Millionaire Buys Rights To AIDS Treatment Drug, Then Raises Price By 5500%
This guy, Martin Shkreli just bought the rights to a drug that is used to treat AIDS patients. It used to cost $13.50 per tablet. He’s just upped it to $750 per tablet, and has made himself the most hated man on the internet.
Super-rich Martin, 32, is a former hedge-funder and owns drugs giant Turing Pharmaceuticals. He bought the rights to the drug Daraprim in August for $55 million.
The drug is used to treat toxoplasmois, a parasitic infection that can cause life-threatening problems mainly in babies and AIDS and cancer patients, who have vulnerable immune systems.
Since it’s creation in the 1950s the price of the drugs has steadily raised from $1 to $13.50. Following Shkreli’s ownership, the price has now risen by 5500% which he claims is needed for his company to “turn a profit on the drug”.
He has also claimed that the price increase “isn’t the greedy drug company trying to gouge patients, it is us trying to stay in business” and that the company will use the money to further develop treatments for the disease.
The announcement has left many shocked, with Democratic presidential candidate Hilary Clinton tweeting:
Price gouging like this in the specialty drug market is outrageous. Tomorrow I'll lay out a plan to take it on. -H https://t.co/9Z0Aw7aI6h
— Hillary Clinton (@HillaryClinton) September 21, 2015
It all sounds a bit suspicious to us. Have a listen to Martin’s reasoning in the video below, and let us know what you think!