CEO: 5000-percent drug price hike "not excessive at all" - CBS News

When Turing Pharmaceuticals bought the 62-year-old drug called Daraprim in August, the company immediately raised the price of one pill from $13.50 to $750. The increase drew protests in the medical community from those concerned that many patients will no longer be able to afford the drug. According to Turing CEO Martin Shkreli, however, the move is simply a smart business decision.

"Why was it necessary to raise the price of Daraprim so drastically?" CBS News correspondent Don Dahler asked Shkreli.

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