‘Pharma Bro’ Martin Shkreli Hit With $64.6 Million Fine And Lifetime Ban From Pharmaceutical Industry

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A federal decide dominated Friday morning that Martin Shkreli, a former hedge fund supervisor convicted of securities fraud in 2017, should pay $64.6 million in fines to states that filed an antitrust lawsuit over his dramatic enhance to the worth of Daraprim, a lifesaving drug, in 2015.

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Key Background

Shkreli got here underneath public scrutiny in 2015 when his pharmaceutical firm Turing acquired Daraprim and raised the price from $13.50 a pill to $750. Daraprim treats toxoplasmosis, a uncommon parasitic illness that may be lethal, and the worth hike was extensively criticized. Shkreli defended the move, saying, “If there was an organization that was promoting an Aston Martin on the worth of a bicycle, and we purchase that firm and we ask to cost Toyota costs, I do not assume that that ought to be a criminal offense.” In 2020, the Federal Commerce Fee and 7 states filed a lawsuit accusing Shkreli of blocking competitors from generic drug corporations by stopping them from accessing Daraprim to conduct testing in step with FDA rules. The go well with additionally claims Shkreli used unique provide agreements to restrict the market availability of the drug’s energetic components. In 2018, Shkreli was sentenced to seven years in jail after he was found guilty of defrauding buyers.

Additional Studying

Authorities Search Lifetime Ban For ‘Pharma Bro’ Martin Shkreli In New Lawsuit (Forbes)

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