Martin Shkreli, the embattled CEO of Turing Pharmaceuticals announced that his company will reverse course and not raise the price on a 62-year-old drug that is the standard of care for treating a life-threatening parasitic infection.
"We've agreed to lower the price on Daraprim to a point that is more affordable and is able to allow the company to make a profit, but a very small profit," he told ABC News. "We think these changes will be welcomed."
The former hedge-fund manager turned pharmaceutical start-up CEO announced on Monday that his company would raise the price of Daraprim to $750 per pill. This was an increase of over 4000%. The backlash from this decision and then his reversal has led to a more in depth conversation about drug prices and the roles pharmaceutical and insurance companies play in those prices.
Andrew Pollack of the New York Times spoke with Dr. Judith Aberg, the chief of the division of infectious diseases at the Icahn School of Medicine at Mount Sinai. She stated the price increase could force hospitals to use “alternative therapies that may not have the same efficacy.”
Photo credit: www.telegraph.co.uk
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