Controversial former pharmaceutical company executive Martin Shkreli has said fraud allegations against him are “baseless and without merit”.
At exactly 6:30 am on Thursday, December 17, the young executive Shkreli, who garnered backlash from investor Donald Trump and politicians Hillary Clinton and Bernie Sanders, was escorted out of his Manhattan apartment by the Federal Bureau of Investigation.
A huge price increase to a 62-year old drug from $13.50 per tablet to $750 overnight has resulted in questioning and protesting from specialist and doctors.
Martin Shkreli became "the most hated man in America" for making the price of the lifesaving drug called Daraprim significantly more expensive than its original price.
Daraprim is approved to treat patients with HIV/AIDS and other individuals with compromised immune systems who are more susceptible to acquiring the parasitic infection.
Daraprim is also used in combination with sulfadoxine to prevent and treat malaria.
Due to the new price increase, some patients who've suffered AIDS and cancer could have saved hundreds of thousands in annual costs for the treatment if the original price was retained.
Shkreli earned the “Pharma bro” moniker when he played up his newfound notoriety. He bragged about buying the $2 million rights to a Wu-Tang album. He also shamelessly made fun of people on his Twitter page, which was apparently hacked on Sunday, December 20, along with his cell phone account, he told the Journal.
On Friday, December 18 Turing Pharmaceutical Inc.
replaced Shkreli with Ron Tilles who has been the chairman of the company since its launch. They co-founded the pharmaceutical company, Retrophin.
Last 2014, Shkreli was removed from this company for exploiting the company funds. When his hedge fund plummeted, he faced multiple charges for engaging in complicated acts of dishonest financial acts.
The man's profile has been a constant attraction for condemnation. This latest stunt does a lot of damage to his public image more than one can imagine.
