In September Martin Shkreli, a hedge fund manager at Turing Pharmaceuticals, bought the rights to Daraprim, a 62-year-old drug used to treat food born illnesses that usually only AIDS and cancer patients suffer from, and jacked the price up about 5,000 percent.
The drug’s price was raised from $13.50 to $750 per pill. But now its got some competition. San Diego-based pharmaceutical company Imprimis Pharmaceuticals, Inc., announced Thursday that it has made an alternative to the drug that will cost patients just one dollar. Imprimis is now offering customizable compounded formulations of pyrimethamine and leucovorin in oral capsules for physicians to prescribe to patients.
“It is indisputable that generic drug prices have soared recently. While we have seen an increase in costs associated with regulatory compliance, recent generic drug price increases have made us concerned and caused us to take positive action to address an opportunity to help a needy patient population,” said Imprimis CEO Mark L. Baum in the release.
Imprimis’ formulation does not have FDA approval, but it can still be acquired with a prescription. As for Daraprim, well Shkreli assured the public two weeks after the outrage over the price gouging of the AIDS drug that it would be back to normal. It’s still the same.