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Pharma CEO jacks drug price 400%, citing “moral requirement to make money”
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| Contributor | RP |
| Last Edited | RP Sep 12, 2018 10:46am |
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| Category | Strategy |
| Author | Beth Mole |
| News Date | Tuesday, September 11, 2018 10:50:00 PM UTC0:0 |
| Description | Nirmal Mulye, CEO of the small Missouri-based drug company Nostrum Laboratories, raised the price of bottle of nitrofurantoin from $474.75 to $2,392 last month. The drug is a decades-old antibiotic used to treat urinary-tract infections caused by Escherichia coli and certain other Gram-negative bacteria. The World Health Organization lists nitrofurantoin as an essential medicine.
In an interview with the FT, Mulye went on to say it was also a “moral requirement” to “sell the product for the highest price,” and he explained that he was in “this business to make money.”
I agree with Martin Shkreli that when he raised the price of his drug he was within his rights because he had to reward his shareholders... If he's the only one selling it then he can make as much money as he can... We have to make money when we can. The price of iPhones goes up, the price of cars goes up, hotel rooms are very expensive. |
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