The former hedge fund manager who increased the cost of a life-saving medication by more than 5,000 percent has backed down on the price hike following a barrage of criticism. The drug Daraprim is used to treat toxoplasmosis, a parasitic infection which is particularly dangerous for people with HIV/AIDS. Martin Shkreli, head of Turing Pharmaceuticals, initially defended the decision to increase the drug’s cost from $13.50 to $750, but he backed down in an interview with ABC News. Martin Shkreli did not specify what the new cost of the drug would be. He has come under further criticism after it emerged his previous drug company bought the rights to a decades-old medication used to treat a rare and incurable kidney disease, and hiked the drug’s price by nearly 2,000 percent.
[When healthcare is contelled by private companies and market then this will happen. This clearly shows healthcare must be in public sector.]