Martin Shkreli is now the chief executive of Turing Pharmaceuticals, which has been internationally condemned for its use of Daraprim, which is the only US-approved treatment for toxoplasmosis.
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In a press conference in Columbia, South Carolina on Wednesday, Trump sharply criticized the former hedge fund manager who has become known as the “Pharma bro”, telling ThinkProgress the man is a “disgrace” and a “spoiled brat”.
Turing gained the rights to Daraprim in August and then raised the price of the drug, that is designed to fight parasitic infections, from $13.50 to $750.
But drug price increases like that have happened increasingly over the past few years.
As well as a torrent of Twitter wrath, the CEO got flack from the Infectious Diseases Society of America and the HIV Medicine Association, which sent a joint letter to Turin this week urging the company to lower Daraprim prices.
A price increase of more than 5000 percent for a drug used by Aids patients is unlikely to affect New Zealanders, Pharmac says. “A thorough investigation is needed to determine whether the irresponsible and shameless price increases by Turing Pharmaceuticals is consistent with New York state law”. He said a decision on the new price level would be made in the coming weeks. Shkreli was criticized by Democratic presidential candidate Hillary Rodham Clinton on Monday, who called the price hike “outrageous” on Twitter and responded with a proposal to cap consumer spending on drugs.
But now, the million dollar question, what is the new price?
Shkreli acknowledged that the cost to produce the drug is low – but he said that doesn’t take into account “the quality control, the regulatory costs, and all of the other things that come with having a drug company”.
In an interview with CBS News on Tuesday, Shkreli explained that Turing Pharmaceuticals decided to increase the price of Daraprim to $750 a pill because its previous price was unprofitable. “And at this price it’s a reasonable profit”.
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“Clinton outlined a plan that would reform the way drug companies do business, particularly by stopping them from spending government grants on advertising and by allowing Medicare – and the USA government – to negotiate down prescription drug costs….”
