The Supreme Court has affirmed its decision to reject an appeal from Martin Shkreli, infamously known as the ‘Pharma Bro’ due to his unethical practices within the pharmaceutical industry. Shkreli rose to notoriety after significantly increasing the price of a life-saving drug, resulting in immense profits for himself and his former company.
Shkreli’s appeal centred around a demand to return $64.6 million in profits that were accrued through monopolising the market for this vital medication and inflating its price. Despite his claims that the money belonged to the company rather than himself personally, prosecutors argued that as the mastermind behind the scheme, he should be held accountable for repaying the profits.
In addition to his financial penalties, Shkreli was also ordered to relinquish ownership of the Wu-Tang Clan’s ‘Once Upon a Time in Shaolin’ album, considered one of the rarest musical works globally. This album, auctioned off in 2015 with strict usage conditions, caught the attention of music enthusiasts and collectors alike.
Shkreli’s troubles extended beyond his pharmaceutical exploits, as he was found guilty of deceiving investors and misappropriating millions of dollars in failed hedge funds. Serving a seven-year sentence, he was released in 2022. In his role as CEO of Turing Pharmaceuticals, later rebranded as Vyera, Shkreli infamously raised the price of Daraprim from $13.50 to $750 per pill, triggering widespread backlash from various sectors, including the medical community and lawmakers.
While Shkreli defended this drastic price hike as a consequence of capitalist dynamics, claiming that existing programmes would ensure access to Daraprim for those in need, the move drew sharp criticism and condemnation. His actions not only sparked outrage but also led to serious legal consequences that have now been upheld by the Supreme Court.