CEO defends 5,000% price hike for Aids medication

The chief executive of a US pharmaceutical company has defended his firm’s decision to raise the price of an Aids medication by more than 5,000% practically overnight.

Turing Pharmaceuticals acquired the rights to the medication Daraprim in August.

CEO Martin Shkreli, who has been subjected to a social media backlash since the announcement, has said it will use the money it makes from sales to research new treatments.