Pharma CEO Martin Shkreli to lower cost of Daraprim

Turing Pharmaceuticals CEO Martin Shkreli during an interview explaining the increase in Daraprim’s cost.
Turing Pharmaceuticals CEO Martin Shkreli during an interview explaining the increase in Daraprim's cost.

Turing Pharmaceuticals CEO Martin Shkreli during an interview explaining the increase in Daraprim’s cost.

After much criticism, Martin Shkreli, the CEO of Turing Pharmaceuticals, will be lowering the cost of prescription drug, Daraprim. Although the drug’s new price was not specified, Shkreli stated that the price roll-back was, indeed, a reaction to the public outcry and that it would continue to allow the company to breakeven and to earn a profit.

Used to treat the food-borne illness called “toxoplasmosis,” the rights to said drug was purchased by Shkreli’s company in August 2015 and almost immediately, its cost per pill increased by 5000%.

Not surprisingly, many were in an uproar stating that the jump from $13.50 per pill to $750 was unjustifiable and unsustainable for the health care system. According to The Washington Post, John Carroll, the editor of Fierce Biotech was one of the first who asked Shkreli to explain the overnight price increase.

However, contrary to enlightening the public, Shkreli refused to divulge information and instead hurled personal insults calling Carroll a “moron” and a “bad journalist who doesn’t check facts or think logically.”

This is a far cry though as to how Shkreli defended the company’s move when he made the rounds on several news shows the next day. Shkreli explained that while the price increase may seem greedy to many, the company’s intention was actually otherwise.

He explained that had Turing Pharmaceuticals continued selling the drug at $13.50, the company would not have made a profit and that at a price of $750, the price of Daraprim was still fairly reasonable.

Because aside from earning a profit, the company intended to use the money from the sales to fund research for the treatment of toxoplasmosis and to invest in tools to raise awareness of the disease.

Photosource: Screencap from What’s Trending

 

 

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About the author

Raisa Tan is the Managing Editor of the Morning Ledger and is also a Radio DJ for Mellow 94.7. Connect with her on Facebook.com/raisa947 and on Twitter and Instagram @raisa_tan