Martin Shkreli Ordered To Pay Huge Amount For Illegal Price Hikes

Martin Shkreli, the former CEO of Turing Pharmaceuticals, has been banned from the pharmaceutical industry for illegally increasing the price of Daraprim.

Shkreli, who made headlines in 2015 for purchasing a one-of-a-kind Wu-Tang Clan album, has been ordered to pay $64.6 million to seven US states that sued him for antitrust violations.

He has also been permanently banned from working in the pharmaceutical industry.

According to AP, the US district court ruling on Friday, came in response to a multi-state lawsuit accusing Shkreli of illegal and monopolistic behaviour.

In 2015, Shkreli increased the price of life-saving drug Daraprim from $13.50 to $750 after purchasing exclusive rights to the drug.

Then, after being convicted of fraud in 2017, Shkreli allegedly continued to exert control over his company, while serving his seven-year prison sentence.

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