America's Most Hated Man: Global Outrage as Funder Buys Rights to AIDS Drug and Raises Price from $13.50 to $750.00

Meet the most despised man in the world that has sparked Global outrage as he buys rights to AIDS drug and promptly raises price overnight by 5500% - from $13.50 to $750.00 per pill.

Martin Shkreli, 32, founder and chief executive of Turing Pharmaceuticals

32-year old former Hedge Fund manager, Martin Shkreli, has suffered severe backlash after purchasing the rights to a 62-year old drug used for treating AIDS patients and raising the price overnight from $13.50 per tablet to $750.

Daraprim treats toxoplasmois, an opportunistic parasitic infection that can cause serious and life-threatening problems

The founder and chief executive of Turing Pharmaceuticals, purchased the rights to Daraprim - which is used to treat life-threatening parasitic infections in August for $55million. Shortly thereafter, the price of the drug, which costs roughly $1 to produce, was increased to $750 per tablet.

Since the announcement, people across social media have criticized the price increase, but Shkreli has backed the decision. He told Bloomberg that he hiked up the price of the pill because Turing Pharmaceuticals 'needed to turn a profit on the drug'.

He also said that it was "a great business decision that also benefits all of our stakeholders", but didn't provide further information.

"This isn't the greedy drug company trying to gouge patients, it is us trying to stay in business," Shkreli said, according to Raw Story. He added that many patients use the drug for less than a year and that the price is on par with drugs similar that are used to treat rare diseases.

Since his company acquired the drug, Shkreli has urged the importance of improving Daraprim and said drugs need to be developed for treating neglected tropical diseases.

Shkreli said that the proceeds from the newly high-priced Daraprim will be used to research better treatments and raise awareness for toxoplasmosis.,an opportunistic parasitic infection that can cause serious and life-threatening problems.

See social media backlash that has followed the development: