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| US pharmaceutical company defends 5,000% price increase | US pharmaceutical company defends 5,000% price increase |
| (about 1 hour later) | |
| The head of a US pharmaceutical company has defended his company's decision to raise the price of a 62-year-old medication used by Aids patients by over 5,000%. | The head of a US pharmaceutical company has defended his company's decision to raise the price of a 62-year-old medication used by Aids patients by over 5,000%. |
| Turing Pharmaceuticals acquired the rights to Daraprim in August. | Turing Pharmaceuticals acquired the rights to Daraprim in August. |
| CEO Martin Shkreli has said that the company will use the money it makes from sales to research new treatments. | CEO Martin Shkreli has said that the company will use the money it makes from sales to research new treatments. |
| The drug is used treat toxoplasmosis, a parasitic affliction that affects people with compromised immune systems. | The drug is used treat toxoplasmosis, a parasitic affliction that affects people with compromised immune systems. |
| After Turning's acquisition, a dose of Daraprim in the US increased from $13.50 (£8.70) to $750. | After Turning's acquisition, a dose of Daraprim in the US increased from $13.50 (£8.70) to $750. |
| The pill costs about $1 to produce, but Mr Shkreli, a former hedge fund manager, said that does not include other costs like marketing and distribution. | The pill costs about $1 to produce, but Mr Shkreli, a former hedge fund manager, said that does not include other costs like marketing and distribution. |
| "We needed to turn a profit on this drug," Mr Shkreli told Bloomberg TV. "The companies before us were just giving it away almost." | "We needed to turn a profit on this drug," Mr Shkreli told Bloomberg TV. "The companies before us were just giving it away almost." |
| On Twitter, Mr Shkreli mocked several users who questioned the company's decision, calling one reporter "a moron". | On Twitter, Mr Shkreli mocked several users who questioned the company's decision, calling one reporter "a moron". |
| 'Cost is unjustifiable' | 'Cost is unjustifiable' |
| The Infectious Diseases Society of America, the HIV Medicine Association and other health care providers wrote an open letter to Turning, urging the company to reconsider. | The Infectious Diseases Society of America, the HIV Medicine Association and other health care providers wrote an open letter to Turning, urging the company to reconsider. |
| "This cost is unjustifiable for the medically vulnerable patient population in need of this medication and unsustainable for the health care system," the groups wrote. | "This cost is unjustifiable for the medically vulnerable patient population in need of this medication and unsustainable for the health care system," the groups wrote. |
| Dr Wendy Armstrong of HIV Medicine Association also disputed the need to develop new treatments for toxoplasmosis. | Dr Wendy Armstrong of HIV Medicine Association also disputed the need to develop new treatments for toxoplasmosis. |
| "This is not an infection where we have been looking for more effective drugs," she told Infectious Disease News. | "This is not an infection where we have been looking for more effective drugs," she told Infectious Disease News. |
| On Wall Street, biotech shares fell sharply on Monday after Democratic presidential candidate Hillary Clinton pledged to take action against firms hiking prices for specialty drugs. | |
| "Price gouging like this in the specialty drug market is outrageous," Mrs Clinton said, citing Daraprim. |