Turing Cuts Price Of Drug After Raising It By 5,000%, But There’s A Catch

Touring RX Price Cut

Turing Pharmaceuticals has cut the price of the price of Daraprim, the drug it increased by 5,000% just two months earlier.

The price drop will only be offered to hospitals which most often provide Daraprim to treat patients with toxoplasmosis encephalitis, the most common form of toxoplasmosis in the United States.

The company will offer bottles of 30 tablets at cheaper prices and provide doctors with free sample packages for emergency situations.

“We pledge that no patient needing Daraprim will ever be denied access,” said Nancy Retzlaff, Turing’s chief commercial officer, in a statement.

The move comes after Turing CEO Martin Shkreli said the company would lower the costs for patients after it raised its list price from $13.50 a pill to $750 a pill.

“We’ve agreed to lower the price of Daraprim to a price that is more affordable,” Shkreli told ABC World News Tonight in September.

The company only agreed to lower the price of the drug after Democratic presidential candidate Hillary Clinton vowed to go after such price gouging. In a tweet Clinton wrotes:  “Price gouging like this in the specialty drug market is outrageous.”

The Daily Beast declared Shkreli “the most-hated man in America.”

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Toxoplasmosis causes flu-like symptoms in patients and is considered the world’s most common parasite. Daraprim is also used to treat AIDS patients.

The price increase has led to a waged war against pharmaceutical company’s who purchase speciality drugs only to raise their rates by huge sums.

Written by Lane Hanson

Lane Hanson

Lane Hanson is BusinessPundit's Economy Editor. He reports on major changes in the US and Global Economies.