Martin Shkrell is not so bad after all. The 32-year-old hedge fund manager sparked a public outcry when he raised price of an anti-parasitic drug from $13.50 a pill to $750 a pill.
Shkreli purchased the rights to sell Daraprim, a drug that treats potentially deadly parasitic infections in the elderly, infants, and AIDS patients.
The 5,000% price increase drew sharp criticism from lawmakers as well as infectious disease specialists.
After seeing the error of his ways — and a possible SEC investigation into his business tactics, he promised to lower the price of the anti-parasitic drug Daraprim.
From the Daily Beast:
Martin Shkreli, the CEO of Turing Pharmaceuticals, is reportedly going to lower the cost of prescription drug Daraprim after a public outcry Monday. The drug commonly used to treat life-threatening parasitic infections has jumped in price to $750 per tablet, from $13.50 after being acquired by Shkreli’s company. Shkreli defended the price increase in an interview with Bloomberg Monday. “At the end of the day, the price per course of treatment — to save your life — was only $1,000,” Shkreli said. Daraprim is still underpriced relative to its peers.”
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