NEW: A federal judge ruled that Martin Shkreli, who became infamous after he hiked the price of a potentially lifesaving antiparasitic medication in 2015, to pay $64 million—equivalent to the profits from his scheme
An article about Christie Smythe in Elle Magazine went viral over the weekend after it was revealed she upended her life and stability for one of the least-liked men in the world.Martin Shkreli became infamous, and earned the nickname"Pharma Bro," after he hiked the price of a potentially lifesaving antiparasitic medication in 2015. On Friday, a federal judge ruled he should pay $64 million for his actions.
The judge said Shkreli should pay the financial penalty, equivalent to the profits from his scheme, and receive a lifetime ban from participation in the pharmaceutical industry.
Through his tight control of the distribution of Daraprim, Shkreli prevented generic drug companies from getting access to the quantity of Daraprim they needed to conduct testing demanded by the Food and Drug Administration. Through exclusive supply agreements, Shkreli also blocked access to the two most important manufacturers of the active pharmaceutical ingredient for Daraprim.
Through these strategies, the judge said, Shkreli delayed the entry of generic competition for at least 18 months. Shkreli and his companies profited over $64 million from this scheme. “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,” said New York Attorney General Letitia James, whose office sued with several other attorneys general and the Federal Trade Commission.
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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.
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