Martin Shkreli received his second lifetime ban from the pharmaceutical industry. One month after U.S. District Court Judge Denise Cotes banned the “Pharma Bro” from future involvement in the industry, a second judge handed down a similar order and ordered him to pay a $1.39 million fine.
Drugmakers have targeted the U.S. market to earn outsized profits from old medicines, according to a report released on December 10 by the House Oversight Committee that highlighted Lilly, Novo Nordisk and Sanofi, which control the market for insulin.
Bausch Health Companies Inc. agreed to pay $300 million to settle an antitrust lawsuit accusing it of illegally maintaining a monopoly on the diabetes drug Glumetza, enabling a nearly 800 percent price hike in 2015.
President Joe Biden on Aug. 12 called on U.S. lawmakers to enact legislation aimed at lowering drug prices, including allowing Medicare to negotiate drug prices and imposing penalties on drugmakers that hike prices faster than inflation.
At the start of 2021, 70 companies raised the price of hundreds of prescription drugs by an average of 3.3%.
The Federal Trade Commission filed a complaint in federal court against Vyera Pharmaceuticals, the company formerly known as Turing Pharmaceuticals that Martin Shkreli founded, alleging an “elaborate anticompetitive scheme to preserve a monopoly” on Daraprim.
Drugmakers including Bristol-Myers Squibb Co., Gilead Sciences Inc. and Biogen Inc. hiked U.S. list prices on more than 50 drugs to begin 2020, bringing total New Year’s Day drug price increases to more than 250, according to data analyzed by 3 Axis Advisors.
The United States pays more per capita for prescription drugs than any other country in the world, which is a huge concern for patients and insurance providers.
Johnson & Johnson raised U.S. prices on around two dozen prescription drugs, including the psoriasis treatment Stelara, prostate cancer drug Zytiga and blood thinner Xarelto, all among the company’s top-selling products.
Drugmakers kicked off 2019 with price increases in the United States on more than 250 prescription drugs, including the world’s top-selling medicine Humira, although the pace of price hikes was slower than during 2018.