Turing Pharmaceuticals CEO Martin Shkreli was lambasted this week by medical groups, a presidential candidate and his own industry for raising the price of a 62-year-old drug by 5,000 percent.
He reversed course under pressure Tuesday night, but not before the national attention struck fear into the hearts of biotech investors over increased scrutiny of drug prices, sending stocks plummeting.
Turing may have been an egregious example, but it’s not the only one raising eyebrows for skyrocketing price tags. Bernstein analyst Ronny Gal pointed out many companies ratchet up drug prices when the market presents an opportunity.
Our editors found this article on this site using Google and regenerated it for our readers.