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More outcry surrounding Turing Pharmaceuticals and its decision this week to suddenly increase a single dose of the drug Daraprim from $13.50 to $750 dollars.
CEO Martin Shkreli, a former hedge fund manager, told CNBC's "Power Lunch" Monday he thought the 5,000 percent price hike "wasn't excessive at all," and insisted the drug was priced where the company could make a "comfortable profit."
Peter Bach, director of Memorial Sloan Kettering's Center for Health Policy and Outcomes, is a physician, epidemiologist, researcher and health care policy expert whose work focuses on the cost and value of anticancer drugs.
Appearing Tuesday on "Power Lunch," Dr. Bach said Turing's eye-popping price hike was merely "financial engineering," not a true step forward or innovation for the pharmaceutical industry.
"Companies for a long time have been able to get away with charging whatever they wish for drugs," said Bach. "in this particular case, it was clearly locking out competitors and raising prices where there is no innovation, no value to patients, only arbitrage."
"Drug prices are moving in the wrong direction," said Bach. "We need a comprehensive approach that actually involves the industry, and both political parties, to come up with a system, a formula for finding appropriate prices for drugs so we don't these swings in price, or aggregious capitalization on a broken system."