“Pharma Bro” Receives Lifetime Ban From Pharma Industry
Another high-profile case against Martin Shkreli concludes
Over the course of the last decade, Martin Shkreli had the unfortunate distinction of being one of the most hated people in the United States. As CEO of the company Turing Pharmaceuticals (which became Vyera), he increased the price of a drug needed by patients with cancer and AIDS from $13.50 to $750 per dose. He went on to spend time in prison on securities fraud charges; there’s also the matter of the Wu-Tang clan album he bought the only copy of.
Shkreli’s actions earned him the nickname “Pharma Bro” — which also provided the title of a recent documentary about him. That nickname might need to be updated, however. As a result of a recently-concluded trial, Shkreli has been handed a lifetime ban from the pharmaceutical industry.
U.S. District Judge Denise Cote issued her ruling on Friday, which also involved ordering the repayment of over $64 million in profits that Shkreli made from his work at Vyera. In her ruling, Cote referred to Shkreli as “the mastermind of [Vyera’s] illegal conduct and the person principally responsible for it throughout the years.”
Judge Cote’s ruling brings to an end a case brought by seven states, along with the Federal Trade Commission. Following the announcement of the verdict, New York’s Attorney General, Letitia James stated, “Americans can rest easy because Martin Shkreli is a pharma bro no more.”
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