Raw Story reports:
Appearing on Bloomberg TV, the CEO of a pharmaceutical company that recently hiked the price of a drug used for critically ill infants and AIDS patients by 5,500 percent, defended the price increase by promising better things to come for future patients. Martin Shkreli, 32, the founder and chief executive of Turing Pharmaceuticals, recently purchased the rights to Daraprim and immediately increased the cost from $13.50 to $750 per pill. Asked why the huge increase in cost, Shkreli explained that the old companies who owned the drug were “practically giving it away almost,” and he needs to turn a profit. Noting that the pill sold for $13.50 and the course of treatment “to save your life was only a $1,000,” Shrkeli said he had to make a change. “We know, these days, in modern pharmaceuticals, cancer drugs can cost $100,000 or more, whereas these drugs can cost a half of a million dollars,” he explained. “Daraprim is still under-priced relative to its peers.” Asked if the pill really only costs $1 to manufacture, Shkreli agreed and said, “It costs very little to make Daraprim.”
The New York Times today published an extensive report on recent massive increases in drug prices brought about by pharmaceuticals selling off their brands. Well worth the read.