Hedge fund manager buys drug company, raises price of pill from $13.50 to $750

Martin Shkreli (above) is a former hedge fund manager and the current CEO of Turing Pharmaceuticals. In August Shkreli bought a drug called Daraprim. It's been around for 62 years and is used to treat toxoplasmosis, a life-threatening parasitic infection. "Turing immediately raised the price to $750 a tablet from $13.50, bringing the annual cost of treatment for some patients to hundreds of thousands of dollars," reports the New York Times.

It's fun to single out Shkreli for his questionable ethics, but plenty of other pharmaceutical companies also jack up the the price of formerly cheap drugs to levels that will bankrupt people who need them. The antibiotic Doxycycline was $20 a bottle in 2013. Today, the same bottle costs $1,849. Cycloserine, a tuberculosis treatment, used to cost $500 for a 30 pill bottle, until Rodelis Therapeutics acquired the drug and increased the price to $10,800.

As seen by his tweet last night, Shkreli's response to the overwhelmingly negative reaction to his price increase is basically "fuck you."

Watch Bloomberg's interview with Shkreli about his decision to raise the price. He admits it costs less than $1 a pill to manufacture Daraprim, yet insists at $750 a pill, "Daraprim is still underpriced relative to its peers."

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