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Fri Jan 14, 2022, 04:36 PM

'Pharma Bro' Shkreli ordered to pay nearly $65 million, banned for life from pharmaceutical industry [View all]

Martin Shkreli, the “Pharma Bro” who significantly raised the price of the life-saving drug Daraprim, was told by a judge on Friday that he could no longer work within the pharmaceutical industry and was ordered to pay close to $65 million "in net profits from his wrongdoing."

In defense of raising the price of Daraprim, an anti-parasite drug used for patients with AIDS, the former CEO of Turing Pharmaceuticals claimed that patients who needed the drug would be able to get it through insurance companies and argued that capitalism allowed him to raise the drug’s price, The Associated Press reported.

However, U.S. District Judge Denise Cote was not convinced, calling his scheme to raise the price of Daraprim “particularly heartless and coercive” in her decision on Friday.

“He cynically took advantage of the requirements of a federal regulatory scheme designed to protect the health of a nation by ensuring that its population has access to drugs that are not only effective but also safe,” Cole said in her decision.

“He recklessly disregarded the health of a particularly vulnerable population, those with compromised immune systems. His scheme burdened those patients, their loved ones, and their healthcare providers,” she continued.


https://thehill.com/regulation/court-battles/589803-pharma-bro-shkreli-ordered-to-pay-nearly-65-million-banned-for-life

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