Accessibility links

Breaking News

‘Hated’ Pharma CEO Says Company to Lower Price of AIDS Drug

Martin Shkreli came under fire after it was learned his company raised the prices of a drug used to fight AIDS by over 4,000 percent.

The CEO of a pharmaceutical company that raised the price of a drug used by AIDS patients by over 4,000 percent is now saying his company will lower the price.

Martin Shkreli, the CEO of Turing pharmaceutical company, has been called the most hated man in America after it was learned his company had hiked the price of Daraprim, a drug used by patients with AIDS and certain types of cancer, from $13.50 to $700 a pill.

Daraprim, which fights parasitic infections among those with compromised immune systems, has been around for decades, but Turing procured the rights to it in August.

The scandal went viral, even provoking presidential candidate Hillary Clinton to tweet that as president, she would end “price gouging” by drug companies.

Republican candidate Donald Trump weighed in Wednesday, saying Shkreli “looks like a spoiled brat” to reporters at a press conference in South Carolina

Shkreli, 32, told ABC news that he would lower the price of the medicine to make it “more affordable,” but did not give details. He said Turing gave the drug away for free to about half of those who use it.

Before saying Turing would lower the price, Shkreli had defended the company’s pricing, saying it was needed to turn a profit and to finance more research and development.

Not all were convinced that the announcement was a win for those needing the drug.

“Shkreli won. He made a huge price increase, rode through the resulting controversy, and now has settled into taking a less huge price increase, but probably still very big price increase,” wrote Forbes magazine.

Shkreli had been outspoken in defending himself on Twitter, accusing the media of vilifying him. Earlier in the week, he made his Twitter feed private.

Not so private, however, is Shkreli's contact information, which was posted online yesterday, according to reports.