Martin Shkreli, the man who put a face to big pharma. It’s safe to say that before Martin Shkreli became sinuous with drug prices, most Americans didn’t really understand how drug pricing worked. Most Americans relied on their healthcare providers for this information and didn’t think much about it.
But that all changed when Martin Shkreli raised the price of a lifesaving anti-bacterial drug known as Daraprim. The drug previously priced at 13.50 per tablet, but then Shkreli raised the price up to over $750 per pill. This dramatic increase caused a national uproar regarding drug pricing in the USA and turned the entire industry on its head.
While Shkreli did nothing illegal as far as drug pricing laws go, the move was still categorized by millions as an abuse of power and influence. Ultimately, Shkeli was found guilty of securities fraud in a separate trial. But the damage was done, and now big pharma has been placed under extreme scrutiny by both the government and the American people.
But as the issue continues to be openly debated in the USA, the Shkreli drama takes a strange new turn. Earlier last month, Shkreli sued the very same pharmaceutical company he founded for $30 million dollars. Filing a motion from a prison cell, Shkreli claims that insiders unfairly ousted him from his own company, a move that allowed them to profit at their former partner’s demise.
Shkreli’s suit also argues that “Defendants, who had little to do with the success of the company but were instead driven by their egos, jealousy, and greed, were successful in only one thing: creating and carrying out a scheme to oust Mr. Shkreli from the company for their selfish benefit”. The suit then goes on to name 3 senior executives from Retrophin’s board of directors. Legal experts agree that Shkreli’s suit is likely to go nowhere, but that Shkreli may still get a chance to settle out of court.
No matter what happens with the suit one thing is clear the media hasn’t seen the last of Shkreli. Shkreli is less than 1 year into his current 7 year prison sentence. And I suspect, we will see many more lawsuits and appeals coming from this individual. So what do you think? Do you think Shkreli’s lawsuit stand a chance? Will his former executives and business partners settle out of court? Let us know your thoughts in the comment section below.