Turing CEO Martin Shkreli Talks 5,000% Drug Price Hike (Full Interview) | CNBC
CNBC・2 minutes read
Martin Shkreli defended raising the price of Daraprim to fund research and development for new drugs, citing the necessity of treating toxoplasmosis. Despite criticism, he emphasized the importance of the price increase for the company's survival and profitability.
Insights
- Martin Shkreli raised the price of Daraprim significantly, justifying it as crucial for research and development, claiming the drug's necessity for treating toxoplasmosis and highlighting the need for new treatment methods.
- Turing Pharmaceuticals defended the price hike of Daraprim as necessary for company survival and profitability, emphasizing the focus on research and development to create safer drugs, despite facing criticism for limited patient access.
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Recent questions
Why did Martin Shkreli raise the drug price?
To fund research and development for better drugs.
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Summary
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Daraprim Price Hike for Research and Development
- Martin Shkreli, CEO of Turing Pharmaceuticals, raised the price of a pill from 1350 cents to 750 dollars overnight, citing the need for research and development for a better version of the drug Daraprim.
- Shkreli defended the price increase by claiming the drug was essential for treating toxoplasmosis, with current drugs targeting the folate receptor of the bug, emphasizing the necessity for new treatment methods.
- Turing Pharmaceuticals raised over 90 million dollars in financing and justified the price increase as necessary for the company's survival and profitability, positioning Daraprim's cost as reasonable compared to other orphan drugs.
- Shkreli highlighted the company's focus on research and development, with 25 staff members dedicated to medicinal chemistry and in vitro studies, intending to use the revenue from Daraprim for developing safer and more effective drugs.
- Despite criticism and calls for price revision due to limited patient access, Shkreli maintained that the price increase was essential for the company's sustainability and profitability, emphasizing increased access and lowered co-pays for patients.
