Appearing on Bloomberg TV, the CEO of a pharmaceutical company that recently hiked the price of a drug used for critically ill infants and AIDS patients by 5,500 percent , defended the price increase by promising better things to come for future patients.
Martin Shkreli, 32, the founder and chief executive of Turing Pharmaceuticals, recently purchased the rights to Daraprim and immediately increased the cost from $13.50 to $750 per pill.
Asked why the huge increase in cost, Shkreli explained that the old companies who owned the drug were “practically giving it away almost,” and he needs to turn a profit.
Noting that the pill sold for $13.50 and the course of treatment “to save your life was only a $1,000,” Shrkeli said he had to make a change.
“We know, these days, in modern pharmaceuticals, cancer drugs can cost $100,000 or more, whereas these drugs can cost a half of a million dollars,” he explained. “Daraprim is still under-priced relative to its peers.”
‘He looks like a spoiled brat’: Not even Donald Trump likes price-gouging ‘pharma bro’ Martin Shkreli
These 37 tweets show how the pharma CEO gouging AIDS patients is even worse than you think
Pharmaceutical CEO: $750 is a ‘more appropriate’ price for $13 AIDS medicine
Asked if the pill really only costs $1 to manufacture, Shkreli agreed and said, “It costs very little to make Daraprim.”
Shkreli then listed off manufacturing, distribution, and FDA costs as well as paying the people “who make it to specifications.”
Pressed even further on the $750 cost per pill, the CEO defended the price by noting how much it brought into the pharmaceutical company annually.
“This drug was making $5 million in revenue,” he said with a smile. “And I don’t think you can find a drug company on this planet that can make money on $5 million in revenue.”
Shkreli stated that the drug is made for a “very very tough disease.”
“It requires a lot of attention and focus. The drug company needs to partner with the patients and make sure that it’s a very cared for community. And that costs a lot of money too,” pointing out that the company also “gives away” the drug for $1 for those who can’t afford it.
Shkreli added: “Patients now have a powerful ally in our company.”
Watch video below from Bloomberg TV:
Trump wanted to send brutal message by gassing protesters on way to church: White House reporter
Although at least one senior official was sickened by President Donald Trump's walk to St. John’s Episcopal Church, a White House reporter said most officials were pleased that it set a brutal example.
NBC News correspondent Shannon Pettypiece told MSNBC's "Morning Joe" that White House officials liked the chaos and brutality displayed by U.S. Park Police and National Guard troops firing tear gas at peaceful protests to clear the area for Trump's walk to church.
1960s segregationist George Wallace would ‘smile’ at seeing Trump teargas protesters for a photo op: CNN’s Bakari Sellers
CNN political commentator Bakari Sellers said on Tuesday that watching President Donald Trump teargas a group of peaceful protesters so that he could have a photo opportunity reminded him of something he'd see segregationist Alabama Gov. George Wallace do.
"Yesterday, the president of the United States used teargas, he used the military against peaceful protesters," Sellers said. "The the only thing I could think of is George Wallace is looking over him with a smile."
Sellers then said he was "thoroughly pissed off" at conservative evangelicals who are remaining silent even as Trump continues to pour gasoline on the fire of racism while wrapping himself in the flag and the cross.
Fox News legal analyst Andrew Napolitano rips Trump for tweeting while America burns
Fox News legal analyst Andrew Napolitano blasted President Donald Trump's failure of leadership after nationwide protests have erupted over the police killing of George Floyd.
Napolitano was outraged by the president calling on governors to "dominate" protesters, and he ripped Trump's inflammatory tweets, reported the Huffington Post.
“These words make things worse, they don’t lighten the tension -- they exacerbate it,” Napolitano told Fox News Radio’s “Fox Across America with Jimmy Failla.”