This guy raised a drug price from $13.50 to $750 overnight
Do you know who Martin Shkreli is?
A drug called Daraprim which is the standard of care for treating a life-threatening parasitic infection was acquired by Turing Pharmaceuticals, a start-up run by a former hedge fund manager.
He is Martin Shkreli, a former hedge fund manager specializing in pharma companies.
We can’t be sure about the exact reasons for the price rise but in a couple of interviews, he was asked
Q: If he could go back and do something about this, what would have he done? and his response was
A: I would have raised the price even higher
He said that as a company, the first priority is to maximize the profits for the investors because that is the main aim for every company CEO no matter what they tell otherwise but it's a dark truth.
He also said that he was investing these profits in R&D to come up with new and improved drugs because Daraprim is 70 years old drug which never seen any improvements.
Because of this, he got the title of Most hated man in America. he also appeared in front of the US Congress for testimony but he did not answer any questions and was excused because he did not have any plans to answer any questions.
what do you think about Martin Shkreli and his price increase?