Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

Gouging Patients a Drug Firm Reneges on a Pledge to Cut a High Price

Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

Gouging Patients a Drug Firm Reneges on a Pledge to Cut a High Price

Article excerpt

In September, former hedge fund manager Martin Shkreli generated headlines and outrage when his company, Turing Pharmaceuticals AG, raised the price of a lifesaving drug by 5,000 percent. The cost of Daraprim, a drug sold exclusively by select Walgreens pharmacies, jumped from $13.50 to $750 a tablet.

Mr. Shkreli quickly became the smirking face of corporate greed in America. His explanation that his company had to raise the price of Daraprim to fund more research and development costs was laughable. Daraprim - used by victims of a parasitic disease often contracted by eating undercooked, contaminated meat and to treat malaria - is 62 years old and well established; it is not an experimental drug.

After a well-deserved shellacking in the media, Mr. Shkreli said he would consider cutting the list price of Daraprim to make it more affordable. …

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