Monday, January 17, 2022

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Martin Shkreli Banned From Pharmaceutical Industry for Life, Ordered to Return $64M in Profits

New reports have confirmed that Martin Shkreli has been banned from ever working in the pharmaceutical sector for life, and has been ordered to return the $64.6 million in profits he made while at the top of his pharmaceutical company.

According to the Associated Press, this order was passed by the U.S. District Judge Denise Cote, who made this ruling in response to a lawsuit that claimed that even though Shkeli was incarcerated, he still had command over the company he founded, Vyera Pharmaceuticals, which was once Turing Pharmaceuticals.

Complex adds: “He was also allegedly attempting to stop the generic version of Darapim, the lifesaving antiparasitic drug that he profited from in 2015, from coming to market in an effort to avoid competition. Shkreli earned his millions when he boosted the prices of Darapim, which can be given to pregnant women, HIV patients, and babies, among other patients. At one point, Darapim was the only drug that was approved by the FDA to treat the parasitic condition toxoplasmosis.”

He had hiked the price of the drug from $13.50 to $750, and because of that, the Federal Trade Commission and seven states—New York, California, Ohio, Pennsylvania, Illinois, North Carolina, and Virginia—filed a lawsuit against him. The plaintiffs won a $40 million settlement from Vyera for the same allegations last month.

Complex continues: “He was later charged with defrauding investors from two hedge funds he operated prior to Turing, and for using the money to launch the drug company Retrophin. He was convicted in 2017 and is set to be released from prison in November.”

Now, he has been banned from 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,” Judge Cote wrote in her ruling. “Through exclusive supply agreements, Shkreli also blocked off access to the two most important manufacturers of the active pharmaceutical ingredient … for Daraprim.”

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