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‘Pharma Bro’ Martin Shkreli SUED for more than $100million by health insurers after hiking price of HIV drug by 4,100%


PHARMA Bro Martin Shkreli is being sued for more than $100million by health insurers after hiking the price of an HIV drug by 4,100%.

The suit that was filed in New York district court on Thursday, by the Blue Cross Blue Shield of Minnesota, accuses Shkreli of  "scheming to monopolize the market" for Daraprim, a "gold-standard treatment" for the parasitic infection toxoplasmosis.

Shkreli had become one of the most hated men in the world when Turing Pharmaceuticals bought the manufacturing license for the drug Daraprim, and hiked up the price of the life-saving Aids drug from $13.50 to $750 in 2015.

He is currently serving a seven- year prison sentence after he was charged of conspiracy to commit fraud in 2018.

In addition to Shkreli, Blue Cross Blue Shield also targets Vyera Pharmaceuticals (former Turing Pharmaceuticals) and Phoenixus AG.

There is an ongoing case over the matter by the U.S. government that Shkreli is fighting from the prison.

The suit alleges: 'Publicly, defendants claimed they welcomed generic competition, calling it a 'great thing'. 

'But in private, defendants blocked competitors from performing generic testing through contractual restrictions that forbade distributors and other purchasers from selling Daraprim to generic companies,' reports the Insider. 

Dr. Craig Samitt, president and CEO at Blue Cross and Blue Shield of Minnesota said: "Everyone deserves access to safe, effective, and affordable medication.

"This lawsuit is an important step in advancing that goal. Drug companies need to be held accountable for their role in making sure health care costs are sustainable for all."

Shkreli also made the headlines when it was revealed he had ghosted the former Bloomberg journalist Christie Smythe who quit her job and left her husband for him.

During an interview with Elle, Smythe said she has no regrets about leaving her "perfect little Brooklyn life."

Drug company boss defends 5,500 per cent price increase for Aids meds

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