Man Buys Rights To AIDS Drug, Raises Price 5500%

Credit: Morguefile.com

Credit: Morguefile.com

A pharmaceutical company is defending its decision to raise the cost of a medication used by Aids patients by 5500%

Martin Shkreli, CEO of Turing Pharmaceuticals, purchased the rights to a 62-year-old medication called Daraprim in August. He says by raising the price from $13.50 to $750, it will allow the company to focus more on marketing and research for further treatment in the future. The pill costs just $1 to produce.

Talking to the BBC, he says: “If there’s a company that’s selling an Aston Martin at the price of a bicycle, and we buy that company, and we ask to charge Toyota prices, I don’t think that should be a crime.

“This isn’t the greedy drug company trying to gouge patients, it is us trying to stay in business,” Shkreli explained, saying that many patients use the drug for far less than a year and that the new price is similar to other drugs used for rare diseases.

In the USA, there is no law to limit the cost of drugs, and they are monitored by a supply-and-demand process.

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