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The Court of Appeal gives the decision for the "most hated Albanian" in America

2024-01-23 23:27:59Kosova&Bota SHKRUAR NGA REDAKSIA VOX
The Court of Appeal gives the decision for the "most hated Albanian"
Martin Shkreli

An American federal appeals court upheld this Tuesday the lifelong ban of the Albanian Martin Shkreli from working in the pharmaceutical industry. An order to pay $64.6 million in damages due to the blocking of competition against the cancer drug, Daraprim, remained in effect. The unanimous decision by a 3-judge panel of the 2nd U.S. Circuit Court of Appeals came nearly 2 years after a New York federal judge ordered Shkreli's ban over his then-drug company's monopolistic behavior in distribution of "Daraprim".

The ban was in response to a civil lawsuit filed by the Federal Trade Commission and seven states, including New York and California. Shkreli gained widespread notoriety in 2015 when his company raised the price of that life-saving drug by more than 4,000% overnight. He later served a prison sentence for federal securities fraud and other financial crimes unrelated to the controversial price hike of Daraprim, which is used to treat toxoplasmosis, a parasitic condition.

His lawyer, Benjamin Brafman, said in a statement to CNBC that: “The lifetime ban is very severe. Courts should encourage true geniuses like Shkreli to work in the industry especially … when his fraud conviction was unrelated to the pharmaceutical industry,” Brafman said. Shkrelin and his companies were accused of violating antitrust laws in preventing generic drugmakers from accessing Daraprim, which they were supposed to be testing.

The scheme allowed Shkreli for more than a year to protect the profits he made by selling Daraprim for $750 per tablet, compared to the $17.50 per tablet it was selling for previously. In its 8-page decision, the appeals court noted that Shkreli abused the increase.


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