Martin Shkreli, the former drug firm executive who ordered dramatic price hikes of a life-saving medicine, has been barred from the industry for life.

Jailed 'Pharma Bro' Martin Shkreli ordered to repay $64m

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2022-01-14 21:00:10

Martin Shkreli, the former drug firm executive who ordered dramatic price hikes of a life-saving medicine, has been barred from the industry for life.

But this decision is about action he took in 2015 to raise the price of Daraprim, a long-established medicine used to treat toxoplasmosis, from $13.50 to $750 - around 4,000% - overnight.

He also designed supply agreements to block competitors from offering a generic version of the unpatented medicine, which is used to treat the parasitic disease in pregnant women and patients with Aids.

Seven states and the Federal Trade Commission brought a lawsuit over the conduct in 2020, saying he had violated state and federal laws that ban anti-competitive conduct.

Vyera Pharmaceuticals, which Mr Shkreli founded and was previously known as Turing Pharmaceuticals, earlier agreed to pay $40m.

She said Mr Shkreli and his partner had illegally raised the "price of a life-saving drug as Americans' lives hung in the balance".