Collect Records have cut all ties with controversial AIDS drug mogul Martin Shkreli.
The rights to the life-saving drug Daraprim were bought by Turing in August, and the price of the drug increased from $13.50 to $750 overnight, according to this report from The New York Times. This sent shock waves through the local HIV and aids community. He then noted that the profits that the company will earn from sales of the drug will be used for research and development purposes. Now the catalyst that ignited a Twitter outrage this week was in the specifics of the price.
The tweet drew responses from critics of other expensive pharmaceutical treatments.
Hillary Clinton, who is also running for president under the Democratic party, has also expressed her disapproval of the medicine price increase, dubbing it “price gouging”.
Late Tuesday after the public outcry, Shkreli said he would reduce the price of Daraprim.
African-Americans, particularly those without prescription drug coverage, the poor and the elderly, are more likely to stop taking their medications when they can not afford them, putting their health at even greater risk. With the proper budget, he said Turing Pharmaceuticals will be able to develop a more effective drug against toxoplasmosis. The vast gap between the price government agencies were allowed to pay for Daraprim compared to cost charged to private insurers underscores the need for increased government oversight and regulation of drug company pricing. That happens when several companies make the same generic drug or similar brand-name drugs.
The price of Daraprim will undergo a rollback after Turing Pharmaceuticals imposed a 5,000 percent price hike.
The Turing case highlights a recent trend in which a drugmaker buys a smaller one or just its rights to an old brand-name drug, intending to sharply increase the price, said Dr. Peter B. Bach, director of the Center for Health Policy and Outcomes at Memorial Sloan-Kettering Cancer Center. The lawsuit, filed in United States District Court in Manhattan, accuses him of breaching his fiduciary duties to the company by using sham consulting agreements.
Dr Adeeba said the drug was used in combination with sulfadoxine for toxoplasmosis treatment, adding that it was it was hard to get Daraprim in Malaysia.
“It’s all legal”, Bach said.