Martin Shkreli was sentenced to be a “Pharma Bro” and ordered to repay $64m

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Image source, Reuters
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Martin Shkreli in 2017

Martin Shkreli (an ex-executive at a pharmaceutical company that ordered price rises for life-saving drugs) has been banned from the drug industry for his actions.

In a decision on Friday, Judge Denise Cote ordered him to repay $64.6m (£47m) in profits he made from the scheme.

Her ruling was that the actions of Mr Shkreli were in violation of laws against monopolies.

Mr Shkreli is serving time in prison currently for defrauding investors.

However, this is about an action he took in 2015 that raised the Daraprim price from $13.50 a $750, which is a well-known medicine used for toxoplasmosis treatment, by around 4,000% overnight.

Additionally, supply agreements were created to prevent competitors offering generic versions of unpatented medicines. These are used to treat parasitic diseases in pregnant women as well as Aids patients.

These moves proved unpopular and earned him “Pharma Bro” as his nickname.

The conduct was alleged to have violated federal and state laws prohibiting anti-competitive behavior. Seven states joined the Federal Trade Commission in bringing a suit against him.

US District Judge Cote deemed Mr Shkreli to be the “prime mover” within the scheme.

She said, “It’s his brainchild. He drove every step of it.”

Vyera Pharmaceuticals (founded by Shkreli) was previously called Turing Pharmaceuticals. Previously, the company paid $40 million.

Letitia James of New York, the Attorney General, was one of those who filed the lawsuit. She celebrated the outcome.

She stated that Shkreli had raised illegally the “price for a life-saving medication as Americans’ lives were in danger”.

Americans should rest assured that Martin Shkreli, a Pharma Bro, is no longer a threat to their health.

Source: BBC.com

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