Legalpharmaceutical Industry News

"Appeals Court Affirms Martin Shkreli's Lifetime Ban from Pharma Industry"

A federal appeals court has upheld a lifetime ban on Martin Shkreli from the pharmaceutical industry and ordered him to pay up to $64.6 million in disgorged profits for blocking competition to the drug Daraprim. The ruling stems from Shkreli's monopolistic behavior in raising the price of Daraprim by over 4,000% overnight while serving as CEO of Turing Pharmaceuticals AG. The ban and financial penalty were imposed for violations of antitrust laws preventing generic drug makers from accessing Daraprim for testing. Shkreli's appeal against the ban and monetary penalty was rejected by the court, which found his illegal scheme to be "egregious, deliberate, repetitive, long-running, and ultimately dangerous."