Turing Pharmaceuticals recently have bought the drug daraprim, which a drug that used to treat the disease of toxoplasmosis. Which can be life threatening and sometimes affects AIDS patients. The drug originally cost $13.50 and now cost $750 that more than 55x the original price. This straight away sparked outrage online even Hillary Clinton getting involved and saying what she thought "Price gouging like this in the specialty drug market is outrageous. Tomorrow I'll lay out a plan to take it on."
The CEO of Turing, Martin Shkreli went on to the american business and market new programme 'Bloomberg', to explain why he raised the price so high. He explained that the companies before 'giving it away' because of the low price of $13.50 and he said that too low because modern pharmaceuticals, cost a lot more then that to research about and make the drugs. Also he is stated that the price that the drug daraprim, is 'underpriced relative to its peers. This doesn't make him look to good but later on in the in the interview he states that, the extra cost won't be taken from the consumer but from the insurance company.So that he use the extra money to put back into pharmaceuticals research and make a better drug to treat toxoplasmosis. However a counter argument has arisen saying, that insurance company will not be willing to pay that and will look for alternative,cheaper drug of way of treatment or just take more money off the consumer by raising their premiums.
This situation is complicated and hard to know which side to take because isn't he just doing want any business is doing? But the problem is the product that he doing it too is life saving. So is it morally wrong what he is doing? But on the upside revenue and profit drives innovation and with that innovation you could make a drug that's 10x better maybe even 100x better. So it's a arrgg! It's a tough argument, I'll let you argue between yourselves
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