Martin Shkreli is in the running for the most hated man in America after he raised the price of Daraprim by 5,000% up to $750 per pill. Shkreli and his company, Turing Pharmaceuticals, have come under the blinding hot light of scrutiny after he purchased the rights to the drug and skyrocketed the price to make a quick cash grab. Shkreli claims that the price hike is due to needing cash for research and development.
One company has a different opinion on the matter. According to CNN, Imprimis, a pharmaceutical company out of San Diego, CA has made a substitute drug to treat toxoplasmosis. And they are making their product available for $1 a pill.
In a statement, Imprimis CEO Mark Baum said, “While we respect Turing’s right to charge patients and insurance companies whatever it believes is appropriate, there may be more cost-effective compounded options for medications, such as Daraprim, for patients, physicians, insurance companies and pharmacy benefit managers to consider.”
Shkreli just received the brutal justice of the free market system. Sure, he can charge whatever he wants for his pill, but a better alternative will always emerge. Greed is proving to be his downfall.