Attorney General Jason Miyares has announced a significant victory in the case against Martin Shkreli, the former CEO of Vyera Pharmaceuticals. A federal appeals court has upheld a court order that found Shkreli guilty of engaging in illegal and monopolistic behavior. Shkreli is accused of maintaining a monopoly over the lifesaving drug Daraprim by increasing its price by over 4,000 percent.
The Court of Appeals for the Second Circuit affirmed the decision of the District Court for the Southern District of New York, which found Shkreli in violation of both federal and state laws. As a result, Shkreli has been banned for life from the pharmaceutical industry and ordered to pay $64.6 million.
"Martin Shkreli's actions weren't just illegal - they were immoral," said Attorney General Miyares. "Dramatically overcharging for a lifesaving medication while actively preventing generic competition is taking advantage of individuals at their lowest, most desperate point. I'm pleased the Court agreed with us not once, but twice, and is holding him accountable."
Shkreli's company, Vyera, acquired Daraprim in August 2015 and immediately increased the price from $17.50 per pill to $750 per pill. This exorbitant price hike limited access to the drug for patients in need, forcing many to make difficult and risky decisions for the treatment of a life-threatening disease.
The Court's decision to ban Shkreli for life from participating in the pharmaceutical industry is based on his pattern of past misconduct and the likelihood of its recurrence. The Court recognized the life-threatening nature of Shkreli's actions and deemed the District Court's order to be appropriate.
This ruling is a significant victory for the Commonwealth of Virginia, the Federal Trade Commission, and the six other states involved in the case. It sends a clear message that illegal and monopolistic behavior in the pharmaceutical industry will not be tolerated.
With this win, Attorney General Miyares and his team have successfully held Shkreli accountable for his actions, ensuring that justice is served and protecting patients in need of lifesaving medications.