The 5,000% price hike that made Martin Shkreli infamous is no longer paying off
Found on Ars Technica on Friday, 20 July 2018
As founder and CEO of Turing, Shkreli bought the rights to the cheap, off-patent drug and—without any generic competitors—abruptly raised its price from $13.50 a pill to $750 a pill in the fall of 2015.
Turing, meanwhile changed its name and tried to distance itself from Shkreli—without lowering Daraprim’s price. In light of the dwindling profits, the company is reportedly considering changing its name once again, this time to “Phoenixus.”
There should be a law that should make such price changes flat out illegal and invalid the patent so everybody can freely produce the drug for a fair price.