Imprisonment of Martin Shkreli for raising medicine price by...| MENAFN.COM

Tuesday, 18 January 2022 02:26 GMT

Imprisonment of Martin Shkreli for raising medicine price by 4000 percent


(MENAFN) Martin Shkreli, a former director of a drug company, who forced a life-saving medicine's price to be raised excessively, has been excluded from the industry for the rest of his life.

Judge Denise Cote ruled on Friday that Shkreli must repay USD64.6 million (£47 million) in earnings he made from his plan.

She found that Mr Shkreli's actions were in violation of anti-monopoly laws. Mr. Shkreli is already incarcerated after scamming shareholders.

However, this judgement is based on his decision in 2015 to bump up the price of Daraprim, a long-established medicine used to cure toxoplasmosis, from USD13.50 to USD750 in one day, nearly 4,000 percent higher.

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