Shkreli ordered to return $ 64M, is excluded from the pharmaceutical industry – Business News


‘Pharma Bro’ fined $ 64 million

The Canadian Press – | History: 357047

A federal judge on Friday ordered Martin Shkreli to return $ 64.6 million in profits he and his company reaped by raising the price of the life-saving drug Daraprim, preventing him from participating in the pharmaceutical industry for the rest of his life.

The decision by U.S. District Judge Denise Cote came several weeks after a seven-day trial in December. The Federal Trade Commission and seven states brought the case in 2020 against the man who was called in the media “Pharma Bro.”

Shkreli was the CEO of Turing Pharmaceuticals – later Vyera – when it raised the price of Daraprim. It treats a rare parasitic disease that affects pregnant women, cancer patients and AIDS patients.

He defended the decision as capitalism at work, saying that insurance and other programs ensure that people who need Daraprim would eventually get it.

But the move sparked outrage from medical centers to the 2016 president’s campaign trail, where Hillary Clinton called it a price drop and future president Donald Trump called Shkreli “a spoiled brat.”

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