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. After Turing'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 [CEO Martin] Mr Shkreli, a former hedge fund manager, said that does not include other costs like marketing and distribution, which have increased dramatically in recent years. We needed to turn a profit on this drug," Mr Shkreli told Bloomberg TV. "The companies before us were actually giving it away almost." He says the practice is not out of line with the rest of the industry. "Daraprim is still underpriced relative to its peers," he told Bloomberg TV. The Infectious Diseases Society of America, the HIV Medicine Association and other health care providers wrote an open letter to Turing, urging the company to reconsider.
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