Hedge Funder Buys Rights To AIDS Medication & Immediately Raises The Price From $13.50 To $750 Per Pill!
This seems pretty deplorable to us…
Martin Shkreli is a former hedge fund manager who is currently the CEO of Turing Pharmaceuticals, but he may be even more infamous now not for his success in business, but rather his shady way of treating his patients.
That's because the 32-year-old just purchased the rights to a 62-year-old drug called Daraprim and immediately gouged the price from $13.50 a pill to an unbelievable $750!
That's over a 5000% jump overnight!
What makes the price fluctuation even more despicable is that the people who rely on Daraprim are AIDS patients and infants, so Martin is hurting people who are already struggling.
The big pharma businessman has spoken up for himself after the change, saying that the medical world is in need of a better version of the drug — even though AIDS doctors have claimed otherwise — and said he purchased the rights to Daraprim in order to help society.
We get that he may have needed to raise the price a little in order to turn some sort of a profit… but how could multiplying the price by over 55 times be at all justifiable?!
Ch-ch-check out Martin's attempt to defend himself Monday on CNBC (below)!!!