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Martin Shkreli
Former CEO of Turing Pharmaceuticals
Pharma Bro Who Hiked Drug Prices 5,000% and Defrauded Investors
Overview
Martin Shkreli became infamous for raising the price of Daraprim, a life-saving antiparasitic drug, by 5,000% overnight from $13.50 to $750 per pill. He was later convicted of securities fraud unrelated to the drug pricing scheme and sentenced to seven years in prison. His case exemplified the pharmaceutical industrys legal ability to set prices without limit.
Key Affiliations
Controversies & Concerns
Raised the price of Daraprim from $13.50 to $750 per pill overnight, a 5,455% increase, for a drug used by AIDS and cancer patients
Convicted on two counts of securities fraud and one count of conspiracy for defrauding investors in two hedge funds and Retrophin
Used Retrophin corporate funds to pay personal debts and settle with defrauded investors from his hedge funds
Livestreamed himself taunting critics and journalists; smirked through congressional hearing on drug pricing
Purchased sole copy of Wu-Tang Clan album "Once Upon a Time in Shaolin" for $2 million; later forfeited as part of sentence
Banned from pharmaceutical industry for life by federal judge and ordered to return $64.6 million in Daraprim profits
Continued running businesses and making investment decisions via contraband cellphone while in federal prison
Related Investigations (4)
Known Associates & Connections
Evan Greebel
Former Retrophin outside counsel convicted of conspiracy for helping Shkreli defraud investors
Sources & Documentation
3 documented sources from official records, investigations, and reports
DOJ: United States v. Martin Shkreli - Conviction(2017)
FTC: Daraprim Price Investigation(2022)
House Oversight Committee: Drug Pricing Hearing (Shkreli Testimony)(2016)
Personal Information
- Born
- 1983-03-17
- Birthplace
- Brooklyn, New York
- Also Known As
- Pharma Bro
Education
- •B.B.A., Baruch College (2004)
Key Timeline
2011
Founded Retrophin; began pattern of acquiring old drugs and raising prices
2015-08
Founded Turing Pharmaceuticals; acquired Daraprim
2015-09
Raised Daraprim price from $13.50 to $750; national outrage followed
2015-12
Arrested for securities fraud related to Retrophin and hedge funds
2016-02
Testified before Congress; invoked Fifth Amendment while smirking
2017-08
Convicted on two counts of securities fraud and one count of conspiracy
2018-03
Sentenced to seven years in federal prison
2022-01
Ordered to return $64.6 million and banned from pharmaceutical industry for life
2023-05
Released from federal prison after serving approximately five years