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

Pharmaceutical chief Martin Shkreli listens on Capitol Hill in Washington, Thursday, Feb. 4, 2016, during the House Committee on Oversight and Reform Committee hearing on his former company's decision to raise the price of a lifesaving medicine. (AP Photo/Susan Walsh)

NEW YORK (AP) – State and federal authorities are suing imprisoned drug entrepreneur Martin Shkreli over business tactics that helped make him the bad-boy face of profiteering in the pharmaceuticals industry. New York Attorney General Letitia James and the Federal Trade Commission filed suit Monday, seeking to bar the so-called “Pharma Bro” from the industry for life. Shkreli became infamous in 2015 for engineering a huge price hike for a long-existing medication for a sometimes life-threatening parasitic infection. Monday’s lawsuit centers on actions his company took afterward that kept potential competitors at bay. His lawyers were preparing a response.

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