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$750 To ’Affordable’ Price? CEO Backs Down on AIDS Drug Price After Getting Ripped

by Reshma Anand on  September 24, 2015 at 4:47 PM Corporate News   - G J E 4
Martin Shkreli, 32-year-old CEO of Turing Pharmaceuticals has been under the fire recently over alleged "price gouging" of an AIDS drug.
$750 To ’Affordable’ Price? CEO Backs Down on AIDS Drug Price After Getting Ripped
$750 To ’Affordable’ Price? CEO Backs Down on AIDS Drug Price After Getting Ripped
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He has drastically increased the pricing of Daraprim, a drug that helps in treating AIDS from $13.50 to $750 overnight. The drug is used by some AIDS and cancer patients. It's been around for 62 years, but Shkreli's company bought the rights to it in August. The main use of the drug is to treat life-threatening parasitic infections.

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After getting hit by several leaders of the country including Hillary Clinton, he has decided to decrease its price. But he has not yet disclosed about what the 'affordable' price would be and stressed that the company already gives away the drug for free to about half the patients who use it and that Turing plans to expand its charitable drug program.

"We've agreed to lower the price of Daraprim to a price that is more affordable. We needed to turn a profit on the drug. They don't deserve a drug that is 70 years old. I know what we're doing is right," said Shkreli.

He said its not about turning profit. Turing plans to use the money to research a better way to treat diseases. "I guess some people think Daraprim access will decline instead of increase. I guarantee better access at lower prices to patients than ever," tweeted Shkreli.

Source: Medindia
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