Turing Pharmaceuticals, a small company that generated outrage by raising the cost of an old anti-infective drug by more than 5,000%, said it would roll back that increase to make sure it remains affordable.

Turing and its chief executive officer, Martin Shkreli, became the new face of the US drug pricing controversy this week, after the New York Times reported that the company had raised the price of Daraprim, a 62-year-old treatment for a dangerous parasitic infection, to $750 (£488) a pill from $13.50 (£8.79) after acquiring it. The medicine once sold for $1 a pill.

The story sparked outrage among patients, medical societies and the Democratic presidential frontrunner, Hillary Clinton, who outlined a proposal to cap rocketing prescription drug costs for consumers.

Shkreli told ABC World News Tonight on Tuesday: “We’ve agreed to lower the price of Daraprim to a point that is more affordable and is able to allow the company to make a profit, but a very small profit, and we think these changes will be welcome.” The final cost was still being determined, but would be less than $750 per pill.

Earlier in the day, PhRMA, the pharmaceutical industry’s main lobbying group, sought to distance itself from Turing’s move, posting on Twitter that the drugmaker “does not represent the values of PhRMA member companies”.

Asked for further details, the lobby group noted that Turing is not one of its members, which include global drugmakers such as Merck & Co, Pfizer and Novartis.

Martin Shkreli defended the dramatic increase in the price of the drug earlier in the week Guardian

“PhRMA members have a long history of drug discovery and innovation that has led to increased longevity and improved lives for millions of patients,” said the group. “Turing Pharmaceutical is not a member of PhRMA and we do not embrace either their recent actions or the conduct of their CEO.”

In an interview with CNBC on Monday, an unapologetic Shkreli said that Daraprim had been priced too low and that his company needed to generate profits that it would spend on new research and development. PhRMA member companies have made similar arguments on the need to price new drugs high enough to ensure that they have enough to cover their R&D investments.

Previously asked if he would lower the price in response to the furore, Shkreli simply responded: “No.”