The infamous Martin Shkreli who also goes by "Pharma Bro" to the people, has caught the ire of the FTC. Last year, Shkreli launched a company called "Druglike, Inc." The FTC has asked a federal judge to hold him in contempt for allegedly violating his lifetime ban in the pharmaceutical industry.
Pharma Bro Launching Druglike, Inc.
The company that Shkreli recently launched was described as a Web3 drug discovery software platform. It was said to be a company that will provide resources to anyone who aims to start or contribute to early-stage drug discovery projects, as mentioned in its press release.
Shkreli mentioned that Druglike will remove barriers to early-stage drug discoveries, increase innovation, and allow a braider group of contributors to share the rewards, according to Engadget. The FTC, however, is not swayed by this.
The Federal Trade Commission asked Druglike co-founder to comply when asked for relevant records regarding the company, as well as an interview back in October 2022. However, Shkreli proceeded to ignore the agency's requests.
This has led to the FTC asking the court to hold Martin Shkreli in contempt, which would force him to comply with what the agency initially requested within 21 days. They also mentioned that Shkreli has not dropped a dime for his $64.6 million fine.
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Shkreli Becoming a Villain in the Pharmaceutical Industry
The former hedge fund manager has not been liked ever since his stunt with Daraprim, an anti-malarial and anti-parasitic drug. As the former CEO of Turning Pharmaceuticals, Shkreli hiked the price of the drug from $13.50 to $750 overnight.
He claims that it was a necessary thing to do in order to finance the expensive development of new medicine. It did not help that he wasn't all too kind in addressing the feedback he has gotten with the move, eventually earning the name "Pharma Bro."
The businessman was then charged with securities fraud relating to Retrophin, the first company Shkreli launched. It was said that he used the company to pay back investors in the hedge fund he founded, MSB Capital, as mentioned in The New York Times.
He has even been making enemies outside the industry he works in. Back in 2015, Shkreli purchased a $2 million Wu Tang Clan album, which RZA, the co-founder of the hip-hop group, did not like. Martin Shkreli responded by saying that RZA should show him some respect.
Back when he participated in a congressional hearing for the drug prices he implemented, he smugly responded that he was taking the Fifth Amendment, and then headed to Twitter saying that it was hard to accept that "imbeciles" represent the people in the government.
The people who knew Martin Shkreli closely claimed that he was not as terrible as he appeared. It was said that he made a $1 million donation to Hunter College High School, which is where he attended. The school's alumni, however, wanted his donation to be given back.
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