Posted by Michael Wonder on 13 Sep 2018
Beleaguered price hiking drug CEO says he wasn't defending Shkreli, he was condemning FDA
13 September 2018 - Nirmal Mulye, founder of Nostrum Pharmaceuticals, became the latest CEO in the spotlight for raising drug prices.
A 400% price hike on a decades-old medicine is a risky move in a post-Martin Shkreli world. But Nirmal Mulye, founder of Nostrum Pharmaceuticals, said he had to take the price increase — or continue losing money manufacturing generic drugs.
Mulye's found himself the latest CEO in the drug pricing spotlight, after the Financial Times this week featured his company's 400 percent increase on the antibiotic nitrofurantoin, to $2,400 a bottle, and quoted him saying there was a "moral requirement to sell the product at the highest price." The piece also said he defended the actions of Shkreli, who raised the price of the medicine Daraprim by 5,000% overnight in 2015.
