Recently, a popular American drug company, Turing Pharmaceuticals hiked its AIDS and Cancer Drug to $750 (N149, 000) per pill, a 5,000 per cent increase from its original price of $13.50 (N2, 686).
Immediately after the price hike, a competitor, Imprimis Pharmaceuticals produced an alternative drug that costs only $1(N199) per pill.
Imprimis CEO Mark Baum said “Today, some drug prices are simply out of control and we believe we may be able to help control costs by offering compounded alternatives to several sole source legacy generic drugs.
“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.”
The company also launched Imprimis Cares, promising that it will work towards making sure there are cheaper versions of 7,800 government approved drugs.
Although Turing attempted to justify its price hike by explaining that it was necessary for the company to continue researching the disease, they vaguely promised to reduce the price.