Turing Pharmaceuticals, the maker of Daraprim, a drug that treats toxoplasmosis (a parasitic disease), increased the cost of each tablet from $13.50 to $750. That’s right – more than a 5,000% increase.
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In response to public outrage, the company agreed to lower the price back down to a more “affordable” level, albeit no one knows what that price point will be. Since word of the price increase came out, many have weighed in on the topic, including presidential candidate Hillary Clinton, Allergan’s CEO Brent Saunders, and even John J. Castellani, the president and CEO of the Pharmaceutical Research and Manufacturers of America (PhRMA).
So, why such a drastic increase for a drug that’s been around since 1953? Turing’s founder and CEO, Martin Shkreli, says it’s a business decision that will help the company generate revenue to develop newer, better drugs.
Check out to Shkreli’s interview on Bloomberg. Is his argument convincing?