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‘Pharma Bro’ Backs Down: Martin Shkreli Will Roll Back Outrageous Daraprim Price Gouge

Remember that grinning “Pharma Bro” Martin Shkreli, the same one who raised the price of Daraprim from $13.50 per pill to over $700? He has backed down after being heavily scrutinized in the media.

“It is absolutely a reaction,” Shkreli said of the circumstances behind the decision. “There were mistakes made with respect to helping people understand why we took this action. I think that it makes sense to lower the price in response to the anger that was felt by people.”

“It’s very easy to see a large drug price increase and say ‘Gosh those people must be gouging,’” he said. “But when you find out the company is not making any money, what does that mean? It’s very hard stuff to understand.”

Raw Story reports:

Shkreli — who is being sued for $65 million by his former company, Retrophin — had defended the move as recently as Tuesday morning, telling CBS News that his decision to raise the price of the 62-year-old drug from $13.50 per pill had “a lot of altruistic properties to it.”

According to NBC, the drug will return to its former price within the next few weeks. The “self-trained biologist,” as Shkreli described himself, had also said that the increase was necessary for the company to even be mildly profitable, arguing that the money raised would go toward developing similar drugs with fewer side effects.

A video of Shkreli calling the drug “underpriced”:

Photo credit: YouTube.

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