UPDATE: 9/23 – The man who came under fire for increasing the price of a 50+-year-old drug by 5000% has announced they will return its price from $750 per pill to $13.50. Martin Shkreli of Turing Pharmaceuticals told NBC news the change of price (and maybe heart) came from the public outcry over the price hike.
Shkreli didn’t provide an exact timeline for the price reduction, however he said within a few weeks things should be back to normal.
Martin Shkreli, a hedge fund manager at Turing Pharmaceuticals, bought the rights to a 62-year-old drug last month and raised the price about 5000%.
The drug is used to treat food born illnesses that usually only AIDS and cancer patients suffer from.
The price increase has caused a wave of anger around the internet as the price for Daraprim went from $13.50 per pill to $750. According to several interviews, Shkreli said the pill was under valued “for a pill that saves your life,” and he’s working to please his share holders.
“We needed to turn a profit on the drug,” he said. “The companies before us were just giving it away… the price of a course of treatment to save your life was only $1000 and we know, these days, cancer drugs can cause $100,000 or more.”
Shkreli went on to say the pill costs about $1 to manufacture.
Check out his interview with Bloomberg news below:
“This is a tremendous increase,” spokesperson for the HIV Medicine Association, Judith Aberg, told USA Today, who clarified even patients with insurance could have trouble affording the medication.
Shkreli has been unabashed in his defense of the price hike, and has responded to twitter with what some might call callous disregard for those who might be hurt from the price jump.
When twitter user asked him how he slept at night – he responded “You know, Ambien.” – a prescription sleeping aid.
Martin Shkreli made headlines late last year when he got caught raising the price of a drug given to AIDS/HIV patients by hundreds of dollars. He also is a multi-millionaire who purchased the only copy of Wu Tang Clan’s recent album, Once Upon a Time in Shaolin. He also faced a congressional panel over the price [...]