As rival’s version sells well, CEO Martin Shkreli reneges on drug price cut

Martin Shkreli smirks during a television interview as he boasts about his decision to gouge patients.

Martin Shkreli smirks during a television interview as he boasts about his decision to gouge patients.

TRENTON, N.J. — After weeks of criticism from patients, doctors and even other drugmakers for hiking a life-saving medicine’s price more than fifty-fold, Turing Pharmaceuticals is reneging on its pledge to cut the $750-per-pill price.

Instead, the small biotech company says it’s reducing the price for hospitals by up to 50 percent for its Daraprim, which treats a rare parasitic infection that mainly strikes pregnant women and HIV patients.

The 62-year-old drug had no competition until a furor over the gigantic price hike erupted, triggering multiple government investigations.

Then a pharmacy that compounds prescription drugs for individual patients stepped in and started selling a capsule version for 99 cents.

Imprimis Pharmaceuticals says orders are pouring in from doctors and it says it has dispensed more than 2,500 capsules in barely a month.

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