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

Discussion in 'Wall St. News' started by ajacobson, Jan 14, 2022.

  1. ajacobson

    ajacobson

    'Pharma Bro' Shkreli ordered to pay nearly $65 million, banned for life from pharmaceutical industry
    BY CAROLINE VAKIL - 01/14/22 03:20 PM EST 313
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    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.

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    “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 health care providers,” she continued.

    In her strong rebuke, Cole also said that Shkreli had not expressed any remorse for his actions. She noted that “the risk of recurrence here is real.”

    “Shkreli’s anticompetitive conduct at the expense of the public health was flagrant and reckless. He is unrepentant. Barring him from the opportunity to repeat that conduct is nothing if not in the interest of justice,” Cole said.

    New York Attorney General Letitia James (D), who serves in one of the states that is a plaintiff in the case, applauded Cole’s decision.

    “‘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,” James said in a statement. “But Americans can rest easy because Martin Shkreli is a pharma bro no more."

    Shkreli was previously sentenced in 2018 to seven years in prison for securities fraud in a separate case. He was found guilty of lying about two hedge funds he was managing when speaking to investors.
     
    Nobert and themickey like this.
  2. ipatent

    ipatent

    What was the actual crime involved in raising the price of the drug?
     
  3. MKTrader

    MKTrader

    Because nothing else shady goes on in Big Pharma. I know nothing about this guy but he sounds like a scapegoat.
     
    IntergalacticSpace likes this.
  4. Overnight

    Overnight

    Nobert likes this.
  5. Nobert

    Nobert

  6. MKTrader

    MKTrader

  7. Is this him, sheesh I guess he had to raise the prices so he can pay for his teeth work....LMAO...wu tang clan...cream ...get the money...

     
  8. I guess their crackheads are just as funny as ours. That is sad and depressing... That man is likely dead or something by now.
     
  9. Pekelo

    Pekelo

    Raising the price of a drug is not a monopolistic practice. Now his company was maybe the sole maker of the drug, that would be a monopoly, but raising the price itself has nothing to do with monopoly.

    Are they going to sue every Big Pharma company who extend their years of patent by slightly altering a drug (a well known and used practice), so generics can't enter the market for a few extra years? THAT is a monopolistic practice.

    How about the insulin industry, if you are talking about price? They are not even that expensive but lots of poor people need it and some died by trying to stretch it out because they didn't have the money. In other countries insulin is dirt cheap. Let's fix this first then we can screw Shkreli.

    "Last time I checked, cash price for 10 days of insulin for my kid was $300. Granted, that's been 3 or 4 years, so I'm sure it's increased.

    Literally, just the vial of insulin. That's not syringes, test strips, etc."

    "and literally the same drug from the same factory in the same quantity is around $20 OTC in Canada without any insurance."
     
    Last edited: Jan 14, 2022
  10. Pekelo

    Pekelo

    This is actually a valid question, because amoral =/= criminal. I am still researching the issue what the exact charge was.
     
    #10     Jan 14, 2022