Following public outrage over price increases for two specialty drugs, the frontrunners for the Democratic nomination for president are both pushing plans to lower the costs of prescription drugs.
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On August 10, Turing bought the US rights to pyrimethamine, or Daraprim, from Impax Laboratories for $55 million.
Following public outcry, Shkreli said he would lower the price of the drug to something “more affordable” but no exact figure was given. It’s the only approved treatment for a rare parasitic infection called toxoplasmosis that mainly strikes pregnant women, cancer patients and AIDS patients.
Martin Shkreli, CEO of Turing Pharmaceuticals, announced on Tuesday, September 22 that there will be a rollback in the price of live-saving Daraprim, which is used for the treatment of toxoplasmosis or parasitic infections, usually associated with AIDS.
The price increase evoked outrage among some patients and industry groups.
Presidential candidates and political leaders have also expressed disagreement over the price hike.
Shkreli, who is also Turing’s founder, has been sitting squarely in the controversy’s spotlight after he made a brash initial response to a question from a journalist about the price hike.
“Even if it is a niche drug, one must price it justly”, she said.
He said Daraprim was not commercially viable and, like most “orphan drugs”, drug companies would not market them but would still be responsible enough to supply them if there was a need.
But the incident has fueled the country’s larger dissatisfaction with the price of drugs and healthcare as a whole. “And at this price it’s a reasonable profit”.
This echoes the typical reasoning big pharmaceutical companies give for their high prices. That happens when several companies make the same generic drug or similar brand-name drugs.
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The Human Rights Campaign was among the critics of the increase. According to initial reports, there is no good alternative for Daraprim. He then noted that the profits that the company will earn from sales of the drug will be used for research and development purposes. “It is the worst kind of capitalization on the needs of the sick”.
