A drug company CEO raised prices on AIDS meds by 5000% and instantly became the world's biggest douchebag.
When Turing Pharmaceuticals bought the drug called Daraprim in August, the company immediately raised the price of one pill from $13.50 to $750. That's a 5000% percent increase on a drug often used by vulnerable cancer and AIDS patients. CEO Martin Shkreli defended the price hike to CBS This Morning:
At this price, it's a reasonable profit, not excessive at all. Yeah, I could see how it looks greedy, but I think there's a lot of altruistic properties to it.
Basically the company is saying that they'll use the proceeds of their new profits to invest in research for the development of new treatments for the disease. When asked what percentage of that new Scrooge McDuck-level pile of money would go towards research, the company did not respond. Additionally, several infectious diseases doctors have spoken up to say there's no urgent need for new treatments.