The Daraprim Price Hike Controversy

Name: The Daraprim Price Hike Controversy
Start: 1983-09-20
Location: Unspecified

What Happened in 2015?

In September 2015, the controversial figure Martin Shkreli, then CEO of Turing Pharmaceuticals, made headlines when it was confirmed that his company had increased the price of the life-saving drug Daraprim by an astonishing 5,000%. This drug, primarily used to treat a parasitic infection known as toxoplasmosis, saw its price surge from about $13.50 per tablet to a staggering $750 each. This decision ignited a fierce debate about drug pricing and morality in the pharmaceutical industry.<\/p>

Martin Shkreli's Decision

The announcement from Turing Pharmaceuticals quickly drew backlash from the public, politicians, and a wide array of health professionals. Many questioned not just the ethics of such a price hike but also the implications for patients who required the drug for treatment. The timing was also suspect, as Shkreli had acquired the rights to Daraprim only shortly before implementing the price increase. Critics labeled him as "Pharma Bro" and pointed towards a troubling trend within the industry, wherein life-saving medications were becoming increasingly unaffordable for those who needed them the most.

The Backlash Against Prices

The wave of outrage prompted discussions about the greater issue of drug pricing in America. How could a company justify such a steep increase on a drug that had been available for many decades? Activists and certain lawmakers began to press for reforms in pharmaceutical pricing, calling for transparency and a reevaluation of how medications are priced.

Impact on Healthcare and Policy

Shkreli's actions prompted wider conversations about the cost of pharmaceuticals and healthcare reforms, conveying that his decision was not an isolated incident but part of a larger issue plaguing the industry. His price increase on Daraprim led to public outcry that reverberated through various media outlets, social networks, and legislative bodies across the nation.

Healthcare Advocates React

Advocates for affordable healthcare seized upon this moment as a rallying point. They argued that such exorbitant pricing not only harms patients but also contributes to a broken healthcare system where profit often takes precedence over people"s health needs. The incident captivated national attention, leading to discussions in Congress about potential regulations aimed at drug pricing.

Martin Shkreli's Legal Troubles

The controversy surrounding Daraprim was just the beginning of Shkreli's public legal woes. Though his company faced lawsuits and regulatory scrutiny, he was later convicted on unrelated charges of securities fraud in 2017. This conviction further complicated the discussions about ethics in pharmaceutical practices and solidified Shkreli's reputation as a symbol of corporate greed.

Fun Fact

Shkreli’s Infamous Auction

In a bizarre twist following the backlash, Martin Shkreli famously auctioned off a single copy of the Wu-Tang Clan album Once Upon a Time in Shaolin to help alleviate the financial damage caused by the controversy. The price of the album? An astounding$2 million!