23 September 2015 - Martin Shkreli, chief executive officer of Turing Pharmaceuticals, said he would lower the price of the drug Daraprim after being criticised for boosting it 50-fold to $750 a pill.

"We have agreed to lower the price of Daraprim to a point that is more affordable," Shkreli said Tuesday in an interview with ABC News. He didn't say what the new price would be.

Turing acquired an older antibiotic drug, Daraprim, in August and soon after that raised the price to $750 a pill from $13.50. Shkreli was criticized by Democratic presidential candidate Hillary Rodham Clinton on Monday, who called the price hike "outrageous" on Twitter and responded with a proposal to cap consumer spending on drugs. Clinton's tweet caused the Nasdaq Biotechnology Index to slide, losing more than $40 billion in market value on Monday.

For more details, go to: http://www.smh.com.au/business/world-business/turing-ceo-martin-shkreli-backflips-on-daraprim-price-following-backlash-from-hillary-clinton-20150923-gjt0xk.html