The former Turing Pharmaceuticals CEO, Martin Shkreli, is currently being housed at the Federal Corrections Complex in Allenwood, PA on a seven-year sentence after being convicted of securities fraud tied to hedge funds he controlled prior to entering the pharmaceutical industry. Now, this past Monday (Jan. 27), the state of New York and federal authorities have officially opened up a lawsuit against Shkreli looking to ban him for life from the pharmaceutical industry as well as obtain financial relief and penalties from his former company.
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Martin Shkreli, also known as the “Pharma Douche,” infamously rose to prominence when he gained possession of the manufacturing license for the antiparasitic medication, Daraprim, and marked up the price per pill from $13.50 to $750 resulting in accusations of shady business practices. For over six decades Daraprim was used to treat patients who suffered from an infection known as toxoplasmosis.
Shkreli’s Turing Pharmaceuticals, which has since then rebranded and goes by Phoenixus AG, is accused of attempting to monopolize the drug as there is no generic version of the medication available for sufferers in need.
According to court documents obtained by TIME, the Federal Trade Commission and the NY attorney general’s office claim that Shkreli’s company purchased this particular patent with the sole purpose of boxing out their competition.
According to Attorney General Letitia James, Phoenixus AG “held this critical drug hostage from patients and competitors as they illegally sought to maintain their monopoly.” James went on to continue stating, “We won’t allow ‘Pharma Bros’ to manipulate the market and line their pockets at the expense of vulnerable patients and the health care system.”
Fortunately, Martin Shkreli’s recent sentence appeal was denied, and he isn’t allowed to terrorize sick patrons in need or music fans. For some reason, Martin Shkreli continues to play these games even behind bars, but sooner or later the natural pendulum swing of his actions will eventually catch up to him.
As of right now, the medication industry is attempting to obtain enough generic Daraprim components to properly test and provide for patients requiring the drug.