Martin Shkreli, chief executive officer of Turing Pharmaceuticals AG, said he would lower the price of the drug Daraprim after being criticised for increasing it 50-fold to $750 a pill from $13.50.
“We have agreed to lower the price of Daraprim to a point that is more affordable,” Mr Shkreli said in an interview with ABC News on Tuesday.
He didn’t say what the new price would be.
Turing Pharmaceuticals acquired an older antibiotic drug, Daraprim, in August and soon after that raised the price to $750 a pill from $13.50.
On Monday, Mr Shkreli defended the price increase for Daraprim, calling it a bargain even at the higher price. Patients typically take the drug, which treats the parasite-caused disease toxoplasmosis, for at least several weeks, at what Mr Shkreli said was about a $50,000 cost.
Some may need it for longer.
Mr Shkreli was criticised by Democratic presidential candidate Hillary Clinton on Monday, and top US pharmaceutical lobby group Pharmaceutical Research and Manufacturers of America said on Tuesday that Turing Pharmaceuticals doesn't represent the values of its member companies.