USA. Martin Shkreli must pay compensation – New York court verdict

Martin Shkreli, the former head of a pharmaceutical company, has to pay $ 64.6 million in damages to monopolize access and raise the price of a life-saving drug by more than 5,000 percent. Shkreli also received a lifetime ban from working in the pharmaceutical industry.

Friday’s judgment in a federal court in New York is the result of a lawsuit filed against Shkreli by the Federal Trade Commission and seven state officials, accusing him of violating antitrust laws. Judge Denise Cote agreed with the plaintiffs, ordering Shkreli to pay the applicants compensation in the amount of $ 64.6 million. This is the amount intended to represent the gains from the increase in the price of Daraprim by more than 5000 percent in one night. In addition, Shkreli was banned from working in any capacity in the pharmaceutical industry for life.



Martin Shkreli is to pay the compensation

“From day one, Shkreli focused in his new venture on sourcing single-source drugs that were the gold standard for treating life-threatening diseases with a small number of patients, in order to raise prices, block generics competition and collect windfall profits,” said Judge Denise Cote in the justification of the decision.

The most famous case of Shkreli’s business was in 2015 when he founded Turing Pharmaceuticals. It was then that he obtained a monopoly on the anti-parasitic drug Daraprim and increased its price from $ 13.5 to $ 750 per tablet. The case was highly controversial and infamous, and some media described Shkreli as “America’s most hated man.”

Daraprim to lek antiparasitic, used to treat infections such as toxoplasmosis and malaria. It is also effective in people with reduced immunity (suffering from HIV, undergoing chemotherapy or pregnant women)

Shkrelin has been in prison since 2018 due to a conviction for defrauding investors, for which he was sentenced to seven years in prison.

Main photo source: JUSTIN LANE/PAP/EPA

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.