American Pharmaceutical Group Distances Itself From Turing After Drug Price Hike
SAN FRANCISCO (CBS SF) -- A major pharmaceutical research group has distanced itself from the CEO of Turing Pharmaceuticals after the company dramatically increased the price of a popular drug.
PhRMA, the Pharmaceutical Research and Manufacturers of America, tweeted that "@TuringPharma does not represent the values of @PhRMA member companies."
The tweet drew responses from critics of other expensive pharmaceutical treatments.
James Love asked in a response, "@PhRMA @TuringPharma why does my wife's cancer drug cost $150000 per year?"
The rights to the drug Daraprim, developed byHayward-based Impax were sold to startup Turing Pharmaceuticals, which is run by former hedge fund manager Martin Shkreli.
The drug, which is popular for treating life-threatening parasitic infections increased about 5,000 percent from $13.50 per tablet to $750 after the Turing purchased the rights, the New York Times reported.
The Infectious Disease Society of America sent Turing Pharmaceuticals a letter urging the company to revise its pricing strategy.
