Former pharmaceutical executive Martin Shkreli was ordered to return $64.6 million in profit earned from the price increase of the life-saving drug Daraprim and, a federal judge, banned from the pharmaceutical industry. Governance Friday.
Running news:, Shkreli, often referred to as “Pharma Bro,” is serving a seven-year prison sentence on federal charges of wire and securities fraud.
- Shkreli gained notoriety in 2015 when he was CEO of Turing Pharmaceuticals (now Vyara Pharmaceuticals) Raised Daraprime prices from $13.50 to $750 per tablet, The drug is used to treat a rare parasitic disease that affects pregnant people, cancer patients and AIDS patients
big picture: Friday’s decision comes several weeks after a seven-day bench trial in December. AP Report. The Federal Trade Commission, along with seven states, brought the case against Shkreli in 2020.
- At the time, Shkreli defended his decision to raise the price, saying that “insurance and other programs ensure that those who need Daraprim will eventually get it,” the AP notes.
- “Shkreli does not dispute that it was his intention to prevent generic drug companies from launching competing products that would threaten the price of Daraprim,” US District Judge Dennis Cote wrote. “The plaintiff has shown that the sanctions imposed by Vyara were successful in doing so.”