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The CEO of a drug, or pharmaceutical, company raised the price of a
life-saving drug used by AIDS patients by over 4,000 percent. Now, he is saying
his company will lower the price. But critics say his profit will be enormous.
He is now called the most hated man in the United States.
Martin Shkreli is the CEO of the drug company Turing Pharmaceuticals. And
he earned the name of "Most Hated Man in America" last week. The media
reported that his company raised the price of a drug used by patients with AIDS
and cancer.
Shkreli raised the price of the drug Daraprim from $13.50 to $750 a pill.
Daraprim fights infections among those with weak immune systems. The drug
has been around for decades. However, the drug company Turing
Pharmaceuticals, got the rights to own the drug in August.
The price rise scandal went viral. It seemed everyone on social media was
talking about it.
Even presidential candidates commented. Democrat Hillary Clinton tweeted
that as president, she would end "price gouging" by drug companies. Price
gouging is when a seller raises the prices of products or services to a much
higher level than is considered reasonable or fair. Another word for it is
"profiteering," to make a profit from the sale of needed goods in an emergency
situation.
During a recent press conference, Republican candidate Donald Trump said the
CEO "looks like a spoiled brat." A spoiled brat refers to a child who wants a lot
and then cries and screams if he or she doesn't get it.
The 32-year-old Shkreli told ABC news that he would lower the price of the
medicine to make it "more affordable." But he stopped short of giving any
details. He said the drug company gave the drug away for free to about half of
those who use it.
However, before saying Turing Pharmaceuticals would lower the price, Shkreli
had defended the company's pricing. He said the company needed the 4000%
rise to make money for more research and development. visit the website
www.chinavoa.com to get more information!
Not all were convinced that the announcement was a win for those needing the
drug.
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Forbes magazine wrote "Shkreli won. He made a huge price increase, rode
through the resulting controversy, and now has settled into taking a less huge
price increase, but probably still very big price increase."
Shkreli had been outspoken in defending himself on Twitter. He said the media
was making him look like the bad guy. Earlier in the week, he made his Twitter
feed private.
I'm Anna Matteo.
Reporters at VOA News wrote this story. Anna Matteo adapted it for Learning
English. Kathleen Struck was the editor.
___________________________________________________________
Words in This Story
pharmaceutical – adj. of or relating to the production and sale of drugs and
medicine
viral – adj. quickly and widely spread or popularized especially by
person-to-person electronic communication
price gouging – v. is when a seller spikes the prices of goods or services or
commodities to a level much higher than is considered reasonable or fair.
profiteering – v. one who makes what is considered an unreasonable profit
especially on the sale of essential goods during times of emergency
afford – v. to be able to pay for (something) : affordable is the adjective
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