Pharma CEO Martin Shkreli says a new price for the drug he hiked could be here by Christmas -- but it will only be a 'modest' decrease

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

Turing Pharmaceuticals CEO Martin Shkreli confirmed that the price of Daraprim will go down by the end of the year, but it will only be a “modest” decrease.

A New York Times article reported that a price decrease for Daraprim would be on the order of 10%. But Shkreli told Business Insider that that number was taken out of context.

He had said there would be a modest decrease, and was then asked what “modest” would be for him. That, he said, is where the 10% came in, but there’s no decision just yet.

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

He added that the announcement will come by December 25, though he added that he’s not constantly thinking about it.

Shkreli also added that Valeant Pharmaceuticals and other companies that practice what Democratic presidential candidate Hillary Clinton and others have labelled “price gouging” still haven’t lowered the prices on any of their drugs.

“Nobody’s lowered their prices … why should I?” he said.

As for when he’s going to answer demands from the houses of Congress to answer for his controversial practices, Shkreli said he’s not convinced he’ll have to.

“When my lawyers tell me I absolutely have to go, I’ll go,” he said. “They don’t have subpoena power until they have got widespread support. I don’t have to go to a hearing unless there’s widespread support.”

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