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Martin Shkreli expelled from drug industry and fined $64.6 million by US court | Martin Shkreli

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Martin Shkreli, the pharmaceutical entrepreneur vilified for skyrocketing the price of a life-saving drug, has been banned for life from the pharmaceutical industry and fined $64.6 million by a US court.

Friday’s decision came after the Federal Trade Commission (FTC) and seven states filed suit against Shkreli, dubbed the “Pharma Bro” for his sometimes outrageous behavior.

Shkreli was chief executive of Turing Pharmaceuticals, a company that in 2015 raised the price of Daraprim, a drug used to treat AIDS, malaria and cancer, by more than 5,000%.

The ensuing scandal succeeded in uniting Donald Trump and his then-presidential rival, Hillary Clinton, in condemnation. Trump called Shkreli a “spoiled brat” and Clinton criticized his price hike.

“Banling an individual from an entire industry and limiting his future ability to earn a living in that field is serious remedy and should be done with care and only if fairness requires it,” U.S. District Judge Denise wrote. Rating in a 135-page decision on Friday.

“Shkreli’s flagrant, deliberate, repetitive, long-lasting and ultimately dangerous illegal conduct warrants the imposition of an injunction of this scope.

“From day one, Shkreli focused his new venture on acquiring single-source medicines that were the gold standard treatment option for life-threatening diseases with a small patient population and inferior alternative treatments, with the intent to raise their prices, block generic competition, and reap extraordinary profits.

In 2018, in an unrelated case, Shkreli was jailed for seven years for securities fraud.

During the trial, Shkreli lost bail after encouraging fans to pull a hair from Clinton’s head: “$5,000 but the hair has to include a follicle. Never assault anyone for any reason (LOLIBERALS),” he wrote in a now-deleted Facebook post.

Even in prison, Shkreli continued to drive up the price of Daraprim, according to Wall Street Journal information cited in court records.

New York State Attorney General Letitia James filed charges against Shkreli in January 2020, accusing him of using monopoly control to keep the price of the drug high. She was joined by the FTC and other attorneys general.

“Martin Shkreli is no longer a ‘Pharma Bro’,” James wrote on Twitter on Friday.

“The powerful have no right to make their own rules, although Shkreli believes cash rules everything around it.”

Martin Shkreli expelled from drug industry and fined $64.6 million by US court | Martin Shkreli

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