The "Most Hated CEO" in America
In the fall of 2015, Turing Pharmaceuticals increased the price of its recently acquired drug, Daraprim, by several thousand percent. While the short-term effect on profits would be substantial, the long-term effects were less clear. The CEO, Martin Shkreli, was constantly in the media flaunting his pricing strategy as a way to maximize Turing's profits. The subsequent attention from media and government officials was forcing the CEO to defend his positions. After announcing to the media on September 23, 2015, that the price of Daraprim would be lowered, Martin Shkreli needed to decide if he would follow through on lowering the price of Daraprim.