Turing Pharmaceuticals CEO Martin Shkreli defends HIV drugs price hike

The head of a US drugs company has defended his company's decision to raise the price of medication used by Aids patients by over 5,000%.

Turing Pharmaceuticals acquired the rights to Daraprim in August, raising the price of a dose from $13.50 (£8.70) to $750 (£484.40).

Speaking to CBS News, CEO Martin Shkreli said the company was "charging the right price that the markets and prior owners missed" and that they will use the money from sales to research new treatments.