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Martin Shkreli caves, will cut price of Daraprim after huge backlash over price hike

This week, Turing Pharmaceuticals boosted the price of the tablet from $13.50 to $750.

Susan Morse, Managing Editor

Caving to scathing criticism, Turing Pharmaceuticals CEO Martin Shkreli has said he will lower the price of the drug Daraprim.

Shkreli has yet to give the new price.

Shkreli reportedly said the decision to lower the price was a reaction to outrage over the price increase.

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This week, his company announced a price hike for the tablet, from $13.50 to $750. Shkreli was blasted for increasing the cost of a drug considered life-saving for those with weakened immune systems, such as AIDS patients and those with cancer.

[Also: AHIP chief Marilyn Tavenner blasts drug plans as Hillary Clinton proposal targets price hikes]

Daraprim treats toxoplasmosis, a parasitic infection.

Turing Pharmaceuticals of New York bought the drug from Impax Laboratories in August for $55 million, according to NBC News.

The backlash over the price increase filled social media and caught the attention of presidential candidate Hillary Clinton, who spoke of  "price gouging."

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The Daily Beast declared Shkreli, 32, the "most-hated man in America," surpassing Walter Palmer, the dentist who killed Cecil the Lion, according to CNN Money. Shkreli originally fought back on Twitter, reportedly saying in one Tweet, "It seems like the media immediately points a finger at me so I point one back at em, but not the index or pinkie."

His Twitter feed has since been deleted with a message on the site that reads, "@MartinShkreli's Tweets are protected."

Shkreli has also been defending himself in numerous TV interviews, saying he planned to use the profits to research better treatment that had fewer side effects, as Daraprim has been around for decades.

Twitter: @SusanMorseHFN