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Pharma Bro Martin Shkreli banned for life from drug industry, ordered to pay $64.6 million


Martin Shkreli, a former executive in pharmaceuticals.

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Federal Judge Martin Shkreli ordered Friday the exclusion of “Pharma Bro,” Martin Shkreli, from the pharmaceutical sector. He was also required to repay $64.6 Million in the profits that he made from increasing the cost of Daraprim.

U.S. District Court Manhattan heard a case claiming illegal and monopolistic behavior from incarcerated Shkreli. It was filed by the Federal Trade Commission and many states including New York and California.

Shkreli’s financial penalty will be added on to the $40 million settlement the plaintiffs made last month with Vyera Pharmaceuticals. Vyera is the company Shkreli founded.

Shkreli was sentenced to seven years in federal prison for financial offences unrelated to the controversial price rise of Daraprim by more than 5,000%. Daraprim is a medication used to treat parasitic infection in pregnant women, infants, HIV-positive patients, and other people.

Denise Cote ruled that Shkreli was in violation of federal and state anticompetitive laws while he was CEO at Vyera Pharmaceuticals to preserve profits from Daraprim. This drug, until recent, was federally approved for the treatment of parasitic conditions toxoplasmosis.

Vyera was known previously as Turing Pharmaceuticals. Shkreli ordered a massive increase in the price of the drug to be paid by Vyera in 2015. This earned him wide condemnation from many people including Hillary Clinton, former President Donald Trump, and Hillary Clinton, the then-Democratic presidential candidate.

In accordance with Vyera’s last month settlement, Shkreli’s ex-business partner Kevin Mulleady was banned for seven years from the pharmaceuticals sector.

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