US & World

Martin Shkreli Must Return $ 64 Million From Daraprim Price Increase

A federal judge ruled that Martin Shkreli must return the profits he and his former company gained from raising the price of the life-saving drug Dalaprim.

New York — Martin Shkreli must return $ 64.6 million in profits from him and his previous company raising the price of the life-saving drug Dalaprim. Provocative and imprisoned former CEO From joining the pharmaceutical industry for the rest of his life.

US District Judge Denise Court’s decision came a few weeks after the seven-day bench trial in December. The Federal Trade Commission and seven states filed a proceeding in 2020 against a man called “Pharmabro” in the media.

Sukreri’s lawyer did not immediately respond to the request for comment.

Sukurelli was CEO of Turing Pharmaceuticals (later Viera) when he raised the price of Dalaprim from $ 13.50 to $ 750 per tablet after acquiring a drug monopoly decades ago in 2015. rice field. Patients and AIDS patients.

He defended this decision as capitalism was working, and said insurance and other programs ensured that those in need of Dalaprim would eventually get it.

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But this move has sparked anger from the medical center to Congress and the trajectory of the 2016 presidential election. There, Hillary Clinton called it a price cut, and future President Donald Trump called Sukreri a “spoiled kid.”

Sucreli eventually offered the hospital half the price — still equivalent to a 2,500% increase. However, patients and their insurance companies were still faced with a price of $ 750 per tablet, as patients usually do most of the treatment for the first week after returning home.

He resigned as CEO of Turing in 2015 the day after he was arrested for securities fraud related to hedge funds he committed before entering the pharmaceutical industry. He has been convicted and sentenced to seven years in prison.

Vyera Pharmaceuticals LLC has been sued in federal court in New York in the FTC and seven states: New York, California, Illinois, North Carolina, Ohio, Pennsylvania, and Virginia.

They said that Vyera would raise the price of Daraprim and illegally create a “net of anti-competitive restrictions” to block access to other companies, especially the key ingredients of medicines and the data they make. Claimed to have prevented the creation of cheaper generic versions. I would like to evaluate the potential of the drug market.

Vyera and its parent company, Phoenix AG, settled last month to provide consumers with up to $ 40 million in relief over a 10-year period, making Daraprim available to potential generic competitors at the expense of drug manufacturing. Agreed to.

Former Vyera CEO Kevin Mulleady has agreed to pay $ 250,000 for a breach of the settlement. This prevented him from working for a pharmaceutical company. “

Sukreri went to trial.

Martin Shkreli Must Return $ 64 Million From Daraprim Price Increase

Source link Martin Shkreli Must Return $ 64 Million From Daraprim Price Increase

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