If you are on the drug Daraprim, a specialty pharmaceutical from Turing Pharmaceuticals you had quite a wake-up call last month! Daraprim is a pill that treats a common parasite that attacks people with weakened immune systems.
How can drug prices increase so much in a single month you ask? Sources claim that Turing was able to purchase the rights to the drug Daraprim back on August 10th, and the price increase was subsequent to that drug acquisition.
Impax press release
HAYWARD, Calif., Aug. 10, 2015 /PRNewswire/ — Impax Laboratories, Inc. (NASDAQ: IPXL) today announced that it has sold its U.S. rights to the Daraprim brand to Turing Pharmaceuticals AG for approximately $55 million. – Impax Press Release, August 10, 2015
Company hikes price of specialty drug
Keep in mind this is a 62 year old drug that only cost patients $1 a pill a few years ago. The New York Times reports that “The Infectious Diseases Society of America and the HIV Medicine Association sent a joint letter to Turing earlier this month calling the price increase for Daraprim unjustifiable for the medically vulnerable patient population and unsustainable for the health care system,” a claim that Turing’s CEO denies.
Reports are that Turing’s people have been helpful to those that need the medication and cannot afford it. Turing says the revenue from sales of Daraprim will be re-invested back into research for alternative therapies in this arena.