A former hedge fund manager has suffered severe backlash after purchasing the rights to a 62-year-old drug used for treating AIDS patients and raising the price overnight from $13.50 per tablet to $750. Thats KES1350 per tablet KES 7500…
Martin Shkreli, 32, founder and chief executive of Turing Pharmaceuticals, purchased the rights to Daraprim – which is used to treat life-threatening parasitic infections – in August for $55million.
Shortly thereafter, the price of the drug, which costs roughly $1 to produce, was increased to $750 per tablet.
Shkreli told Bloomberg that he hiked up the price of the pill because Turing Pharmaceuticals ‘needed to turn a profit on the drug’.
Since the announcement, people across social media have criticized the price increase, but Shkreli has backed the decision.