Too Much Greed Of Pharma Companies In Tagging High Prices Not Good For Mankind

Turing Pharmaceuticals as well as its CEO Martin Shkreli were recently in news for all the wrong reasons. They increased the price of an old life-saving drug toxoplasmosis by more than 5,000 percent overnight in August this year.

Toxoplasmosis was priced tagged $13.50 a pill earlier, but after acquiring the exclusive rights of marketing it the company re-tagged the price at $750 per pill.

However, the move was adversely affected and soon social media lashed out calling the CEO even the most hated person in America. Mark had to bow down in pressure and thereafter agreed to cut the price, but without revealing how much.

This is not the first time and Mark is not the first CEO responsible for increasing the prices of life-saving drugs. Most of the pharma companies including AstraZeneca and Valeant Pharma have increased the prices and even to the extent of 900 percent. It is also found generic companies too have followed their footprints in increasing the prices of their drugs.

It is common industry practice to increase the prices of patented drug and this goes to a huge extent if the manufacturer holds a monopoly in the market.

Relating to what Turning has done, it seems the pattern has become a business strategy to buy exclusive rights of old drug and sell it at a very high price.