Lifesaving Drug Price Increase Reversed After Consumer Outcry

Turing Pharmaceuticals CEO Martin Shkreli had raised the cost of Daraprim by more than 4,000 percent.
1:30 | 09/23/15

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Transcript for Lifesaving Drug Price Increase Reversed After Consumer Outcry
The head of the pharmaceutical company who hiked the price from $18 to $750 a pill is backing down. Linsey Davis has the story. After tremendous backlash for defiantly boosting the cost of a life-saving drug more than 4,000% overnight -- Will you change the price? Who. This morning turing's CEO martin Shkreli is changing his tune. We have heard the public's demands and lowered the price of daraprim. Reporter: They tanked 5% Monday after he raised the price of the drug for people with compromised immune systems from $18 a pill to $750. There was a lot of vitriol out there targeting you, one of them, the headlines saying you were the most-hated man in America. I'm not a greedy person. We have yet to decide what that price will be, but after reviewing all of our costs, we will decide to lower the piece to a point where the company makes a small and marginal profit. Reporter: The increase got the attention of Hillary Clinton who called it outrageous in a tweet and laid out her plan demanding change. You won't have to pay more than $250 a month for covered medications. Reporter: But Shkreli says he's making a commitment to the thousands who need the drug. Half our patients can enroll in a co-pay program and will pay no more than $20 for daraprim.

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