‘Pharma Bro’ Martin Shkreli In Trouble Again for Forming New Drug Company

MONDAY, Jan. 23, 2023 (HealthDay News) – “Pharma bro” Martin Shkreli may have violated a judge’s order banning him from being involved in the pharmaceutical industry, the U.S. Federal Trade Commission announced Friday.

Shkreli, who was convicted for an illegal scheme to maintain a monopoly on the lifesaving toxoplasmosis drug Daraprim, could now be held in contempt of court for forming a new company called Druglike.

Since last February, Shkreli has been banned “for life from directly or indirectly participating in any manner in the pharmaceutical industry” because of the FTC’s antitrust lawsuit against him and a ruling by Manhattan federal court Judge Denise Cote, NBC News reported.

Shkreli has also failed to pay $25 million, his share of a $64.6 million judgment, in the FTC lawsuit, the FTC said.

In the court filing, the FTC and a group of states that had sued Shkreli said he has not complied with requests for documents or an interview about whether his involvement with Druglike violates the ban.

Shkreli announced the formation of the new company in July, the FTC said, and it appears Druglike is “involved in the drug industry.”

“Martin Shkreli’s failure to comply with the court’s order demonstrates a clear disregard for the law,” Holly Vedova, director of the FTC’s Bureau of Competition, said in a statement.

“The FTC will not hesitate to deploy the full scope of its authorities to enable a comprehensive investigation into any potential misconduct,” Vedova added.

More information

The U.S. Food and Drug Administration has more on the drug Daraprim.

SOURCE: Federal Trade Commission, news release, Jan. 20, 2023; NBC News

Source: HealthDay