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CEO still hasn’t lowered price of AIDS drug like he promised

Nick Duffy October 10, 2015
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The former hedge fund manager who raised the price of AIDS drugs by 5500% is still charging the extreme prices, despite a promise to back down.

Martin Shkreli, the 32-year-old founder and chief executive of Turing Pharmaceuticals, came under fire last month after buying the rights to 62-year-old drug Daraprim.

The drug costs less than $1 per tablet to make, and is used to treat conditions including AIDS-related toxoplasmosis.

However, Shkreli last month attempted to dramatically increasee the price of the drug from $13.50 per tablet to $750 – an increase of 5500%.

He eventually backed down, publicly pledging “to lower the price of Daraprim to a point that is more affordable” after widespread outrage.

However, Shkreli – who claimed previously the drug had been “undervalued” as other life-saving drugs can cost $100,000 – is yet to follow through on his promise.

More than two weeks after he pledged to lower the price to an affordable amount, the businessman’s company is still charging the higher price.

He did not respond to queries from Business Insider and other outlets about when the price will be lowered, or the price it will be lowered to.

Curiously, while he declined to explain the lack of price drop, Shkreli retweeted the outlet’s article about him failing to explain the lack of price drop.

Related topics: AIDS, business, capitalism, ceo, drug, Employment, Health, hedge fund, HIV, manager, pharmaceutical, profit, US

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