A former U.S. hedge fund manager is defending a recent decision to raise the price of a drug used to treat deadly parasitic infections in pregnant mothers, people with AIDS and cancer patients from US$13.50 a pill to US$750 a pill.

Martin Shkreli, founder and CEO of Turing Pharmaceuticals, recently purchased the U.S. rights to Daraprim, which was developed in 1953 and is one of the main drugs used to treat toxoplasmosis.

The Infections Diseases Society of America about the company鈥檚 5,000-per-cent price increase in an open letter sent to Turing earlier this month.

The group of prominent doctors wrote that there is 鈥渘o justification for an increase of this magnitude鈥� and warned of 鈥渟evere consequences鈥� for patients.

Shkreli went on U.S. television on Monday and argued that the much higher price is reasonable. The interview was along with a written statement.

Shrklei told the TV interviewer that a course of treatment for toxoplasmosis is about 100 pills, so at $13.50 a pill, 鈥渢he price to save your life was only $1,000.鈥�

鈥淐ancer drugs can cost $100,000 or more,鈥� Shkreli added. 鈥淒araprim is still underpriced relative to its peers.鈥�

At the new price, 100 pills would cost about $75,000.

Turing鈥檚 online statement says 鈥渙ur number one concern is ensuring that patients with toxoplasmosis have efficient and affordable access to Daraprim.鈥�

It goes on to say that 鈥渢he status quo鈥� for toxoplasmosis 鈥渋s not an option,鈥� and that, 鈥淭uring hopes to change that by targeting investments that both improve on the current formulation and seek to develop new therapeutics with better clinical profiles.鈥�

The company also said it offers the medication free of charge to 鈥渜ualified, uninsured patients鈥� and that it will 鈥渨ill work with any patient, hospital, clinic and financial institution 鈥� on a case-by-case basis 鈥� to help secure access to Daraprim.鈥�

Shkreli also took to Twitter to address the controversy, where promised better access to and lower prices for the drug.