Shkreli is the CEO of Turing Pharmaceuticals, a new company that just bought the US marketing rights to Daraprim, a drug that fights parasitic infections.

Almost immediately, he hiked the price of the drug up by 5,000% — causing public outrage and placing political attention on other drugs that have made similar moves.

Even though Shkreli quickly backtracked and announced that he would lower the price, the pharmaceutical and biotech industries are still reeling.

Here's why: