CEO lowers price of AIDS drug after public backlash

The CEO of Turing Pharmaceuticals faced criticism worldwide after he hiked the price of a treatment for AIDS and cancer patients. The CEO of the company raised the price from $13.50 a tablet to $750 per tablet, close to a 5000% increase.

The drug Daraprim treats toxoplasmosis, a parasite that causes illness in those with weakened immune systems.
 
CEO Martin Shkreli justified the hike saying that the overall impact would be a minor one, and there are only 12,000 prescriptions for the drug a year. Shrekli added that proceeds will go toward developing a newer treatment with fewer side effects.

Turing Pharmaceuticals on Tuesday afternoon announced they would lower the cost of the life-saving drug. The new price was not released but he Shkreli stated the determination would be made in the next few weeks.

Shkreli said the reduction in price was a reaction to the outrage over the increase. 
 
Daraprim has been produced for over 62 years, and Turing Pharmaceuticals bought the rights to the drug last month from Impax Laboratories for $55 Million. 
 
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