Martin Shkreli, “Pharma Bro”, who significantly raised the price of the life-saving drug Daraprim, was told by a judge on Friday that he could no longer work in the pharmaceutical industry and was sentenced to pay close to $ 65 million “in net “. profit from his offense. “
In defense of raising the price of Daraprim, an antiparasitic drug used for patients with AIDS, the former CEO of Turing Pharmaceuticals claimed that patients who needed the drug would be able to get it through insurance companies and argued for , that capitalism allowed him to raise the price of the drug, reported The Associated Press.
U.S. District Judge Denise Cote, however, was not convinced, calling his plan to raise the price of Daraprim “particularly heartless and coercive” in her decision on Friday.
“He cynically exploited the demands of a federal regulatory system designed to protect a nation’s health by ensuring that its people have access to drugs that are not only effective but also safe,” Cole said in his decision.
“He ruthlessly ignored the health of a particularly vulnerable population, those with a compromised immune system. His plan burdened these patients, their loved ones and their healthcare professionals,” she continued.
In her strong rebuke, Cole also said that Shkreli had not expressed any remorse for his actions. She noted that “the risk of recurrence here is real.”
“Shkreli’s anti – competitive conduct at the expense of public health was overt and ruthless. He is relentless. To exclude him from the possibility of repeating this conduct is nothing, if not in the interest of justice,” Cole said.
New York Justice Minister Letitia James (D), who serves in one of the states suing in the case, welcomed Cole’s decision.
“‘Envy, greed, lust and hatred’ not only ‘separated’, but they obviously motivated Mr Shkreli and his partner to illegally raise the price of a life-saving drug as Americans’ lives hung in a balance,” James said in a statement. . “But Americans can be calm because Martin Shkreli is no longer a grandmother.”
Shkreli was earlier in 2018 sentenced to seven years in prison for securities fraud in a separate case. He was found guilty of lying about two hedge funds he managed when he talked to investors.