Speaking to Bloomberg yesterday, hedge fund manager Martin Shkreli said his company was still “virtually giving it away for free.”
The hedge fund manager who increased the price of a lifesaving drug from $13.50 to $750 per pill overnight has defended his decision, saying he's only "trying to stay in business."
Bloomberg / Getty Images
Martin Shkreli — the 32-year-old founder of Turing Pharmaceuticals, which purchased the rights to the drug Daraphim in August for $55 million — said that even with the increased price, the drug "is still under-priced."
Bloomberg / Getty Images
Daraphim is used to treat a parasitic infection known as toxoplasmosis but can also be used to treat malaria.
The cost of the drug, which was only about $1 per pill a few years ago, was last raised to $13.50 per pill by a former pharmaceutical company. But after Turing Pharmaceuticals purchased the drug in August for $55 million, it raised the price to $750 per pill -- amounting to a 5,500% price increase.
With the new price increase, some patients who use the drug — including those with AIDS and cancer patients — could now face hundreds of thousands of dollars in annual costs for the treatment.
The drug is listed as one of the most important medications needed in a basic health system by the World Health Organization.
from BuzzFeed - USNews http://ift.tt/1QWy8WM
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