Turing Pharma CEO Recedes from Public After Backtracking on Drug Price Hike
Turing Pharmaceuticals CEO Martin Shkreli has bowed to public pressure and agreed to reverse the huge price increase of the life saving drug Daraprim.
Shkreli sparked outrage after hiking the cost of the drug over 5,000 percent, from $13.50 to $750.
Although drugmakers often claim their high prices aim to help them recoup the cost of their investment, Dr. Bach says companies seem to to ask "the price that they think the market will bear." The controversy arrives at a time of growing concern the rising prices of drugs. New, brand-name cancer drugs now routinely enter the market at more than $100,000 a year. The controversy has spurred presidential candidates to weight in on the rising cost of prescription drugs in the U.S., as Hillary Clinton announced a plan on Tuesday to lower the price of prescription drugs.
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