Drug CEO Will Lower Price of Daraprim After Hike Sparked Outrage

According to the executive, since Turing Pharmaceuticals is now the owner of Daraprim, it is his job to ensure the financial stability of the company.

However, outrage over a big price increase for another drug spread into the political sphere on Monday, causing biotechnology stocks to fall broadly as investors anxious about possible government action to control pharmaceutical prices. Toxoplasmosis is particularly unsafe for patients with weakened immune systems, such as those with certain forms of cancer and AIDS. But he hasn’t given any specifics about what the new price would be. This can develop by consuming contaminated food items and can lead to life-threatening illnesses.

Shkreli received so much backlash from his proposal that he’s now considering lowering the price of the drug, but he’s not sure by how much. He said this works only when the drug is essential, there’s little or no competition and no good alternative medicine, and the number of potential patients is too small for a rival drugmaker to spend a few years and tens of millions of dollars to get Food and Drug Administration approval to sell the same drug.

The further dimension to this story lies with the timing, coinciding with the upcoming USA primary elections. Hillary Clinton, a Democratic presidential candidate, called the move “price gouging”. Tomorrow I’ll lay out a plan to take it on. In a fresh statement, Rickly says: “Today, Collect Records – with the support and encouragement of all of our artists – have agreed to fully sever our relationship with Martin Shkreli, effective immediately“.

But medical experts have cast serious doubts on the assertions of the former hedge fund manager-turned-pharmaceutical entrepreneur.

It is of course hard to speculate as to the near-future trends of pharmaceutical drug prices and whether or not they will continue to rise at exponential rates.

“We’ll know in several weeks how profitable the drug is, if it at all”, Shkreli said in the NBC News interview.

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