NEW YORK (Reuters) - Martin Shkreli, known for once hiking the price of a life-saving drug more than 4,000%, cannot return to the pharmaceutical industry after a federal appeals court on Tuesday upheld his lifetime ban.
A three-judge panel of the 2nd U.S. Circuit Court of Appeals in Manhattan said a lower court judge acted properly in imposing the ban and ordering Shkreli to repay $64.6 million because of his antitrust violations.
The case had been brought by the U.S. Federal Trade Commission (FTC), joined by New York, California, Illinois, North Carolina, Ohio, Pennsylvania and Virginia.
Shkreli, 40, became notorious and gained the sobriquet “Pharma Bro” when, as chief executive of Turing Pharmaceuticals in 2015, he raised the price of the newly-acquired antiparasitic drug Daraprim overnight to $750 per tablet from $17.50.
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Seems like nobody went to Google to find out that the drug in question was never returned to previous price, or anywhere near.
Doesn’t matter, because generics were finally made available despite his efforts to prevent it and maintain a monopoly. They’re free to price it at whatever they want as long as they make it available to makers of generics to allow competition. Preventing that process and making excessive profits since they blocked alternatives, while making it difficult for patients to access who didn’t have enough insurance coverage, is the main reason he got such penalties.
That’s all true but it’s also important to not dismiss his drug company culpability in the whole thing. They would fire him, and attack him only because he at that point was massive PR problem, not for any kind of attempt at accepting responsibility. If he wasn’t such a public asshole they would give him raise and bonuses, board membership, maybe even say he is on the way to be the CEO, he would be their favourite corporate jackass.
No one dismissed his drug company’s culpability in anything here. The company paid $40M of his penalties since it was, after all, his company.
Lead to death of people by making their drugs unaffordable: now Martin, you’re not to work in the industry again
Sell drugs people literally begged you for and lead to death because you made their self treatment affordable: life in prison.
Who is the second one referring to?
Someone who sells someone heroin they overdose on.
What kind of functioning moral system could possibly make such a distinction?
You have led to a death either way. Why is one life worth less? The only logical conclusion is classism.
It’s not classism it’s capitalism. We’ve long accepted that people should die if they can’t pay, many people will even argue that it’s a good thing. Absolutely deranged system.
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Pretty sure 0 people died as a result of this price hike. He fucked insurance companies, not patients.
And guns don’t kill people. Once The bullet leaves the barrel it’s anyone’s guess where the bullet goes. If it happens to kill someone then the bullet was the issue, not the gun nor the person pulling the trigger.
Because insurance companies aren’t known for fucking the customers.
I remember him saying that he increased the price to make money from insurance companies, and that it was written or disclaimed that if you couldn’t afford the new price of the pills, you could apply directly to the company and they were instructed to give out the pills to you for free.
It was some line he spoutrd off while being marched somewhere to court or something and definitely sounded like b*******, but does anybody know anything about that?
If it was written or disclaimed, it was somewhere in the middle of a 20 page block of legalese where no patient would ever find it.
Definitely, I’m just curious if there was anything to it at all or if he was just screaming it as a PR stunt as he was led away
sounded like b*******,
You can write “bananas” on the internet!
Bullshit. “B******” is a banned word on the internet. How dare you threaten me with fruit!
Didn’t think I’d hear this assholes name again.
Last time I heard anything from him he was telling Do Kwon, the owner of the cryptocurrrency scam Luna, that prison wasn’t all that bad on a video call when Kwon actively had an arrest warrant out for him. He shouldn’t be allowed to own anything of real value ever again with the shit he’s pulled
Such an ungangster fall from grace after buying that Wu Tang album.
It’ll never see the light of day. So sad.
Isn’t this another case of “They were fine with him, until he started stealing from the rich instead of just the poor”
And if you don’t think this is a daily occurrence - you’re delusional.
He’s in trouble because he pissed off the rich. Pharma companies all over are doing the exact same thing he did with pricing and there are no consequences for them.
No, that’s not the only reason he’s in trouble. It’s true Big Pharma definitely does bullshit all the time but it’s reductive and ignorant to claim that’s the only reason he was punished.
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