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Former pharmaceutical CEO Martin Shkreli is being sued by the Federal Trade Commission (FTC) and New York state's attorney general over allegations that he and his former company took monopolistic steps to block generic anti-parasitical medications.
Reuters reported that Shkreli and his former company, now called Vyera Pharmaceuticals, were named in the lawsuit over the massive increase in Daraprim's price, for which Shkreli earned the popular nickname "pharma bro" prior to his 2017 conviction for securities fraud.
The lawsuit accuses Shkreli and Vyera of buying the rights to Daraprim, significantly raising the price of the life-saving medication and simultaneously taking action to prevent competitive medicines from being approved for sale in the United States.
They “held this critical drug hostage from patients and competitors as they illegally sought to maintain their monopoly,” Attorney General Letitia James said in a statement.
At least four potential competitors have so far been kept from making cheaper generic versions of the medication, the suit says.
His real crime is just doing what other pharma companies do, just more blatantly and a little too shamelessly.
For my job I read a lot of internal pharmaceutical company documents. They're all just like Shkreli except their extortion is slicker and well-disguised.
Capitalism can regulate itself if there's honest competition. Unfortunately, the entirety of the US legal and financial system is in the business of consolidating wealth and power into fewer and fewer hands.
Manchin (D-WV) has a daughter for whom he greased skids; she became CEO of a drug firm and did the same thing with EpiPens. Worse, she used her father's influence and her mother's influence in education to push for legislation to make it mandatory that schools carry EpiPens AND lied about her education, having an MBA degree stripped from her.
THis is what we should be seeing more of. That pharmaceutical lobby has a stronghold on politicians on both sides of the aisle. We need to fight for politicians who will fight against these massive corporations and their greed.
Why pick on him? Bausch Health (formerly Valeant) does what he did on a scale 100,000,000x the size. Picking on a mosquito when should be picking on a bull.
Location: Somewhere gray and damp, close to the West Coast
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Originally Posted by DannyHobkins
Why pick on him? Bausch Health (formerly Valeant) does what he did on a scale 100,000,000x the size. Picking on a mosquito when should be picking on a bull.
Good point. Hang them all by whatever they have that they think passes for testicles.
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