Media playback is unsupported on your device Media caption Turing Pharmaceuticals boss Martin Shkreli had previously defended the price riise 
 
 Judging by social media, Martin Shkreli, the 32-year-old chief executive of Turing Pharmaceuticals, may be the most hated man in America right now. There won't be any TV-ready villains; just rounds of public comment and dry testimony. People with weakened immune systems, such as Aids patients, have come to rely on the drug, which until recently cost about $13.50 (£8.80) a dose. He skipped several grades in school and received a degree in business from New York's Baruch College in 2004. Two days after the story detonated in the pages of the New York Times, Turing Pharmaceuticals will dramatically reduce its planned price hike to Daraprim, Shkreli told NBC News on Tuesday night. Image caption Turing Pharmaceuticals bought the rights to Daraprim in August 
 
 A second chance 
 
 Turing Pharmaceuticals was launched in February 2015 after Mr Shkreli was forced out of Retrophin. One 49-year-old patient suffering from a painful condition called endometriosis said the cost of her treatment had grown 6,500% between 2010 and 2015. "We've agreed to lower the price on Daraprim to a point that is more affordable and is able to allow the company to make a profit, but a very small profit," he told ABC News. Getting FDA to change its regulations is a slow process.
– The drug company CEO called the "most hated man in America right now" by the BBC says he's misunderstood—but that he'll lower the price of Daraprim in response to the firestorm of criticism. "There were mistakes made with respect to helping people understand why we took this action," Turing Pharmaceuticals chief Martin Shkreli, who raised the price of the toxoplasmosis drug from $13.50 a pill to $750, tells NBC News. "I think that it makes sense to lower the price in response to the anger that was felt by people." The 32-year-old former hedge fund boss says it's "very easy to see a large drug price increase and say, 'Gosh, those people must be gouging,'" but that drug pricing is "very hard stuff" for people to understand. Shkreli admits that the drug is cheap to make, but he says the price has to cover "the quality control, the regulatory costs, and all of the other things that come with having a drug company." Shkreli is an "odious pharma executive straight out of central casting," but his company is far from the only one buying up relatively obscure drugs and massively increasing the price, writes Dan Diamond at Forbes. The same thing has happened to dozens of other drugs over the last year, and while media attention forced Shkreli to back down, "the hard part is achieving lasting reform," he writes. (A huge increase in the price of a tuberculosis drug has also been rolled back.)