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The pharmaceutical company boss under fire from Hillary Clinton and many others for jacking up the price of the drug Daraprim 5,000 percent overnight said Tuesday he will lower the cost of the life-saving drug. Martin Shkreli did not say what the new price would be but expected a determination to be made over the next few weeks. He told NBC News that the decision to lower the price was a reaction to outrage over the increase in the price of the drug from $13.50 to $750 per pill. "Yes it is absolutely a reaction — there were mistakes made with respect to helping people understand why we took this action, I think that it makes sense to lower the price in response to the anger that was felt by people,"
Democratic presidential candidate Hillary Clinton was among those who expressed outrage over the price increase. She called it "price gouging" and on Tuesday outlined a plan she said would limit how much patients are have to pay out of pocket for medications each month. "And I think in the society we live in today it is easy to want to villainize people, and obviously we are in an election cycle where this is very tough topic for people and very sensitive.
Shkreli said on Twitter Tuesday afternoon that he planned to "set the record straight on misconceptions and announce some adjustments to our plan." He planned to make his Twitter account private after that.
Martin Shkreli, chief executive officer of Turing Pharmaceuticals AG
“We have agreed to lower the price of Daraprim to a point that is more affordable,” Shkreli said Tuesday in an interview with ABC News. He didn’t say what the new price would be.
Turing acquired an older antibiotic drug, Daraprim, in August and soon after that raised the price to $750 a pill from $13.50. Shkreli was criticized by Democratic presidential candidate Hillary Clinton on Monday, who called the price hike “outrageous” on Twitter and responded with a proposal to cap consumer spending on drugs. Clinton’s tweet caused the Nasdaq Biotechnology Index to slide, losing more than $40 billion in market value on Monday.
Martin Shkreli (born April 1, 1983) is an Albanian American hedge fund manager and entrepreneur, specializing in healthcare businesses and is a co-founder of MSMB Capital Management, of Retrophin, Inc. and the founder of Turing Pharmaceuticals AG. He is a co-founder and was the Chief Executive Officer of Retrophin LLC, a biotechnology firm founded in 2011.
In September 2015, he was criticized by several public health organizations for obtaining manufacturing licenses on old, out-of-patent, life-saving medicines including pyrimethamine (brand name Daraprim) and increasing the prices of the drugs in the US, sometimes by more than 5000%. Pyrimethamine is listed in the WHO Model List of Essential Medicines, a list of the most important medications needed in a basic health system. He was accused of manipulating the price and taking these basic drugs out of of reach of millions of needy patients worldwide.
originally posted by: VoidHawk
Hmm, he wants to double the price of his pills but he knows there will be outrage so.... he puts the price up by thousands of percent and everyone shouts "Thats outrageous"
He drops the price back to double and everyone is happy.
The sheep are so easy to manipulate.
originally posted by: Chimney
It's such a large spike--too large. He couldn't have gone into it not expecting backlash. Makes it seem like a pointless move made for who knows what.