Center "dissected and distributed unclaimed bodies without properly seeking consent from the deceased or their families" and supplied the parts "to medical students as well as major for-profit ventures like Medtronic and Johnson & Johnson," reporting revealed.
9:
Baby tongue-tie cutting procedures are "being touted as a cure for everything from breastfeeding difficulties to sleep apnea, scoliosis, and even constipation"—despite any conclusive evidence that the procedure is effective.
8: Zynex Medical is a company facing scrutiny for its billing practices related to nerve stimulation devices used for pain management.
7: Insurance giant Cigna is under fire for billing a family nearly $100,000 for an infant's medevac flight.
6: Seven suppliers allegedly ran a multibillion-dollar urinary catheter billing scam that affected hundreds of thousands of Medicare patients.
5: Memorial Medical Center in Las Cruces, New Mexico allegedly refused cancer treatment "to patients or demanding upfront payments, even from those with insurance."
4: Dr. Thomas C. Weiner is a Montana oncologist who allegedly "subjected a patient to unnecessary cancer treatments for over a decade," provided "disturbingly high doses of barbiturates to facilitate death in seriously ill patients, when those patients may not have actually been close to death," and "prescribed high doses of opioids to patients that did not need them." Weiner denies any wrongdoing.
3: Pharma giant Amgen was accused of pushing 960-milligram doses of its highly toxic cancer drug Lumakras, when "a lower 240mg dose offers similar efficacy with reduced toxicity"—but costs $180,000 less per patient annually at the lower dose.
2: UnitedHealth allegedly exploited "its vast physician network to maximize profits, often at the expense of patients and clinicians," including by pressuring doctors "to reduce time with patients and to practice aggressive medical coding tactics that make patients seem as sick as possible" in order to earn higher reimbursements from the federal government."
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1: Steward Health Care CEO Dr. Ralph de la Torre was accused of orchestrating "a dramatic healthcare debacle by prioritizing private equity profits over patient care" amid "debt and sale-leaseback schemes" and a bankruptcy that "left hospitals gutted, employees laid off, and communities underserved" as he reportedly walked away "with more than $250 million over the last four years as hospitals tanked."
"All these stories paint a picture of a healthcare industry in desperate need of transformation," Lown Institute president Dr. Vikas Saini said during the award ceremony, according toThe Guardian.
"Doing these awards every year shows us that this is nothing new," he added. "We're hoping that these stories illuminate what changes are needed."
The latest Shkreli Awards came just weeks after the brazen assassination of Brian Thompson, CEO of UnitedHealth subsidiary UnitedHealthcare. Although alleged gunman Luigi Mangione has pleaded not guilty, his reported manifesto—which rails against insurance industry greed—resonated with people across the country and sparked discussions about the for-profit healthcare system.
