Martin Shkreli made headlines for buying a life-saving medication at an exorbitant price. He acquired the rights to Daraprim, a medication used to treat a rare parasitic infection called toxoplasmosis. This condition is particularly dangerous for people with weakened immune systems, such as those with HIV/AIDS.
Martin Shkreli's Controversy
Martin Shkreli was the CEO of Turing Pharmaceuticals, the company that bought the rights to Daraprim, an AIDS drug.
He was known for his role in the huge overnight price increase of Daraprim, which rose from $13.50 per tablet to $750.
The price hike sparked outrage and protests from many, who saw it as a greedy move by Shkreli.
Shkreli himself saw himself as a Robin Hood, but his actions were widely criticized.
The price of Daraprim increased by 5,000% overnight, making it a highly contentious issue.
Doctors responded to the price hike, calling it "scare mongering" and criticizing Shkreli's tactics.
Shkreli's actions led to a significant backlash against him and Turing Pharmaceuticals.
He was eventually sentenced to seven years in prison for defrauding investors.
Despite his imprisonment, the price of Daraprim remained high, leaving many to question the effectiveness of the regulatory system.
Daraprim
Daraprim is the drug that Martin Shkreli bought and then raised the price of from $13.50 per tablet to $750, an increase of over 5,000%. This drastic price hike was met with widespread outrage and criticism.
The price hike was announced in 2015 and was seen as a shocking move by many in the medical community. Martin Shkreli, the CEO of Turing Pharmaceuticals, defended the price increase, calling himself a "Robin Hood" figure who was making a profit by selling the drug at a higher price.
The Daraprim price hike was particularly egregious because the drug is used to treat a life-threatening parasitic infection called toxoplasmosis, which can be fatal to people with weakened immune systems, such as those with AIDS. The drug is also used to treat pregnant women with toxoplasmosis.
Doctors responded to the price hike by calling it "scare mongering" and stating that it would be difficult for patients to afford the drug at the new price.
Frequently Asked Questions
What is Daraprim used for?
Daraprim is used to treat serious parasite infections, including toxoplasmosis in the body, brain, or eye, and to prevent infection in people with HIV. It's an antiparasitic medication often used in combination with other treatments.
Why is Daraprim still so expensive?
Daraprim's price remains high due to the 2015 price hike by Turing Pharmaceuticals, which raised the cost from $12.50 to $750 per tablet. The company's justification at the time was that the drug is life-saving, but controversy surrounding the price increase continues.
How much is Daraprim now?
Daraprim is now available at a significantly lower cost, as the FDA has approved a generic version of the medication. The generic form of Daraprim is expected to be priced lower than the original $750 pill.
Why did Shkreli raise the price of Daraprim?
What led to the significant price increase of Daraprim was Martin Shkreli's decision to raise the price from $13.50 to $750 overnight, sparking widespread outrage over price gouging.
Sources
- https://abcnews.go.com/US/pharma-bro-martin-shkreli-ordered-pay-64-million/story
- https://ethicsunwrapped.utexas.edu/video/daraprim-price-hike
- https://www.bbc.com/news/world-us-canada-34320413
- https://www.scientificamerican.com/article/martin-shkreli-who-raised-drug-prices-5-000-percent-heads-into-fraud-trial/
- https://endpts.com/nine-years-and-four-generics-later-the-hiv-drug-at-the-center-of-the-shkreli-controversy-still-has-a-high-price/
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