After raising the price of drug by more than 5,000 percent overnight, Turing Pharmaceuticals has reversed its decision following intense opposition from the medical community. The cost of the drug Daraprim was increased from $13.50 to $750 a tablet earlier this week.
As reported in Time, Turing Pharmaceuticals founder Martin Shkreli confirmed the price reversal to NBC News on Tuesday however; he never stated how low the company is willing to bring it down to. "We've agreed to lower the price of Daraprim to a point that is more affordable and is able to allow the company to make a profit - but a very small profit - and we think these changes will be welcomed."
Initially, when he was asked if he would reconsider the price increase he answered CNBC with a definite "No." He then added, "Turing is a very small company," he said. "It's a new company, and we're not a profitable company. So for us to try and exist and maintain a profit, I think, is pretty reasonable."
As reported earlier this week in Food World News, the drug, Daraprim, has been a mainstay medicine used to treat parasitic infection that can be proved deadly to those who have low immune system, AIDS and cancer. The HIV Medicine Association and the Infectious Diseases Society of America has called the increase "unjustifiable".
CNN Chief Medical Correspondent has expressed her views about the huge increase of cost. "What has happened here actually has happened. This is not that uncommon. You've got a situation where this person basically has a drug that is widely needed, and he can charge whatever he wants to charge."
Shrkreli has defended his company's action saying "I can see how it looks greedy, but I think there are a lot of altruistic properties to it." He added that most of the drug will be given away to impoverished individuals and profits will be used to develop a more effective drug with less side effects.
However Gupta said, "One of the things that happens in these situations is that the manufacturers say, 'We're taking this money, and we're putting it directly into research and development, these extra dollars.' Now, whether or not this is happening, that is a very hard thing to look at. It's a very hard thing to oversee."
Now that Daraprim has been lowered again, albeit not to its original price of $13.50, the question still remains. How affordable can Turing Pharmaceuticals make of Daraprim?
