Daraprim Price Rise To $750 From $13.50

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The CEO of a pharmaceutical company is defending its move to raise the price of a drug used in the treatment of HIV patients by more than 5,400 per cent.

Martin Shkreli, a controversial former hedge fund manager, has been targeted on social media after his company, Turing Pharmaceuticals, bought the drug Daraprim in August and raised its price from $13.50 to $750 per dose, The New York Times reported.




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Company That Ramped Up AIDS Medication By 5,000% Loses £9.6m In Three Months

The pharmaceutical company that increased the price of medication to treat AIDS by a staggering 5,000 per cent has lost nearly £10 MILLION in just three months.

Turing Pharmaceuticals - headed up by controversial entrepreneur Martin Shkreli - reported a net loss of $14.6 million (£9.6 million) from July to September this year.

That figure contributes to a net loss for the entire year of an astounding $27.7 million (£18.1 million).

The huge losses come after a worldwide public backlash against the company and Shkreli personally after they increased the price of the Daraprim drug from £8.70 to £485 per pill.

Shkreli became the ‘most hated man in America’ as a result of the decision and was even criticised by U.S. presidential candidate Hillary Clinton, who labelled the price hike as “outrageous”.

Despite the backlash against him, the 32-year-old defended raising the price of the drug, insisting that the money raised would be spent on research.

The company claim that their losses are a result of exactly that.

Rival company Imprimis Pharmaceuticals has since started selling a drug to combat AIDS and cancer for just 65p ($1) per pill.