Judge Just Delivered 2 Big Blows to 'Pharma Bro'

Martin Shkreli ordered to return $64M in profits, is banned from industry for life
By Newser Editors and Wire Services
Posted Jan 14, 2022 1:47 PM CST
Judge Bars Martin Shkreli From Pharma Industry for Life
Martin Shkreli leaves after appearance on Capitol Hill before the House Committee on Oversight and Reform Committee, Feb. 4, 2016.   (AP Photo/Susan Walsh, File)

(Newser) – A federal judge on Friday ordered Martin Shkreli to return $64.6 million in profits he and his company reaped from inflating the price of the life-saving drug Daraprim and barred him from participating in the pharmaceutical industry for the rest of his life, per the AP. The ruling by US District Judge Denise Cote came several weeks after a seven-day bench trial in December. The Federal Trade Commission and seven states brought the case in 2020 against the man dubbed in the media as “Pharma Bro."

Shkreli was CEO of Turing Pharmaceuticals—later Vyera—when it jacked up the price of Daraprim. It treats a rare parasitic disease that strikes pregnant women, cancer patients, and AIDS patients. He defended the decision as capitalism at work and said insurance and other programs ensure that people who need Daraprim would ultimately get it. But the move sparked outrage from medical centers to the 2016 presidential campaign trail, where Hillary Clinton termed it price-gouging and future President Donald Trump called Shkreli “a spoiled brat.” (Shkreli was previously convicted of fraud and sent to federal prison.)

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