• Home
  • Disclosure
  • Privacy Policy
  • DMCA Policy
  • CCPA
  • Medical Disclaimer
Tuesday, January 31, 2023
Hawaii Digital News
  • Home
  • US
  • Business
  • World
  • Honolulu
  • Pearl City
  • Hilo
  • Hawaii Travel
  • Kailua
  • Univ. of Hawaii
  • Press Releases
  • Videos
No Result
View All Result
  • Home
  • US
  • Business
  • World
  • Honolulu
  • Pearl City
  • Hilo
  • Hawaii Travel
  • Kailua
  • Univ. of Hawaii
  • Press Releases
  • Videos
No Result
View All Result
No Result
View All Result
Home Business

Martin Shkreli Is Barred From The Drug Industry And Ordered To Repay $64.6 Million.

by Duong
January 14, 2022
in Business
martin-shkreli-is-barred-from-the-drug-industry-and-ordered-to-repay-$646-million.
Share on FacebookShare on Twitter

Business|Martin Shkreli is barred from the drug industry and ordered to repay $64.6 million.

https://www.nytimes.com/2022/01/14/business/martin-shkreli-barred.html

Martin Shkreli on Capitol Hill in 2016. 
Martin Shkreli on Capitol Hill in 2016. Credit…Susan Walsh/Associated Press
  • Jan. 14, 2022Updated 6:25 p.m. ET

Martin Shkreli, the former pharmaceutical executive best known for unapologetically hiking the price of a lifesaving medication, must pay $64.6 million and will be barred for life from the drug industry for violating antitrust law, a federal court ordered on Friday.

Mr. Shkreli is serving a seven-year prison sentence for defrauding investors related to his work running two hedge funds and a different pharmaceutical company. That conviction is unrelated to the drug pricing saga that elevated him to notoriety. He is expected to be released this year.

In 2015, Mr. Shkreli — then a pharmaceutical entrepreneur in his early 30s not well known outside his industry — acquired a decades-old drug known as Daraprim, which is used to treat a life-threatening parasitic infection, and raised its price to $750 a tablet, from $13.50. The move alarmed politicians and the public, who were already worried about rising drug prices and the role that pharmaceutical companies can play in making medicines unaffordable.

Most pharmaceutical executives raise prices more quietly and gradually, and with reassurances about ensuring patient access, but Mr. Shkreli seemed unrepentant. He became known as “pharma bro” for his brash attitude in the face of criticism. The BBC called him possibly “the most hated man in America.”

On Friday, Judge Denise L. Cote of U.S. District Court for the Southern District of New York ruled that Mr. Shkreli had tried to maintain a monopoly over Daraprim through anticompetitive tactics. The lawsuit had been brought by the Federal Trade Commission and the attorneys general of seven states, including New York.

The judge found that Mr. Shkreli had violated state and federal antitrust laws and that his former company, now known as Vyera Pharmaceuticals, had brought in $64.6 million in excess profits from its sales of Daraprim because of that conduct.

The court found that under Mr. Shkreli’s control, Vyera had changed the way the drug was distributed and impeded competition in the generic market. Consumers were harmed by higher prices and fewer options for the drug, “forcing many patients and physicians to make difficult and risky decisions for the treatment of life-threatening diseases,” the New York attorney general’s office said in a news release.

In 2020, the Food and Drug Administration approved the first generic version of Daraprim.

The court opinion said Mr. Shkreli’s “anticompetitive conduct at the expense of the public health was flagrant and reckless.”

Lawyers for Mr. Shkreli did not immediately return a request for comment on Friday.

Mr. Shkreli repeatedly defended his decision to raise the price of Daraprim, saying the profits would allow his company to develop better antiparasitic drugs. When sentenced for his securities fraud conviction, he said he had never been motivated by money and had made mistakes in trying to bolster his reputation.

While incarcerated, Mr. Shkreli has stayed in the headlines.

Around the same time he increased Daraprim’s price, he bought a one-of-a-kind Wu-Tang Clan album, “Once Upon a Time in Shaolin,” at auction for a reported $2 million. After Mr. Shkreli was convicted of securities fraud, the government seized the album to pay part of the $7.36 million that he owed.

The government announced last summer that it had sold the album but did not disclose a buyer or the price. In the fall, a collective operating on the frontier of digital art and cryptocurrency said it had bought the recording for $4 million.

In late 2020, Christie Smythe, a former Bloomberg News reporter who had helped break the story of Mr. Shkreli’s 2015 arrest in the securities case, revealed in an Elle magazine article that she had fallen in love with him and that they had been in a relationship. She has continued to advocate for him.

This month, another entrepreneur in health care, Elizabeth Holmes, the founder of the blood testing start-up Theranos, was found guilty of defrauding investors. Her sentencing is set for Sept. 26.

Read More Here

Related Posts

putin's-best-friend-in-ukraine-captured,-pretends-to-be-ukrainian-military

Putin's Best Friend In Ukraine Captured, Pretends To Be Ukrainian Military

by Duong
April 14, 2022
0

KEY POINTSUkrainian authorities captured Viktor Medvedchuk while he was departing Ukraine's Kyiv regionRussia's Federal Security Service allegedly attempted to smuggle him to Transnistria before taking him to MoscowUkraine proposed to exchange Medvedchuk for prisoners of war held by Russia, but the Russians dismissed the offerUkraine's Security Service (SBU) captured an escaped...

shanghai-lockdown:-iphone-maker-halts-operations-at-china-sites

Shanghai Lockdown: IPhone Maker Halts Operations At China Sites

by NewsReporter
April 13, 2022
0

Image source, Getty ImagesImage caption, iPhone users at a shopping mall in ChinaA major producer of Apple's iPhone has become the latest manufacturer to halt operations because of the lockdown in Shanghai.Technology company Pegatron says it has temporarily suspended production at two of its factories in China.The announcement came even...

balboa-boardwalk-businesses-upset-by-filming-closure-seek-edits-to-newport-beach-film-policy

Balboa Boardwalk Businesses Upset By Filming Closure Seek Edits To Newport Beach Film Policy

by NewsReporter
April 12, 2022
0

A recent request to shoot scenes for a feature-length film at Newport Beach’s Balboa Fun Zone — which required temporary closure of the family entertainment center — has some business owners calling for edits to the city’s film ordinance.Local officials, working with third-party liaison FilmLA, had processed permits for a...

elon-musk-no-longer-joining-twitter’s-board,-in-a-major-reversal

Elon Musk No Longer Joining Twitter’s Board, In A Major Reversal

by NewsReporter
April 11, 2022
0

SAN FRANCISCO — Elon Musk is not joining Twitter’s board after all, a reversal following last week’s revelation that he had become Twitter’s largest shareholder — and had received a subsequent appointment to the panel.Twitter CEO Parag Agrawal announced the news in a tweet Sunday night.“Elon’s appointment to the board...

Hawaii Digital News

© 2021 Hawaii Digital News

Navigate Site

  • Home
  • Disclosure
  • Privacy Policy
  • DMCA Policy
  • CCPA
  • Medical Disclaimer

Follow Us

No Result
View All Result
  • Home
  • DMCA Policy
  • Medical Disclaimer
  • Privacy Policy
  • Disclosure
  • CCPA
  • Terms of Use

© 2021 Hawaii Digital News

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT