The most hated man in medicine will not cede that title anytime soon. Former hedge fund manager Martin Shkreli drew ire last month when he increased the price of an AIDS drug by more than 5,000%. After bearing the brunt of Internet outrage, he promised to lower the price. But now, three weeks after that vow, the CEO of Turing Pharmaceuticals now says it will take a “long time” for him to determine the new price of the drug.
Th 62-year-old drug. Daraprim, used to cost just $13.50 per pill. Shkreli changed the price to $750. Doctors use Daraprim to treat infants and others with weakened immune systems, often AIDS patients. It is one of the most common drugs prescribed to combat life-threatening parasite infections.
“Until we figure out demand, we won’t lower the price.” Shkreli told Business Insider. “We have to find a safe price to lower it to.”
Turing Pharmaceuticals is not the only pharma company to recently raise the price of a life-saving drug—though his hike was by far the biggest. Pfizer, Merck and Valent have all increased their prices and come under fire for doing so.
“There have been hundreds of companies that have raised [their drug prices] higher, and they’re not rolling back their prices, so why should we?” Shkreli said in the interview.
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