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NY, feds sue 'Pharma Bro' for 'scheme' to keep drug price up

NY, feds sue 'Pharma Bro' for 'scheme' to keep drug price up
Posted at 5:59 AM, Jan 28, 2020
and last updated 2020-01-28 05:59:58-05

NEW YORK (AP) — State and federal authorities are suing imprisoned drug entrepreneur Martin Shkreli over tactics that shielded a profitable drug from competition after a price hike made the so-called “Pharma Bro” infamous.

New York Attorney General Letitia James and the Federal Trade Commission filed suit Monday.

Shkreli was scorned as the bad-boy face of pharmaceuticals profiteering after he engineered a roughly 4,000-percent increase in the price of a long-existing medication for a sometimes life-threatening parasitic infection.

Monday’s lawsuit centers on subsequent actions by Shkreli and his former company.

His lawyer, Benjamin Brafman, calls the suit a baseless and says Shkreli looks forward to defeating it.