Clinton's Tweet on High Drug Prices Sends Biotech Stocks Down
- Index falls after Democrat says she'll release drug cost plan
- Turing Pharma CEO explains decision to raise price 50-fold
Why Turing Increased Price of Daraprim Over 500%
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The drug company CEO under fire for boosting the cost of a decades-old medicine by 50-fold defended the decision, calling the treatment a bargain at $750 a pill.
Martin Shkreli, a former hedge fund manager who is now chief executive officer of Turing Pharmaceuticals AG, was called out by Democratic presidential candidate Hillary Clinton. Clinton tweeted that she would soon release a plan to combat the high cost of prescription drugs. Biotechnology stocks fell after her comment.