Enter Details

Comment on stories, receive email newsletters & alerts.

This is your permanent identity for Business Insider Australia
Your email must be valid for account activation
Minimum of 8 standard keyboard characters


Email newsletters but will contain a brief summary of our top stories and news alerts.

Forgotten Password

Enter Details

Back to log in

REPORT: Martin Shkreli is planning to cut the price of the drug he hiked by up to 50%

Martin ShkreliMartin Shkreli via Twitter‘New Enigma machine for our office. Perhaps it will help us crack the code in drug development.’

Turing Pharmaceuticals, the drug company helmed by Martin Shkreli, is planning to cut the price of its drug Daraprim by as much as 50%, according to The Wall Street Journal.

Shrkeli was the subject of wide-spread public ire in September when he raised the price of the anti-parasite drug from $US13.50 a tablet to $US750 a tablet.

The increase was so controversial it prompted anger from Democratic presidential candidates Bernie Sanders and Hillary Clinton, and legislators have called Shkreli to Washington to explain his business practices.

Daraprim’s price increase also brought attention to price increases across the pharmaceutical industry. The Senate has launched a bipartisan investigation into the matter.

Shkreli declined to comment when contacted by Business Insider late Friday. He told Business Insider earlier this month that there would be a modest decrease in the price of Daraprim by Christmas.

“We’ll announce when we announce,” he said at the time.

The Daraprim discount will depend on how much of the drug a hospital uses, according to the WSJ. The report added that out-of-hospital users will not be able to get a discount, and will still have to depend on insurance companies to cover the cost of the drug.

Read the full WSJ story here.

NOW WATCH: How a successful investment banker used insider information to bankroll his mistress and child

Follow Business Insider Australia on Facebook, Twitter, and LinkedIn