NEW: A federal judge ruled that Martin Shkreli, who became infamous after he hiked the price of a potentially lifesaving antiparasitic medication in 2015, to pay $64 million—equivalent to the profits from his scheme
An article about Christie Smythe in Elle Magazine went viral over the weekend after it was revealed she upended her life and stability for one of the least-liked men in the world.Martin Shkreli became infamous, and earned the nickname"Pharma Bro," after he hiked the price of a potentially lifesaving antiparasitic medication in 2015. On Friday, a federal judge ruled he should pay $64 million for his actions.
The judge said Shkreli should pay the financial penalty, equivalent to the profits from his scheme, and receive a lifetime ban from participation in the pharmaceutical industry.
Through his tight control of the distribution of Daraprim, Shkreli prevented generic drug companies from getting access to the quantity of Daraprim they needed to conduct testing demanded by the Food and Drug Administration. Through exclusive supply agreements, Shkreli also blocked access to the two most important manufacturers of the active pharmaceutical ingredient for Daraprim.
Through these strategies, the judge said, Shkreli delayed the entry of generic competition for at least 18 months. Shkreli and his companies profited over $64 million from this scheme. “Envy, greed, lust, and hate, don’t just separate, but they obviously motivated Mr. Shkreli and his partner to illegally jack up the price of a life-saving drug as Americans’ lives hung in the balance,” said New York Attorney General Letitia James, whose office sued with several other attorneys general and the Federal Trade Commission.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
U.S. judge bars Martin Shkreli from drug industry, orders $64.6 million paymentWASHINGTON (Reuters) -A U.S. judge on Friday barred Martin Shkreli from the pharmaceutical industry for life and ordered him to pay $64.6 million after he famously raised the price of Daraprim and fought to block generic competitors. U.S. District Judge Denise Cote in Manhattan ruled after a trial where the U.S. Federal Trade Commission and seven states had accused Shkreli, the founder of Vyera Pharmaceuticals, of using illegal tactics to keep Daraprim rivals out of the market. Shkreli drew notoriety in 2015 after hiking Daraprim's price overnight to $750 per tablet from $17.50.
Read more »
Can Biden Revive Martin Luther King, Jr.,’s Vision of Voting Rights?Martin Luther King, Jr.,’s thinking was “informed not only by theology but deep regard for history,” jelani9 says: “exactly the areas of history that are now effectively being patrolled.” Listen here.
Read more »
Chris Martin reveals the movie that inspired his career in musicRow Willis, 2, is going as Marty and his brother Charlie is going as Dr. Emmett Brown (Doc) from 'Back to the Future.'
Read more »
U.S. states restricting voting rights would disappoint Martin Luther King, daughter saysMartin Luther King Jr.'s daughter says she believes the slain civil-rights leader would have been disappointed with efforts playing out in some parts of the United States to restrict voting rights. 'What's going on right now would not surprise him, it would disappoint him, ' said Bernice King, who serves as chief executive of the King Center for Nonviolent Social Change in Atlanta. Bernice King made those comments as President Joe Biden https://www.reuters.com/article/uk-usa-biden/biden-heads-to-georgia-to-reignite-voting-rights-reform-push-idUKKBN2JL1DA visited her father's birthplace of Atlanta on Tuesday to jump start stalled efforts to reform U.S. voting rights after new laws by states that some activists say will deter Black voters from the polls.
Read more »
‘Real Housewives of Miami’ star Nicole Martin engaged to Anthony LopezThe reality star and anesthesiologist is engaged to her longtime partner and father of her 2-year-old son. He popped the question on New Year’s Eve.
Read more »
‘Life Goes On’ Sequel Starring Kellie Martin Lands at NBCNBC has handed out a put-pilot commitment to a sequel to former ABC drama LifeGoesOn, with original star Kellie Martin attached to reprise her role
Read more »