NEW YORK — Martin Shkreli must return $64.6 million in profits he and his former company reaped from jacking up the price and monopolizing the market for a lifesaving drug, a federal judge ruled Friday while also barring the U.S.
“‘Envy, greed, lust, and hate,’ don’t just ‘separate,’ but they obviously motivated Mr. Shkreli and his partner to illegally jack up the price of a life-saving drug as Americans’ lives hung in the balance,” New York Attorney General Letitia James said, peppering the written statement with references to the Wu-Tang Clan, Messages seeking comment were left with Shkreli’s lawyers.
But the move sparked outrage from the medical community to Congress and was a rare source of bipartisan agreement on the 2016 presidential campaign trail, where Democrat Hillary Clinton called it price-gouging and future President Donald Trump, a Republican, called Shkreli “a spoiled brat.” The FTC and seven states — New York, California, Illinois, North Carolina, Ohio, Pennsylvania and Virginia — alleged in their case that Vyera hiked the price of Daraprim and illegally created “a web of anticompetitive restrictions” to prevent other companies from creating cheaper generic versions. Among other things, they alleged, Vyera blocked access to a key ingredient for the medication and to data the companies would want to evaluate the drug’s market potential.
The trial record included evidence showing Shkreli kept in regular contact with company executives, even after he went to prison. A spreadsheet kept by one executive showed more than 1,500 contacts with Shkreli between December 2019 and July 2020.
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'Pharma Bro' Martin Shkreli banned from pharmaceutical industry for life, ordered to pay $64.6MA federal judge has ordered Martin Shkreli to return $64.6 million in profits he and his company reaped from inflating the price of the life-saving drug Daraprim and barred him from participating in the pharmaceutical industry for the rest of his life.
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'Pharma Bro' Martin Shkreli banned from pharmaceutical industry for life, ordered to pay $64.6MA federal judge has ordered Martin Shkreli to return $64.6 million in profits he and his company reaped from inflating the price of the life-saving drug Daraprim and barred him from participating in the pharmaceutical industry for the rest of his life.
Source: FOX4 - 🏆 289. / 63 Read more »
U.S. judge bars Martin Shkreli from drug industry, orders $64.6 million paymentWASHINGTON (Reuters) -A U.S. judge on Friday barred Martin Shkreli from the pharmaceutical industry for life and ordered him to pay $64.6 million after he famously raised the price of Daraprim and fought to block generic competitors. U.S. District Judge Denise Cote in Manhattan ruled after a trial where the U.S. Federal Trade Commission and seven states had accused Shkreli, the founder of Vyera Pharmaceuticals, of using illegal tactics to keep Daraprim rivals out of the market. Shkreli drew notoriety in 2015 after hiking Daraprim's price overnight to $750 per tablet from $17.50. So we can bar a private citizen from a private industry for the damage he caused to it and the people his decisions negatively affected but we cant bar a private citizen from public office for attempting to overthrow the government
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'Pharma Bro' Martin Shkreli banned from drug industry for life, ordered to pay nearly $65MMartin Shkreli, the so-called “Pharma Bro” known for jacking up medicine prices, has been banned from the pharmaceutical industry for life and ordered to pay almost $65 million, according to New York’s top prosecutor.
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