Wednesday 21 October 2015

Pharmaceuticals CEO who raised HIV drug price by 5,000%

Pharmaceuticals CEO who raised HIV drug price by 5,000% 'also hiked cost of pill taken by children with incurable kidney disease'

During Mr Shkreli's tenure at another firm, the price of cystinuria drug Thiola was reportedly increased by almost 2,000%

The pharmaceuticals CEO that raised the cost of a drug used by Aids sufferers by more than 5,000 per cent also hiked the price of medication taken by children for a rare kidney disease, it has emerged.
Martin Shkreli is currently the chief executive of Turing Pharmaceuticals, which has been internationally condemned for its use of Daraprim, which is the only US-approved treatment for toxoplasmosis.
After obtaining the rights to sell the drug in August, Turing increased the price from $13.50 (£9) per pill to $750 (£490) overnight in a move that Hillary Clinton called “outrageous”.
Martin Shkreli_1.jpg
Martin Shkreli has defended the price increase of Daraprim
Mr Shkreli told ABC News that his company would reduce the cost of Daraprim to make it more accessible on Monday, although he did not say what the new price for the drug would be.
“We've agreed to lower the price of 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 said.
Turing had said it would use profits to improve the drug's formulation and develop new, better drugs for the toxoplasmosis. Daraprim treats patients with compromised immune systems caused by HIV and other conditions.

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