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Pharma Boy - Martin Shkreli Sued for Anti Capitalist Practices

 
Anonymous Coward
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01/28/2020 10:51 PM
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Pharma Boy - Martin Shkreli Sued for Anti Capitalist Practices
[link to thehill.com (secure)]


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.


He purposely prevented competitors from competing in lower prices by restricting the sale.


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.
Anonymous Coward (OP)
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01/28/2020 10:56 PM
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Re: Pharma Boy - Martin Shkreli Sued for Anti Capitalist Practices
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.
Anonymous Coward (OP)
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01/28/2020 10:58 PM
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Re: Pharma Boy - Martin Shkreli Sued for Anti Capitalist Practices
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.
Anonymous Coward (OP)
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01/28/2020 10:59 PM
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Re: Pharma Boy - Martin Shkreli Sued for Anti Capitalist Practices
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.
Anonymous Coward (OP)
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01/28/2020 11:02 PM
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Re: Pharma Boy - Martin Shkreli Sued for Anti Capitalist Practices
There is not much difference between a thug robbing a bank and a thug charging thousands for a life saving drug.

They both hold your life for ransom.





GLP