Tag Archives: Pharma Bro

Former "Pharma Bro" Company To Pay $40M Settlement For Price-Gouging AIDS Medicine

Former “Pharma Bro” Company To Pay $40M Settlement For Price-Gouging AIDS Medicine

In 2015 we reported on Martin Shkreli CEO of Turing Pharmaceuticals. The man who gloated about hiking the price of a drug that benefits AIDS patients, pregnant women and cancer patients over 400%.

Well after 6 years the company finally has to pay for it’s actions.

A company once owned by “Pharma Bro” Martin Shkreli will pay up to $40 million to settle allegations that it jacked up the price of a life-saving medication by roughly 4,000% after obtaining exclusive rights to the drug, the Federal Trade Commission announced Tuesday.

The FTC said Vyera Pharmaceuticals LLC and its parent company, Phoenixus AG, agreed to settle allegations that it gouged buyers and monopolized sales of Daraprim, which is used to treat toxoplasmosis, an infection that can be deadly for people with HIV or other immune-system problems.

Vyera raised the price of the decades-old drug from $17.50 to $750 per pill after obtaining exclusive rights to it in 2015.

NBC News

Shkreli is currently serving a seven year prison send for unrelated hedge fund violation and is set to be released within the next 2 years.

Nothing has been put in place by the federal government to stop this from ever happening again.