CEO lowers price of AIDS drug after public backlash

CEO Martin Shkreli of Turing Pharmaceuticals
CEO Martin Shkreli of Turing Pharmaceuticals
The CEO of Turing Pharmaceuticals faced criticism worldwide after he hiked the price of a treatment for AIDS and cancer patients. The CEO of the company raised the price from $13.50 a tablet to $750 per tablet, close to a 5000% increase.

The drug Daraprim treats toxoplasmosis, a parasite that causes illness in those with weakened immune systems.
 
CEO Martin Shkreli justified the hike saying that the overall impact would be a minor one, and there are only 12,000 prescriptions for the drug a year. Shrekli added that proceeds will go toward developing a newer treatment with fewer side effects.

Turing Pharmaceuticals on Tuesday afternoon announced they would lower the cost of the life-saving drug. The new price was not released but he Shkreli stated the determination would be made in the next few weeks.

Shkreli said the reduction in price was a reaction to the outrage over the increase. 
 
Daraprim has been produced for over 62 years, and Turing Pharmaceuticals bought the rights to the drug last month from Impax Laboratories for $55 Million. 
 
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