US Drug Company To Cut 5000% Price Rise on Aids Drug

Photo cred: Flickr User Erich Ferdinand

Photo cred: Flickr User Erich Ferdinand

The US Drug company that raised the price of a treatment used by Aids patients from $13.50 per pill to $750 have agreed to lower the price following a huge backlash. Head of Turing Pharmaceuticals Martin Shkreli said he plans to lower the price of Daraprim but neglected to say by how much.

On Tuesday the drug tycoon, who acquired the rights to Daraprim in August, told ABC News: “We have agreed to lower the price of Daraprim to a point that is more affordable”.

Mr. Shkreli previously defended his decision to raise the price, calling the drug a bargain even with the 5000% increase. Amidst claims that the increase was completely unjustifiable he said that people do not understand the way the pharmacy industry works. Shkreli went on to assure his critics that profits would be used to fund research into further treatments.

Earlier today PhRMA (Pharmaceutical Research and Manufacturers of America), the pharmaceutical industry’s leading lobbying group, tweeted : ” Turing does not represent the values of PhRMA member companies.”

 

 

 

 

 

 

 

 

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