Monday, January 17, 2022

U.S. Judge Martin Shkreli has been ordered to pay $ 64.6 million for his involvement in the drug industry.

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WASHINGTON () – On Friday, U.S. Judge Martin Shkreli was expelled from the pharmaceutical industry for life and forced to pay Daraprim $ 64.6 million for his efforts to block popular competitors by raising the price.

Martin Shkreli, a former head of a pharmaceutical company, and his attorney, Benjamin Brafman, were convicted of securities fraud and left the U.S. District Court in Brooklyn, New York, on Aug. 4, 2017. / Carlo Allegri

U.S. Federal Trade Commission and seven-state Viera Pharmaceuticals founder Shkreli Daraprim has been sentenced by U.S. Manhattan District Judge Denis Cote, accusing him of using illegal tactics to drive competitors out of the market.

Shkreli rose to fame in 2015 after raising the price of Daraprim from $ 17.50 overnight to $ 750. The drug treats toxoplasmosis, a parasitic infection that threatens people with weakened immune systems.

In a 130-page ruling, Kot accused Shkreli of creating two companies – Vyera and Retrophin Inc. – to monopolize drugs to benefit patients, doctors and distributors “behind the scenes”.

He said the Daraprim scheme was “especially heartless and coercive” and that the industry should have been banned for life because of the “real danger” that Shkreli could become a repeat offender.

“Shkreli’s anti-competitive behavior, which was detrimental to his health, was rude and reckless,” the judge wrote. “He does not repent. Depriving him of the opportunity to repeat this behavior is nothing if it is not in the interest of justice. ”

Neither Shkreli’s lawyers nor the FTC responded immediately to requests for comment. There was a trial without a judge last month.

Shkreli is serving a seven-year prison sentence for securities-related fraud. He did not attend the trial.

Viera was founded in 2014 as Turing Pharmaceuticals and in 2015 acquired Daraprim from Impax Laboratories Inc.

Regulators have accused Vyera of defending Daraprim’s superiority by ensuring that generic drug manufacturers can’t get samples for cheaper versions and keeping potential competitors out of purchasing the main ingredient.

Among the seven states involved in the FTC case were California, Illinois, New York, North Carolina, Ohio, Pennsylvania and Virginia.

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