A US drugs company is facing widespread scathing attacks from the public and politicians after raising the price of a life-saving Aids drugs by more than 5000%.

Turing Pharmaceuticals boss Martin Shkreli initially defended the decision, but later said he would reduce the price... but not by how much.

Turing Pharmaceuticals bought the rights to Daraprim in August, before raising the price from $13.50 to $750. The drug costs the equivalent to roughly 62p.

Mr Shkreli claimed that Daraprim was massively underpriced and stressed that the business needed to make a profit that would be used to fund more research.

Following the backlash, he told ABC News: "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."

The UK's supply of Daraprim is made by GlaxoSmithKline and is therefore unaffected by the price rise. By comparison, the drug costs £9 for 30 tablets in the UK.