In September 2015, Martin Shkreli, the hedge fund manager and CEO of Turing Pharmaceuticals, caused widespread outrage when he obtained the manufacturing license for a drug known as Daraprim and raised its price 5,000 percent, from $13.50 to $750 per tablet. Daraprim, a generic drug known as pyrimethamine that is on the World Health Organization’s list of essential medicines, was originally created 62 years ago as an antimalarial medication, but has since been found to be effective in treating infections caused by toxoplasmosis, especially in people with HIV and cancer patients undergoing chemotherapy treatment. Shkreli’s audacious move underscored the potential for price-gouging by pharmaceutical companies.
Much-reviled pharma-CEO, Martin Shkreli, has been ousted from his position as chief executive of Turing Pharmaceuticals, according to the New York Times. A Turing spokesperson acknowledged Shkreli’s resignation following his arrest, after being charged with securities fraud and conspiracy.