Recent public outrage for the price hike of an AIDS drug from $13.50 a pill to $750 by CEO Martin Shkreli may be resolved as a competitor introduces a generic that will only cost $1.
The uncontrolled prices from the pharmaceutical world is one way that big business is out of control and hurting the rest of us. People who suffer from AIDS, a potentially deadly disease may have some relief from a company out of San Diego known as Imprimis Pharmaceuticals.
Imprimis has decided to offer a $1 alternative treatment to the pill Daraprim.
Greedy CEO Increased the price of Daraprim by over 5000%
Last month Martin Shkreli decided to increase the price of Daraprim from $13.50 to $750 per pill. The FDA (Food and Drug Administration) has approved Daraprim for use in treating toxoplasmosis which is a parasitic disease that preys on people with weakened immune systems. Often times that ends up being individuals with AIDS or women who are pregnant.
Imprimis CEO Mark Baum
Image via nasdaq.com
Imprimis is encouraged by investors
Investors are excited about the move by Imprimis and since the announcement their stocks went up 17.4% landing them at $7.01 per share.
The FDA hasn’t approved Imprimis’ generic drug for the treatment of toxoplasmosis but it can be used as doctors as a viable alternative treatment for those who cannot afford Daraprim.
The new oral capsules with Imprimis’ customized formula of leucovorin and pyrimethamine treatments will start out at $99 for a 100 pill bottle.
“Recent generic drug price increases have made us concerned and caused us to take positive action to address an opportunity to help a needy patient population,” Imprimis CEO Mark Baum said in a recent statement.
“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.”
Maybe with more aware companies working to right the wrongs of greedy CEOs we can see fair prices and with the backing of investors we can make this world a better place.
Let us know in the comments below what you think about corrupt CEOs, price hikes, and the companies trying to make things right.