Update: CEO says price of life-saving drug will be reduced following drastic increase

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

UPDATE: After receiving backlash over a drastic price increase on a life-saving drug, the CEO of Turing Pharmaceuticals says the company will lower the price.

Martin Shkreli told NBC News that the decision to lower the price of Daraprim was a result of the outrage over the price increase.

Daraprim was being sold for $13.50 a pill, but immediately jumped to $750 a tablet once it was purchased by Turing Pharmaceuticals.

The new price of the medication has yet to be released.

 

NEW YORK – A former hedge fund manager is receiving a lot of criticism after drastically raising the price of a life-saving drug.

Daraprim has been on the market for 62 years and is used to treat a life-threatening parasitic infection. It is used to treat toxoplamosis, a parasite infection that can cause serious or life-threatening problems and also for people with compromised immune systems, like AIDS patients and cancer patients, according to the New York Times.

In August, the drug was purchased by Turing Pharmaceuticals.

The company immediately spiked the price of the drug from $13.50 a tablet to $750 a pill, meaning the annual cost of treatment for some patients has jumped hundreds of thousands of dollars.

Martin Shkreli, the CEO of Turing Pharmaceuticals, said the price increase was necessary to develop a different drug with less severe side effects.

The Infectious Diseases Society of America and the HIV Medicine Association sent a letter to Turing earlier this month, saying the price increase is “unjustifiable for the medically vulnerable patient population.”

Notice: you are using an outdated browser. Microsoft does not recommend using IE as your default browser. Some features on this website, like video and images, might not work properly. For the best experience, please upgrade your browser.