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US court bars Martin Shkreli from pharma industry, orders US$64.6 million payment

US court bars Martin Shkreli from pharma industry, orders US$64.6 million payment

FILE PHOTO: Former drug company executive Martin Shkreli exits U.S. District Court after being convicted of securities fraud, in the Brooklyn borough of New York City, U.S., August 4, 2017. REUTERS/Carlo Allegri

WASHINGTON: A US court on Friday (Jan 14) 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 keep generic competitors off the market.

The US Federal Trade Commission and seven states had accused Shkreli, the founder of Vyera Pharmaceuticals, of using illegal tactics to keep competitors out of the market for Daraprim after hiking its price to $750 per tablet, from $17.50, a move that made him infamous in 2015.

The drug is used to treat toxoplasmosis, a parasitic infection that threatens people with weakened immune systems.

Shkreli, who is serving a seven-year prison sentence for securities fraud, did not attend the trial.

Source: Reuters

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