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.
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.
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.”