Charged with securities fraud and facing congressional inquiry, ex drug executive Martin Shkreli has replaced his legal team with Benjamin Brafman, the lawyer who was behind getting Sean ‘Diddy’ Combs set free of gun and bribery charges in 2001.
The move has been taken after Shkreli was lately called ‘the most hated man in America’ for the sky-high rates he set on life-saving medications, has boarded a risky strategy for repairing his image without any assistance of professional communications advisers.
Martin Shkreli, the bad boy of pharma who is also known as most hated man in the US, gives another reason to point fingers at him. In a video, Shkreli can be seen talking about a fatal brain condition. According to Shkreli, only three hundred individuals are with the disease.
Shkreli, who has bought a majority share in KaloBios Pharmaceuticals, gave the statement while announcing about a new drug. The 32-year-old co-founder of the hedge fund MSMB Capital Management said he has a new drug capable of treating the deadly disease. “But it’s hard to sell a drug for 300 people, to go through the process. You have to charge a lot per person to make it a viable product”, Shkreli added.
Turing Pharmaceuticals, a fully integrated biopharmaceutical company that focuses majorly on patients with unmet medical needs refuses to cut down the price of its lifesaving drug Daraprim.
It has come into notice that the company is reducing the price for hospitals by up to 50 percent for Daraprim, a drug that treats toxoplasmosis, a rare parasitic infection that mainly strikes pregnant women and HIV patients.
CEO Martin Shkreli on Tuesday announced that the company officials decided that kit was more important to cut the cost of the medicine to hospitals, according to The New York Times.
Daraprim is actually a 62-year-old pill and its patent has expired decades ago. Carlos del Rio, chairman of the HIV Medicine Association said changes made by Turing are just ‘window dressing’.
Turing Pharmaceuticals' chief executive, Martin Shkreli, has made an announcement regarding decreased price of Daraprim, a drug that is used for treatment of a parasitic infection. The company had hiked the cost of a pill from $13.50 to $750. The new price has not been revealed by him, however, it would be below $750 a pill.
Former hedge fund manager Martin Shkreli was slammed after the price of the drug was raised.
Shkreli said, "We've agreed to lower the price on Daraprim to a point that is more affordable and is able to allow the company to make a profit, but a very small profit. We think these changes will be welcomed".